Explain the functions, duties, and responsibilities of the external auditor
Question 1 (25 marks)
An external auditor analyses the financial information of a company and reports on finding. Explain the functions, duties, and responsibilities of the external auditor. Evaluate how external auditor performs their duties and responsibilities in auditing Aramco company. You need to provide detailed evidence from the annual report of Aramco 2022.
Question 2 (25 marks)
The audit committee reviews and approves the internal audit’s responsibility, having regarded the complementary roles of the internal and external audit functions. Discuss the difference between the Audit Committee Report and Auditor’s Report. What is the difference, and the basic information discussed in these two reports? Provide evidence from the annual report of Aramco 2022.
Question 3 (25 marks)
Other business risks could affect the risks of material misstatement for particular accounts, disclosures, or assertions. Are auditors responsible for identifying and assessing the risk of material misstatement? What does the term “material misstatement” mean? Support your answer with an example from the Aramco Annual report 2022.
Question 4 (25 marks)
Access the Aramco 2020 Annual Report and evaluate the Independent Auditor’s Report (Aramco 2020). Compare the Independent Auditor’s Reports of 2022 and 2020 and write a summary of the auditor’s evaluation from year to year.
In your answer, you should explain each point or inquire separately. Use the following headings (below) to make up the different sections of your answer:
ACC302-Assignment-1
4 questions each 250 words 10% more or less is fine.
In-text referencing & Bibliography referencing.
Requirements: 250 each 10% more or less
ACC302: TMA – Summer 2022-2023
About TMA:
The TMA covers Principles of Auditing & Other Assurance Services. It is marked out of 100. It is intended to assess students’ understanding of some of the learning points within chapters 1 to 7. This TMA requires you to apply the course concepts.
The TMA is intended to:
Increase the students’ knowledge about the reality of Auditing as a profession.
Assess students’ understanding of key learning points within chapters 1 to 7.
Develop the ability to understand and interact with the nature of the professional standards & internal control in reality.
Develop students’ communication skills, such as memo writing, essay writing, analysis and presentation of material.
Develop basic ICT skills such as using the internet & e-library resources..
The TMA:
The TMA requires you to:
Review various study chapters (from Chapters 1 to 7) of the ‘Principles of Auditing & Other Assurance Services Book and apply some of the concepts within it.
Conduct a simple information search using the internet.
Present your findings in not more than 1,000 words (250 words for each question). The word count excludes headings, references, titlepagese, and diagrams.
You should use a Microsoft Office Word and Times New Roman Font of 12 points.
You should read and follow the instructions below carefully. Each part of the process will carry marks for the assignment.
Criteria for Grade Distribution:
Financial Reporting on the Internet (Aramco)
The internet is a good place to get information that is useful to you in your study of accounting. For example, you can find information about current events, professional accounting organizations, and specific companies that may support your study.
Access the Aramco Corporate web page at:
then download the annual report 2022 in PDF Form.
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