Assignment: 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.
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.
1- Name the external auditor of GULF HOTELS GROUP BSC. Give some introduction on the functions of external auditor and provide reference from report.
2- What do you understand by material misstatements? Is there any material misstatement reported by the external auditors while performing audit procedures?
3- 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.
4- Discuss the difference between the Audit Committee Report and Auditors Report. What is the basic information discussed in these two reports?
5- 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.
6- What do you understand by assumption "going concern". What auditors view on the company assumption of going concern?
7- 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.
8- What does the term "internal control" means? What are the views of external auditors on management internal control over financial reporting?
9- What do you understand by the term "independence in opinion"? Support your answer with evidence from Annual report of GULF HOTELS GROUP BSC.
10- Write a summary on the auditor's report, in your discussion you need to elaborate the key audit matters.
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also includes a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.