assignment
amnah96
ACCT401-Assignment1-Questions1.docx
College of Administrative and Financial Sciences
Assignment (1)
Deadline: End of Week (6) @ 23:59
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Course Name: Auditing Principles and Procedures |
Student’s Name: |
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Course Code: ACCT401 |
Student’s ID Number: |
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Semester: 2nd |
CRN: |
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Academic Year: 1441/1442 H |
For Instructor’s Use only
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Instructor’s Name: |
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Students’ Grade: #/5 |
Level of Marks: High/Middle/Low |
Instructions – PLEASE READ THEM CAREFULLY
· The Assignment must be submitted on Blackboard (WORD format only) via allocated folder.
· Assignments submitted through email will not be accepted.
· Students are advised to make their work clear and well presented, marks may be reduced for poor presentation. This includes filling your information on the cover page.
· Students must mention question number clearly in their answer.
· Late submission will NOT be accepted.
· Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions.
· All answers must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism.
· Submissions without this cover page will NOT be accepted.
Assignment Question(s): (Marks 5)
IMPORTANT NOTE: Answer in your own words, DO NOT COPY from slides or fellow student.
1-What are the Components of Internal Control? Explain each component. (2.5 points).
2- How would an auditor identify related parties and what is the importance of doing so. (0.5 point).
3- During the audit of Bader Financial, you find that some accounting entries have been Changed. You believe this may be the result of management fraud and you have determined that the effect of this could be material to the financial statements. What steps should you take in response to the accounting entries and your concern about management fraud. Detail your answer. (1.5 points).
4- Explain the importance of observing physical inventory during an audit. (0.5 point)
