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ACC302 Auditing And Assurance
Task
About TMA:
The TMA covers Principles of Auditing & Other Assurance Services. It is marked out of 100 and is worth 20% of the overall assessment component. It is intended to assess students’ understanding of some of the learning points within chapters 1 to 5. This TMA requires you to apply the course concepts.
The TMA is intended to:
- Increase the students’ knowledge about the reality of Auditing as a profession.
- Assess students’ understanding of key learning points within chapters 1 to 5.
- Develop the ability to understand and interact with the nature of the professional standards & internal control in reality.
- Develop students’ communication skills, such as memo writing, essay writing, analysis and presentation of material.
- Develop basic ICT skills such as using the internet & e-library resources..
The TMA:
The TMA requires you to:
- Review various study chapters (from Chapter 1 to 5) of ‘Principles of Auditing & Other Assurance Services’ Book and apply some of the concepts within it.
- Conduct a simple information search using the internet.
- Present your findings in not more than 1,200 words. The word count excludes headings, references, title page, and diagrams.
- You should use a Microsoft Office Word and Times New Roman Font of 12 points.
- You should read and follow the instructions below carefully. Each part of the process will carry marks for the assignment.
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.
- What is meant by auditor? Are the internal and external auditors provide same type of services, support your answer from annual report of Etisalat? What basic services provided by these auditors, explain. Who is the external auditor of Etisalat? (10 marks)
- As you learned in Chapter 1, an attestation services provides reliability to decision makers in taking their decisions, explain the attestation services and provide the details from Annual report Etisalat. (10 marks)
- 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 Etisalat. (10 marks)
- Identify and explain the difference between the Audit Committee Report and independent Auditors Report from annual report of Etisalat. What is the basic information discussed in these two reports? What do you think which report provides reliable information to stakeholders? (10 marks)
- What do you understand by the term ‘Audit Risk’ and ‘Audit evidence’? How auditors can reduce audit risk with audit evidence, support your answer from annual report of Etisalat. (10 marks)
- Imagine you are the external auditor of Etisalat, how do you interpret and what is your view on the “going concern” assumption on the financial stability of a business? (10 marks)
- Are auditors responsible for frauds? Discuss the auditor responsibility for the detection of errors and frauds? Support your answer from the Annual report of Etisalat. (10 marks)
- What does the term “material misstatement” mean? Does auditor indicated and highlighted any information about material misstatement in annual report? (10 marks)
- 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 2019 of Etisalat? (10 marks)
- What are the different types of auditor’s opinion, briefly explain? Identify which type of opinion is given below for Delta Company?
“The auditor believes Delta Company faces a going concern Going Concern. However, every decision in a company is taken with the objective in mind of running the business rather than that of liquidating it and in fact it is unable to survive another year. Delta Company disagrees and prepares its financial statements on a historical cost basis instead of on a liquidation basis. In such a scenario, a GAAP departure reservation is made. Since Delta Company prepared its financial statements on a historical cost basis, most of the company’s accounts are incorrect”. (10 marks)
ACC302 Auditing And Assurance
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