Fundamentals of Auditing ACC311
Please read the following Instructions carefully before attempting the
assignment solution.
- Assignment#01 covers lesson no.01 -08.
- You can consult the concerned chapters.
- Make sure that you have uploaded the Assignment before due date. No
assignment will be accepted through E-mail after the due date.
- Cheating or copying of assignment from handouts or any internet sight is strictly prohibited; No credit will be given to
copied assignment.
Total Marks= 10
A public limited pharmaceutical company shall undergo from the following audit
processes after few months:
§ Financial statement audit
§ Operational audit
§ Compliance audit
The company shall hire external auditor for the Financial and operational audit category and internal auditor for the compliance category. You are required to answer the following questions briefly based on your knowledge and understanding of the course.
1. What should be the auditors' qualification (both internal and external)? (1)
2. What shall be the audit objectives in each category of the audit? And what steps should be taken to complete audit (3)
3. What shall be the possible sources of audit evidences for the auditors in all categories? (2)
4. What is the established criterion against which the auditors shall examine the entity in each category? (2)
5. What would be the benefits for the company for undergoing the audit process? (2) (Note: attempt your assignment according to marks distribution and avoid unnecessary details)