Auditing Principles and Procedures

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Assignment 1

Course Name: Auditing Principles and ProceduresStudent’s Name:
Course Code: ACCT 401Student’s ID Number:
Semester: CRN:
Academic Year:1445 H

For Instructor’s Use only

Instructor’s Name:
Students’ Grade:  Marks Obtained  /Out of 15Level 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.

Questions:                                                                                 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)

  1. What are the types of audit test you would cover, explain with examples.
  2.  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