ACCT 401-srm

Dear Students

Assignment no 1 has been posted on BB. Kindly go through the assignment and follow the deadline. Kindly submit your assignment before deadline.

You must fill in the personal information on the cover page and attach it to the assignment. Submit your assignment in word format.

Do not submit your assignment in PDF format. Do not use many colors while writing the assignment, especially red ink or red color font. The Font size should be 12.

Please do not copy and paste the assignment material or answer from any of your friend (student), it is an act of plagiarism.

• In case students are found engaging in plagiarism more than 30%, they may get zero marks in their assignment or course. Both students will get zero marks ( from whom the student has copied and the same student who has submitted the plagiarized assignment)

College of Administrative and Financial Sciences
Assignment 1
Deadline: 07/10/2023@ 23:59
Course Name: Auditing Principles and Procedures
Student’s Name:
Course Code: ACCT 401
Student’s ID Number:
Semester: 1st Sem 2023-2024
CRN:
Academic Year:1445 H
For Instructor’s Use only
Instructor’s Name: DR ASHFAQUE AHMED
Students’ Grade: Marks Obtained
/Out of 15
Level of Marks: High/Middle/Low
INSTRUCTIONS:
•
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 answered 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.
College of Administrative and Financial Sciences
Qquestions:
Total Marks 15
Q1. Imagine you are the auditor of an organization, and you find that the Trial balance of
the financial year does not tally (Dr and Cr are not equal)
a. What are the types of audit test you would cover, explain with examples.
b. Explain the assertions you would apply on transactions and events, on Account
balances, and on Presentation &Disclosure. (4 Points)
Answer:
Q2. Chapter 4
When an Auditor finds misstatements in entities financial statements which may be the
result of fraudulent act, what should be the role of an auditor under that situation? (2
Points)
Answer:
Q3 Chapter 5
‘Audit evidence is all that information, from whatever source, used by the auditor in
arriving at the conclusions on which the audit opinion is based.’
Briefly explain the three main concepts of audit evidences. ( 3 Points)
Answer
Q4. Chapter 7
Explain auditor’s documentation Process and procedures of internal control over financial
reporting (ICFR) and its types of audit reports. (3 Points)
Answer
Q5 Chapter 8
Explain the Concept of Audit Sampling and types of Sampling Risk. (3 Point)
Answer