College of Administration and Finance SciencesAssignment (1)Deadline: Friday 12/10/2024 @ 23:59Course Name: Auditing principals andproceduresStudent’s Name:Course Code: ACCT 401Student’s ID Number:Semester: First Semester 23/24CRN:Academic Year: 1446 HFor Instructor’s Use onlyInstructor’s Name:Students’ Grade:/15Level of Marks: High/Middle/LowInstructions – PLEASE READ THEM CAREFULLY• The Assignment must be submitted on Blackboard (WORD format only) via allocatedfolder.• Assignments submitted through email will not be accepted.• Students are advised to make their work clear and well presented, marks may bereduced for poor presentation. This includes filling your information on the coverpage.• 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 orother 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.Page 1 of 5Restricted – مقيدCollege of Administration and Finance SciencesAssignment Question(s):(Marks 15)Q1. What are the Components of Internal Control? Explain each component? (5 marks)Answer:Page 2 of 5Restricted – مقيدCollege of Administration and Finance SciencesQ2. Why must an auditor assess materiality? (2.5 Marks)Answer:Page 3 of 5Restricted – مقيدCollege of Administration and Finance SciencesQ3. You are the owner of a small grocery store, Corner Marketplace. Explain the fiveprocess categories and how they apply to your business? (2.5 Marks)Answer:Page 4 of 5Restricted – مقيدCollege of Administration and Finance SciencesQ4. Name two management assertions pertaining to the inventory account balance andexplain why they are considered in an audit. (5 Marks)Answer:Page 5 of 5Restricted – مقيد
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