Audit Committee Financial Statements Paper

Description

1.What is the role of an Audit committee? (2 Points)

(Write one or two paragraphs, max 200 words in your own words and with supporting references)

2. 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) Explain the assertions you would apply. (2 Points)

3. 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? (1 Points)

Explanation & Answer length: 3 questions 200 words each.

College of Administrative and Financial Sciences Assignment 1 Deadline: 26.6.2021@ 23:59 Course Name: Auditing Principles and Procedures Student’s Name: Course Code: ACCT 401 Student’s ID Number: Semester: summer term CRN: Academic Year:1442 H For Instructor’s Use only Instructor’s Name: Students’ Grade: Marks Obtained Level of Marks: High/Middle/Low /Out of 5 THEM CAREFULLY 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, doublespaced) 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 5 1. What is the role of an Audit committee? (2 Points) (Write one or two paragraphs, max 200 words in your own words and with supporting references) 2. 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) Explain the assertions you would apply. (2 Points) 3. 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? (1 Points)

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