Auditing principals and procedures – ACCT401 – 4 Questions

Assignment Question(s): (Marks 15)

Q1.What are the Components of Internal Control? Explain each component.

(5 points).

Q2. Why must an auditor assess materiality? (2.5 Points)

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)

Q4. Name two management assertions pertaining to the inventory account balance and explain why they are considered in an audit. (5 points)

ctions – 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.
Assignment Question(s):
(Marks 15)
Q1. What are the Components of Internal Control? Explain each component.
(5 points).
Q2. Why must an auditor assess materiality? (2.5 Points)
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)
Q4. Name two management assertions pertaining to the inventory account
balance and explain why they are considered in an audit. (5 points)
ctions – 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.
Assignment Question(s):
(Marks 15)
Q1. What are the Components of Internal Control? Explain each component.
(5 points).
Q2. Why must an auditor assess materiality? (2.5 Points)
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)
Q4. Name two management assertions pertaining to the inventory account
balance and explain why they are considered in an audit. (5 points)