[Solved] ACC311 Assignment 1 Fall 2020  

ACC311 Fundamentals of Auditing Assignment 1 Fall 2020

Semester Fall 2020
Fundamentals of Auditing (ACC311)
Assignment
Due Date: 27th November,2020 Total Marks: 10

Topic To Be Tested:
 Financial Statements Audit & Requirements to Select Different Procedures

Learning Outcomes:
After going through this activity, the students would be able to understand:
 What are different types of audit?
 What is financial statements audit?
 How it is different from other types of audit?
 What sources of evidences and quantifiable information available to auditors for conducting financial statements audit?
 How an auditor selects different procedures for performing financial statements audit?

Scenario:
Assume that you have recently joined an audit firm after completing your accounting degree and audit training. STC Traders - a local firm dealing in office supplies is one of the largest clients of your audit firm. To audit the accounts of STC for the financial year 20X0, you have been assigned this task.

Required:
A. How will you select different procedures to perform audit on financial statements of STC Traders? Give your answer in bulleted form. (1 x 7 = 7 Marks)
B. What quantifiable information and evidences which are readily available to you for performing audit on financial statements of STC Traders? (1+2 = 3 Marks)