audit and assurance utsa Questions

College of Economics and Business Administration BSAC4103 / Audit and Assurance II Semester II-Academic year 2023-24 Assignment Date of Submission:12/05/2024 Mark = 10 Marks As an auditor for a listed company, have been assigned to perform an audit of the company’s financial statements for the year ended December 31, 2023. Using the company’s balance sheet and income statement, Describe the process of obtaining audit evidence to conclude on the true and fairness of the financial statements by addressing the questions outlined in the required section. Task: Students are required to select a listed company from the industrial sector from Muscat stock exchange and download the balance sheet and income statement for the year ending on December 31st, 2023 by using the following link: www.msx.om. Review the company’s balance sheet and profit and loss account for the year ended December 31, 2023. Required: 1. Identify and explain the key transactions and balances that are may be material to the financial statements. Minimum five (3 from the income statement and 2 from the balance sheet) (2 Marks) 2. Describe the specific methods for obtaining audit evidence for each transaction that you would use to assess the true and fair presentation in the financial statements. (2 Marks) 3. Explain why each method is appropriate for the account or balance, and discuss any limitations or challenges that may be encountered in obtaining the necessary evidence. (2 Marks) 4. Provide specific examples of the types of documents or records that would be examined, the individuals or parties that would be interviewed, and the procedures that would be performed to obtain the necessary evidence. (2 marks) 5. Conclude your assignment by summarizing the key methods of obtaining audit evidence that you would use to assess the true and fairness of the company’s financial statements and their relevance and reliability of the evidence obtained along with discussing the importance of obtaining sufficient and appropriate audit evidence which supports your audit opinion. (2 Marks) General Instruction 1. You are required to write a report. Font: Times New Roman, font size 12 and a line spacing of 1.5. 2. This Assignment should be completed by individual students and technically the assignment should be as good as possible: well organized. 3. You are strongly advised to use MS word and should be clearly typed and numbered 4. Do not copy from any material, try to write in your own words, and also be aware of the plagiarism policy of the college. Plagiarism occurs when other’s work such as print material, images, audio-visual creations, computer programs, electronic materials, etc. are used without appropriate acknowledgement and reference Disciplinary Action for Student Plagiarism • First Offense: Written warning and repeat the work • Second Offense: Zero mark and suspension for one semester • Third Offense: Dismissal from the college 5. This penalty applies to both the copier and to the copied. 6. First page of the assignment must include the details of the student i.e Name, student ID number and section number. 7. Last date to submit the assignment is 12th May 2024 🍁🍁🍁🍁🍁