acct401 assingment

College of Administrative and Financial SciencesAssignment 2
Deadline: 12/11/2023@ 23:59
Course Name: Auditing Principles and Procedures
Student’s Name:
Course Code: ACCT 401
Student’s ID Number:
Semester: 1st
CRN:
Academic Year:1445 H/ 2023-24
For Instructor’s Use only
Instructor’s Name:
Students’ Grade: Marks Obtained
/Out of 15
Level of Marks: High/Middle/Low
IInIIiiiAREFULLY
INSTRUCTIONS:
•
The Assignment must be submitted on Blackboard (WORD format only) via allocated
folder.
•
Assignments submitted through email will not be accepted.
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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.
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Students must mention question number clearly in their answer.
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Late submission will NOT be accepted.
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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.
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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
Q1. Inventory management in corporations identifies management’s practices, investigate
efficient and effective inventory management approaches, and efficient and effective
inventory management practices, which are key points for an auditor to ensure evidences
for an opinion in the audit report on inventory.
Imagine that you are an auditor of a corporation in KSA and answer the following:
a. Bring out the inventory management process you would follow to check efficient
and effective inventory management practices in the corporation.
b. List done the important functions with examples in the inventory management
process.
c. Explain the audit tests you would cover with related assertions to get assured
evidences
d. Conclude your testing on likely and tolerable misstatements allocated to the
inventory account (Chapter 13)
Answer (5Marks)
Q2. What are the control purposes and management assertions supported by bank
reconciliations? (Chapter 16)
Answer (3 Mark)
Q3. The standard unqualified report is issued when the auditor has gathered sufficient
evidence, the audit has been performed in accordance with PCAOB standards, and the
financial statements conform to GAAP.
Required:
Take an example of a corporation from KSA and explain the important elements necessary
for a standard unqualified report issued by an auditor in reporting of financial statements.
Give examples on each element. (Chapter 18)
Answer (4 Mark)
Q4. Briefly explain Assurance Services, Attest services and Trust Services. (Chapter 21)
Answer (3 Mark)