Description\n \n\n\n\n\n\n\n\n\n\n\n\nCollege of Administration and Finance Sciences\nAssignment (2)\nDeadline: Saturday 12/11/2022 @ 23:59\nCourse Name: Auditing Principles and\nStudent’s Name:\nProcedures\nCourse Code: ACCT401\nStudent’s ID Number:\nSemester: First semester\nCRN:\nAcademic Year: 1443 H\nFor Instructor’s Use only\nInstructor’s Name: Abdulrahman Alhujailan\nStudents’ Grade:\n/15\nLevel of Marks: High/Middle/Low\nInstructions – PLEASE READ THEM CAREFULLY\n• The Assignment must be submitted on Blackboard (WORD format only) via allocated\nfolder.\n• Assignments submitted through email will not be accepted.\n• Students are advised to make their work clear and well presented, marks may be\nreduced for poor presentation. This includes filling your information on the cover\npage.\n• Students must mention question number clearly in their answer.\n• Late submission will NOT be accepted.\n• Avoid plagiarism, the work should be in your own words, copying from students or\nother resources without proper referencing will result in ZERO marks. No exceptions.\n• All answers must be typed using Times New Roman (size 12, double-spaced) font.\nNo pictures containing text will be accepted and will be considered plagiarism.\n• Submissions without this cover page will NOT be accepted.\nCollege of Administration and Finance Sciences\nAssignment Question(s):\n(Marks 15)\nIMPORTANT NOTE: Answer in your own words, DO NOT COPY from slides,\nfellow students, or internet sources without proper citation.\nQ1 When an auditor sets control risk low, sufficient evidence can be obtained for most\npayroll accounts through an understanding of internal controls, substantive analytical\nprocedures, and tests of details of transactions. However, there are several accounts in\nthe payroll cycle that may require more attention.\nRequired: Name these accounts and explain why additional testing is necessary.\n(2 Marks).\nQ2. For each of the following tests, identify the assertion to which the test applies. (3\nMarks; 0.5 each)\n1) Trace a sample of payroll checks to the master employee list to verify occurrence.\n2) Recalculate the mathematical accuracy of a sample of payroll checks.\n3) Test a sample of bank reconciliations for the payroll bank account.\n4) Estimate sales commissions by applying commission formulas to recorded sales\ntotals.\n5) Compare amounts accrued to supporting documentation, such as payroll tax returns.\n6) Compare payroll costs as a percentage of sales to industry data.\nCollege of Administration and Finance Sciences\nQ3. You are auditing AMRT company, and the end of the accounting period is\nDecember 31st. On December 23rd, the employee responsible for processing reports\nand recording the receipt of inventory became very ill and was out of the office for a\nweek. Due to the companys small staff and the holiday season, a number of the\nreceiving reports were not processed on a timely basis. As an auditor, which assertions\nwould you place of high importance for this entity, and how would you test for\nthem? (3 Marks).\nQ4. Describe the inherent risk factors that can affect the audit of property, plant, and\nequipment. (2 Marks).\nCollege of Administration and Finance Sciences\nQ5. Gerrard Smith, senior-in-charge, is auditing Mndooz, Inc.s long-term debt for the\nyear ended December 31. Long-term debt is composed of two bond issues, which are\ndue in 10 and 15 years, respectively. The debt is held by two insurance companies.\nGerrard has examined the bond agreements for each issue. The agreements provide\nthat if Mndooz fails to comply with the covenants of the contract, the debt becomes\npayable immediately. Gerrard identified the following covenants when reviewing the\nbond agreements:\nThe debtor company shall endeavor to maintain a working capital ratio of 2 to 1 at all\ntimes, and in any fiscal year following a failure to maintain the said ratio, the company\nshall restrict compensation of officers to a total of $650,000. Officers include the\nchairperson of the board and the president.\nThe debtor company shall keep all property that is security for these debt agreements\ninsured against loss by fire to the extent of 100 percent of its actual value. Policies of\ninsurance comprising this protection shall be filed with the trustee.\nThe company is required to restrict 40 percent of retained earnings from availability\nfor paying dividends.\nA sinking fund shall be established with the First Bank, and semiannual payments of\n$500,000 shall be deposited in the fund. The bank may, at its discretion, purchase\nbonds from either issue.\nRequired: (5 Marks)\na. Provide any audit steps that Gerrard should conduct to determine whether the\ncompany complies with the bond indentures or not.\nb. List any reporting requirements that the company’s financial statements or footnotes\nshould include.\n\nPurchase answer to see full\nattachment
APA paper format
The American Psychological Association (APA) format is a widely used style for writing academic papers in the social sciences. The APA format provides specific guidelines for formatting papers, including margins, font size and type, spacing, and the use of headings. These guidelines ensure that papers written in the APA format are visually consistent and easy to read.
In the APA format, papers are typically double-spaced and written in 12-point Times New Roman font. The margins should be 1 inch on all sides, and the text should be left-aligned. Headings are used to organize the paper into sections, with different levels of headings used to indicate the hierarchy of information.
In-text citations are an essential aspect of the APA format, and they must be included whenever information from an outside source is used in the paper. The reference page is also an important component of an APA paper, as it lists all of the sources used in the paper. The reference page should be formatted according to the APA guidelines, including the use of a hanging indent for each reference and the use of italics for book titles.
It is important to note that the APA format is not just a matter of style, but it is also a way of communicating research findings and ideas. The use of the APA format helps to ensure that the information presented in a paper is clear, concise, and easy to understand.
In conclusion, the APA format is a widely used style for writing academic papers in the social sciences. It provides specific guidelines for formatting papers, including margins, font size and type, spacing, and the use of headings. By following the APA format, students can ensure that their papers are visually consistent, easy to read, and meet academic standards.
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