ACC302 Principles Of Auditing And Assurance Services

1.Review various study chapters (from Chapter 1 to 7) of ‘Principles of Auditing & Other Assurance Services’ Book and apply some of the concepts within it.

2.Conduct a simple information search using the internet.

3.Present your findings in not more than 1,500 words. The word count excludes headings, references, title page, and diagrams.

4.You should use a Microsoft Office Word and Times New Roman Font of 12 points.

5.You should read and follow the instructions below carefully. Each part of the process will carry marks for the assignment.

Go to “Report of Independent Registered Public Accounting Firm” page 66 to 71 & answer the following questions. Read the report carefully!                
                                                                                                                                                                                                     
1-Write the summary on the auditor’s report. Your summary should include the main points of report and auditor’s opinion based on auditor’s report. Also identify which type of opinion auditor expressed in the annual report?

 

2-What do you understand by attestation services? Explain the attestation services and provide the details from Annual report Zamil industrial.

 

3-Who is responsible for preparing financial statements? Discuss the responsibility and functions of CPA with evidence from annual report regarding auditing of financial statements. Also name the different Financial statements that are audited by external auditors at Zamil industrial.

 

4-Why independent Auditors Report are usually required? What type of information usually discussed in this report? Provide details from annual report of Zamil Industrial.

 

5-Imagine you are the external auditor of Zamil industrial, how do you interpret and what is your view on the “going concern” assumption on the financial stability of a business?

 

6-What does the term “material misstatement” mean? Did auditor indicate and highlighted any information about material misstatement in annual report?

 

7-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 Zamil industrial?

 

8- Discuss the different types of audit. Which type of audit is performed at Zamil industrial?

 

9-What are the basic audit procedures usually used by external auditors? Also provide evidence from Annual report which procedures were used by the auditor for fair value estimation of Zamil industrial 2019.

 

10-What do you understand by internal control? Discuss the auditor’s duty in terms of internal control system. Provide reference from annual report.