Acct401- Auditing principals and procedures

·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 (1)
Deadline: Saturday 12/10/2024 @ 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: DR. ASHFAQEU AHMED
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. What are the Components of Internal Control? Explain each component.
(5 points).
College of Administration and Finance Sciences
Q2. Why must an auditor assess materiality? (2.5 Points)
College of Administration and Finance Sciences
Q3.You are the owner of a small grocery store, Corner Marketplace. Explain the
five process categories and how they apply to your business. (2.5 Points)
College of Administration and Finance Sciences
Q4. Name two management assertions pertaining to the inventory account
balance and explain why they are considered in an audit. (5 points)