Be302: tma | Accounting homework help

BE302: TMA – Summer – 2016/2017

 

About TMA:

The TMA covers Principles of Auditing & Other Assurance Services. It is marked out of 100 and is worth 20% of the overall assessment component. It is intended to assess students’ understanding of some of the learning points within chapters 1 to 5. This TMA requires you to apply the course concepts.

 

The TMA is intended to:

ØIncrease the students’ knowledge about the reality of Auditing as a profession.

ØAssess students’ understanding of key learning points within chapters 1 to 5.

ØDevelop the ability to understand and interact with the nature of the professional standards & internal control in reality.

ØDevelop students’ communication skills, such as memo writing, essay writing, analysis and presentation of material.

ØDevelop basic ICT skills such as using the internet & e-library resources..

 

The TMA:

The TMA requires you to:

1-   Review various study chapters (from Chapter 1 to 5) of ‘Principles of Auditing & Other Assurance Services’ Book and apply some of the concepts within it.

2-   Conduct a simple information search using the internet.

3-   Present your findings in not more than 1,200 words. The word count excludes headings, references, title page, and diagrams.

4-   You should use a Microsoft Office Word and Times New Roman Font of 14 points.

5-   You should read and follow the instructions below carefully. Each part of the process will carry marks for the assignment.

 

 

 

Criteria for Grade Distribution:

Criteria

Content

Referencing& e-library

Structure and Presentation of ideas

Total marks

 

Marks

90

5

5

100

 

                                                  

Financial Reporting on the Internet

(The Sultan Center)

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.

The Sultan Center (TSC) (Arabic: مركز سلطان) is an organization based in Kuwait, incorporating a diverse range of products and services. Mainly acknowledged for its retail business, it is the largest independent retailer in Kuwait. Operating eleven outlets at home, TSC opened its first retail store abroad in Muscat in 1999. Four years later, Safeway Jordan was acquired in 2003.

Access the Sultan Center Corporate web page at:

http://corporate.sultan-center.com/investor-relations/annual-financial-reports/  , then download the annual report 2015 in PDF Form.

 

Use the annual report to answer the following questions.

Go to “2015 Annual Report” of  The Sultan Center & answer the following questions. Read the report carefully.

                                                                                                  

1-  What do you understand by public accountings firms? Describe the different categories of public accounting firms. Also name the external auditor of TSC. Give some introduction on the Functions of external auditor and provide reference from report.                                                                                                                                                                                                  (15 marks)

 

2-  Reliable accounting and financial reporting aid society in allocating resources in an efficient manner. Explain why audits are demanded by society? Support your answer from the Annual report of 2015 of TSC.                                                                                                                                                                                                                                                                   (15 marks)

3-  Write the summary of audit committee report on the audit procedure in accordance with the standards.

      (10 marks)

 

4-  What do you understand by material misstatement? Does TSC have strong internal control over financial reporting to overcome the material misstatement?

                                                                                                                                               (10 marks)                                                                                                                    

5-  Elaborate briefly the principle of assurance and provide the details of assurance from Annual report of TSC.                                                                                                                                                                                                                                                                                                     (10 marks)

 

6-  What is the external audit report on the presentation of financial statement of TSC? Name the different Financial statements that audited by external auditor.                                                                                                                                                                                                         (10 marks)                                                

 

7-  Are auditors responsible for frauds? Discuss the auditor responsibility for the detection of errors and frauds? Support your answer from the Annual report of TSC.    

          (10 marks)

8-  Explain the term ‘Audit Risk’ and ‘Audit evidence’. How auditors can reduce audit risk, support your answer from annual report of TSC.                                                                                                                                                                                                                                                    (10 marks)

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:

PT3 form (Cover)

 Available in LMS.

Contents

Title and contents page

TMA

Financial Reporting on the Internet (Sultan Center)

Reference list

 Recorded according to the Harvard style – Available in LMS.

 

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