ACCT 401 -Auditing Principles and Procedures Worksheet-SEU .
College of Administration and Finance Sciences Assignment (3) Deadline: Saturday 27/11/2021 @ 23:59 Course Name: Auditing Principles and Procedures Student’s Name: Course Code: ACCT401 Student’s ID Number: Semester: 1st CRN: Academic Year: 1443 H For Instructor’s Use only Instructor’s Name: Students’ Grade: /5 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 5) IMPORTANT NOTE: Answer in your own words, DO NOT COPY from slides, fellow student, or internet source without proper citation. Q1. Why bank reconciliation is important to the audit? Your answer should explain in detail what types of bank reconciliation uses the auditor should consider when auditing cash, and you should also list some of the items found on the reconciliation (2 Marks). Q2. Define the term “contingent liability” and discuss the criteria used to classify these events or conditions. Provide some examples of contingent liabilities (1Marks). Q3. The following four situations require a modification to the standard unqualified/unmodified audit report. Identify the modification required for each. (2 Marks). a. Opinion based in part on the report of another auditor. b. Going concern. c. Lack of consistency. d. Additional emphasis.
