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ACCT401-ASSIGHMENT 2

Description

first, plagiarism should be avoided

sconed , the sources used must be accredited.

You must follow all the instructions in the file

AVOID USE Ai

College of Administration and Finance Sciences

Assignment (2)
Deadline: Saturday 23/11/2024 @ 23:59
Course Name: Auditing principals and
procedures

Student’s Name:

Course Code: ACCT 401

Student’s ID Number:

Semester: 1st

CRN:
Academic Year: 1446 H

For Instructor’s Use only
Instructor’s Name:
Students’ Grade:

/15

Level of Marks: High/Middle/Low

Instructions – PLEASE READ THEM CAREFULLY
• 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 answers 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 Administration and Finance Sciences

Assignment Question(s):
(Marks 15)
Q1. Identidy the first three steps that the auditor should follow while
observing the physical inventory count. (3 Points)
Answer:

Q2. What are factors considered in assessing control risk for intangible asset?
(5 Points)
Answer:

College of Administration and Finance Sciences

Q3.Identidy the three major types of transactions that occur in stockholders
equity. (3 Points)
Answer:

Q4. Identify audit procedures to test the bank reconciliation. (4 points)
Answer:

College of Administration and Finance Sciences

Assignment (2)
Deadline: Saturday 23/11/2024 @ 23:59
Course Name: Auditing principals and
procedures

Student’s Name:

Course Code: ACCT 401

Student’s ID Number:

Semester: 1st

CRN:
Academic Year: 1446 H

For Instructor’s Use only
Instructor’s Name:
Students’ Grade:

/15

Level of Marks: High/Middle/Low

Instructions – PLEASE READ THEM CAREFULLY
• 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 answers 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 Administration and Finance Sciences

Assignment Question(s):
(Marks 15)
Q1. Identidy the first three steps that the auditor should follow while
observing the physical inventory count. (3 Points)
Answer:
During the observation of the physical inventory count, the auditor should do the following:
1. Ensure that no production is scheduled. If production is scheduled proper controls must
be established for movement between departments in order to prevent double counting.
2. Ensure that there is no movement of goods during the inventory count.
3. Make sure that the entity’s count teams are following the inventory count instructions.
4. Ensure that inventory tags are issued sequentially to individual departments.
5.

Perform test counts and record a sample of counts in the working papers.

6. Obtain tag control information for testing the entity’s inventory compilation.
7. Obtain cutoff information, including the number of the last shipping and receiving
documents issued.
8. Observe the condition of the inventory for items that may be obsolete, slow moving, or
carried in excess quantities.
9. Inquire about goods held on consignment for others or held on a “bill-and-hold” basis.

College of Administration and Finance Sciences

Q2. What are factors considered in assessing control risk for intangible asset?
(5 Points)
Answer:

In assessing control risk, the auditor considers factors such as:
1. The expertise and experience of those determining the fair value of the
assets.
2. Controls over the process used to determine fair value measurements,
including controls over data and segregation of duties between those
committing the entity to the purchase and those undertaking the valuation.
3. The extent to which the entity engages or employs valuation specialists.
4. The significant management assumptions used in determining fair value.
5. The integrity of change controls and security procedures for valuation
models and relevant information systems, including approval processes.

College of Administration and Finance Sciences

Q3.Identidy the three major types of transactions that occur in stockholders
equity. (3 Points)
Answer:
The following three types of transactions are of importance to the auditor:
1. Issuance of stock including transactions such as sale of stock for cash; the exchange of stock
for assets, services, or convertible debt; and issuance of stock for stock splits.
2. Repurchase of stock including both the reacquisition of stock and retirement of stock.
3. Payment of dividends including cash and stock dividends.

Q4. Identify audit procedures to test the bank reconciliation. (4 points)
Answer:
The auditor typically uses the following audit procedures to test the bank reconciliation:
1. Verify the mathematical accuracy and agree the balance per the books to the general
ledger.
2. Agree the bank balance on the reconciliation with the balance shown on the standard
bank confirmation.
3. Trace the deposits in transit on the bank reconciliation to the cutoff bank statement.
4. Compare the outstanding checks on the bank reconciliation with the canceled checks
contained in the cutoff bank statement for proper payee, amount, and endorsement.

College of Administration and Finance Sciences

5. Agree any charges included on the bank statement to the bank reconciliation.
6. Agree the adjusted book balance to the cash account lead schedule.

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