- 1 Marks
Question
The audit of financial statements in Nigeria is not affected by ONE of the following:
- A. Securities and Exchange Commission
- B. Auditing Standards
- C. Nigerian Accounting Standard Board
- D. The Institute of Chartered Accountants of Nigeria
- E. Auditing Exposure Drafts
Answer
E
Explanation: The answer is E. Auditing Exposure Drafts. While exposure drafts provide proposals for new or revised standards, they are not binding or enforceable until they are formally issued as standards. Therefore, they do not directly affect the audit of financial statements in Nigeria, unlike established standards and regulatory bodies such as ICAN, NASB, SEC, and Auditing Standards.
- Topic: Regulatory Framework and Professional Standards
- Series: NOV 2011
- Uploader: Dotse