ACCT 401 Saudi Electronic University Accounting Worksheet

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College of Administration and Finance Sciences
Assignment (2)
Deadline: Saturday 09/04/2022 @ 23:59
Course Name: Auditing Principles and
Procedures
Student’s Name:
Course Code: ACCT401
Student’s ID Number:
Semester: 2nd
CRN:
Academic Year: 1443 H
For Instructor’s Use only
Instructor’s Name:
Students’ Grade:
/10
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 10)
IMPORTANT NOTE: Answer in your own words, DO NOT COPY from slides,
fellow students, or internet sources without proper citation.
Q1. What are two potential benefits and two potential risks of using IT for an entity’s internal
control? (2 Marks).
Q2. For a particular audit, the sample size for testing controls over the revenue cycle is relatively
large. What can you infer about the desired confidence level, the tolerable deviation rate, and the
expected population deviation rate? (2 Marks).
Q3. If you were asked to assess the inherent risk factors when auditing the revenue process of
ARAMCO. What type of inherent risks factors would you consider? Provide a discussion of each
factor identified. (3 Marks).
Q4. Explain the importance of observing physical inventory during an audit. Detail your answer. (3
Marks).

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Explanation & Answer:
1 Worksheet 4 Questions

Tags:
internal control

accounting

Revenue Cycle

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