-Present your findings in not more than 1,600 words. The word count excludes headings, references, title page, and diagrams.
– referencing must be add in Harvard style
Financial Reporting on the Internet (STC)
Access the STC annual report at below web page: stc – Annual Reports then download the STC Annual report 2020 in PDF Form.
Use the annual report to answer the following questions.
Go to “Report of Independent Registered Public Accounting Firm” & answer the following questions. Read the report carefully
1- In an attestation engagement CPAs provide a report on subject matter or an assertion about that subject matter. Thus, an attestation services provides reliability to decision makers in taking their decisions, explain the attestation services and provide the details from Annual report STC.
2- In a financial statement audit, the auditors undertake to gather evidence to obtain a high level of assurance that the financial statements follow generally accepted accounting principles, or some other appropriate accounting framework. Is CPA responsible for preparing financial statements? Discuss the responsibility and functions of CPA with evidence of annual report. Also name the different financial statements that audited by external auditors at STC.
3- Identify and explain the difference between the Audit Committee Report and independent Auditors Report from annual report of STC. What is the basic information discussed in these two reports? What do you think which report provides reliable information to stakeholders?
4- Imagine you are the external auditor of STC, how do you interpret and what is your view on the “going concern” assumption on the financial stability of a business? (10 marks)
5- What does the term “material misstatement” mean? Does auditor indicate and highlighted any information about material misstatement in annual report?
6- Reliable accounting and financial reporting aids society in allocating resources in an efficient manner. Explain why audits are demanded by society? Support your answer from the Annual report of 2020 of STC?
7- Financial statement assertions are important to auditors because they should consider audit risk at the assertion level for all significant account balances, transaction classes, and disclosures. Identify and explain the components of audit risk and provide evidence from Annual report of STC.
8- The required understanding of the client is used by the auditors to help plan the audit and to assess the risks of material misstatement at the financial statement and relevant assertion. Describe the nature of the risk assessment procedures that auditors use to obtain an understanding of the client and its environment. Support your discussion from annual report of STC.
9- Write the summary on the auditor’s report. Your summary should include the main points of report and auditor’s opinion. Also identify which type of opinion auditor expressed in the annual report-
10- What do you understand by internal control? Discuss the auditor’s duty in terms of internal control system. Provide reference from annual report.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more