Auditing Theory Assignment | Homework Help Websites

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BE302: TMA – SPRING2018-2019

 

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:

  • Increase the students’ knowledge about the reality of Auditing as a profession.
  • Assess students’ understanding of key learning points within chapters 1 to 5.
  • Develop the ability to understand and interact with the nature of the professional standards & internal control in reality.
  • Develop students’ communication skills, such as memo writing, essay writing, analysis and presentation of material.
  • Develop basic ICT skills such as using the internet& e-library resources..

 

The TMA:

The TMA requires you to:

  • 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.
  • Conduct a simple information search using the internet.
  • Present your findings in not more than 1,200 words.The word count excludes headings, references, title page, and diagrams.
  • You should use a Microsoft Office Word and Times New Roman Font of 14 points.
  • 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 100 (5) (5) 100

 

 

Financial Reporting on the Internet (GULF HOTELS GROUP BSC)

 

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.

 

Gulf Hotels Group BSC is a public limited liability company quoted on the Bahrain Stock Exchange which was incorporated in 1967, under the name of Bahrain Hotels Company. The vision of the then Bahrain Hotels Company back in 1967 was to provide a standard of hospitality unrivalled on the Island, which was duly delivered with the opening of Bahrain’s first five-star property, the Gulf Hotel. Some forty years later, this philosophy remains the same although the Gulf Hotel has changed beyond recognition, continually expanding and upgrading to meet the modern-day demands.

In 2016, the Group also commenced the construction of the Gulf Executive Residence Juffair, a 109 unit luxury apartment facility which will open in 2018 and acquired ownership of Bahrain Tourism Company, owners of the Crown Plaza Hotel Bahrain and major shareholders of African and Eastern Bahrain.

Gulf Court Hotel Business Bay, the Company’s first hotel establishment in Dubai, opened in 2018, catering to the Business Bay area in UAE. The hotel features 270 rooms with top-class facilities for both leisure and business travellers.

 

Access the Gulf Hotels Group web page at:https://www.gulfhotelsgroup.com/ghg_annual_reports.php

,  then download the annual report2017(English) in PDFForm.

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Use the annual report to answer the following questions.

Go to “Report of Independent Registered Public Accounting Firm”& answer the following questions. Read the report carefully.

 

  • Name the external auditor of GULF HOTELS GROUP BSC. Give some introduction on the functions of external auditor and provide reference from report.                                                                              (10 marks)

 

  • What do you understand by material misstatements? Is there any material misstatement reported by the external auditors while performing audit procedures?                                                                                                                                                                                                      (10 marks)

 

  • Who is responsible for preparing financial statements of GULF HOTELS GROUP BSC? What is the external audit report on the presentation of financial statement of GULF HOTELS GROUP BSC? Name the different Financial statements that audited by external auditors.                                                                                                                                                                                                      (10 marks)

 

  • Discuss the difference between the Audit Committee Report and Auditors Report. What is the basic information discussed in these two reports?

(10 marks)

 

  • Explain the term ‘Audit Risk’ and ‘Audit evidence’. How auditors can reduce audit risk, support your answer from annual report of GULF HOTELS GROUP BSC.

(10 marks)

 

  • What do you understand by assumption “going concern”. What auditors view on the company assumption of going concern?                                                                              (10 marks)

 

  • Are auditors responsible for frauds? Discuss the auditor responsibility for the detection of errors and frauds? Support your answer from the Annual report of GULF HOTELS GROUP BSC.                                                                                                                              (10 marks)

 

  • What does the term “internal control” means? What are the views of external auditors on management internal control over financial reporting?                                                                                                                                                                                                             (10 marks)

 

  • What do you understand by the term “independence in opinion”? Support your answer with evidence from Annual report of GULF HOTELS GROUP BSC.                                                                                                                                                                                                                                                                                                                                                           (10 marks)

 

  • Write a summary on the auditor’s report, in your discussion you need to elaborate the key audit matters.                                                                                                                                                                                                                                                                             (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 Moodle.
Contents Title and contents page
TMA Financial Reporting on the Internet
Reference list  Recorded according to the Harvard style – Available in LMS.

 

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