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ACC311- Fundamentals of Auditing

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  • ACC311 Quiz 1 Solution and Discussion

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    cyberianC

    Quiz No.1
    Dec 13, 2021 12:00 AM
    Dec 15, 2021 11:59 PM
    10

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    cyberianC

    Total Marks 5
    Starting Date Wednesday, December 01, 2021
    Closing Date Tuesday, December 07, 2021
    Status Open
    Question Title Auditor``s Report
    Question Description
    With reference to the Auditor’s Report, answer the following questions: (1.25 * 4 Marks)

    The recent final audit report of an FMCG carries a line which is read as … in the manner so required and respectively give a true and fair view of the state of the company’s affairs …… Briefly describe the meaning of “true and fair view”.
    An external auditor is not responsible for preparing his client’s financial statement. Why?
    Why do the notes annexed to the financial statements become an integral part thereof?
    List down any two matters upon which an auditor is bound to give his opinion.

    Important Instructions:

    Carefully review your GDB before submission on VU-LMS as it cannot be replaced once it is submitted.
    Your discussion must be based on logical aspects of the topic requirements with proper justification.
    There is a limit of 200 Words for discussion and your answer should be concise, relevant and comprehensive.
    Use the font style “Times New Roman” and font size “12”.
    Your answer should be relevant to the topic i.e. clear and concise.
    Do not copy or exchange your answer with other students. Two identical / copied comments will be marked Zero (0) and may damage your grade in the course.
    Books, websites, handouts and other reading material may be consulted before posting your comments; but copying or reproducing the text from books, websites, handouts and other reading materials is strictly prohibited. Such comments will be marked as Zero (0) even if you provide references.
    You should post your answer on the Graded Discussion Board (GDB), not on the Moderated Discussion Board (MDB). Both will run parallel to each other during the time specified above. Therefore, due care will be needed.
    Obnoxious or ignoble answer should be strictly avoided.
    You cannot participate in the discussion after the due date via email.
    Questions / queries related to the content of the GDB, which may be posted by the students on MDB or via e-mail, will not be replied till the due date of GDB is over.
    For planning your semester activities in an organized manner, you are advised to view schedule of upcoming Assignments, Quizzes and GDBs in the Course Calendar/Lesson Index of the course on VU-LMS.
    As you know that load shedding problem is also prevailing in our country. Keeping in view the fact, you are advised to submit your GDB well before time without waiting for the due date. For your convenience, you have been communicated well before time so that you can manage your activities, therefore no excuse will be entertained after due date of GDB.

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    zaasmiZ

    Table of Contents (Fundamentals of Auditing -ACC 311).pdf
    ACC311 - Fundamentals of Auditing Handout(Lecture 1 - 45).pdf

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    zareenZ

    Assignment Solution ACC311
    (Fundamentals of Auditing) Fall 2019
    Due Date: 29 November, 2019
    Solution
    Scenario 01:
    Marks: 10
    According to Companies Act 2017 [Section 247], the person who is a partner or employee of a director, other officer or employee of the company cannot be appointed as auditor. So, the appointment of M/s Shafee & Co as external auditor is not legally permissible as Mr. Waseem – director of Barkat enterprises is also a partner of M/s Shafee & Co
    Scenario 02:
    According to Companies Act 2017 [Section 247], the public company having paid up capital of three million or more must hired the chartered accountant or chartered accountancy firms as external auditors. So, the appointment of Nabi Associates as external auditor is legally permissible as MTM (Pvt) have 3.2M paid up capital.
    Scenario 03:
    According to Companies Act 2017 [Section 247], the person who is a spouse of company’s director cannot be appointed as auditor. So, the appointment of Mr. Ahsan’s company as external auditor is not legally permissible as Mr. Ahsan is a spouse of company’s director i.e. Miss Sara.
    Scenario 04:
    As per Companies Act 2017 [Section 247], a persons who is Present directors, other officer or employees of the company or who held these offices during the last three years cannot be appointed as external auditor. So, Mr. Shahbaz cannot be appointed as external auditor as he holds the company office as an officer in preceding 2 years.
    Scenario 05:
    Mr. Zeeshan cannot be appointed as external auditor of Hussain Enterprises as he is still employee of the company which is against the conditions of Companies Act 2017 [Section 247] for appointment of auditors.

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    zareenZ

  • Lectures Handouts and Table of Contents

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    zaasmiZ

    Companies Act 2017