Acct401 Saad A1

• 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 theiranswer.
• Late submission will NOT be accepted.
• Avoid plagiarism, the work should be in your ownwords, copying from students or other resourceswithout proper referencing will result in ZERO marks.No exceptions.
• All answers must be typed usingTimes 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.
Assignment Question(s):(Marks 5)
IMPORTANT NOTE: Answer in your own words, DO NOT COPY from slides, fellow student, or internet source without proper citation.
Q1.From a general perspective, the accounting processes of a business consist of internal controls, individual transactions, and account balances.Required:A. Describe the relationship between internal controls, individual transactions, and account balances.(1 Mark).
B. Discuss how evidence regarding each of these three areas can help an auditor determine if the financial statements are fairly stated. (1 Mark).
Q2.Often in an audit, total combined tolerable misstatement is greater than overall materiality. Why is this the case? (1 Mark).
Q3.For an auditor, how are management assertions useful? (2 Marks).