ACCT 401 SEU Substantive Analytical Procedures and Test of Details Discussion Assignment Question(s): IMPORTANT NOTE: Answer in your own words, DO NOT COPY

ACCT 401 SEU Substantive Analytical Procedures and Test of Details Discussion Assignment Question(s): IMPORTANT NOTE: Answer in your own words, DO NOT COPY from slides, fellow student, or internet. Instructions: (READ and FOLLOW) USE the SAME document for your answers. PUT YOUR details in the required sections. Do NOT change any part of the document. The answer must be in English. ALL questions must be answered, NO optional questions. The format of answers: Assignment should be submitted as MS Word format. You should submit the assignment via the Blackboard. Any other ways of submission will NOT be accepted like email. The assignment will NOT be accepted after Submission date. Any form of PLAGIARISM is NOT accepted such as: Q1. What is the difference between the substantive analytical procedures and the substantive test of details? Explain in detail and provide an example of each one. Q2. For each of the following, state whether it is a test of details of account balances or a test of details of disclosures. Then note for which assertion the test provides evidence. 1. Inspect loan agreements under which an entity’s inventories are pledged. 2. Review inventory compilation for proper classification among raw materials, work in process, and finished goods. 3. Observe the count of physical inventory. 4. Trace test counts and tag control information to the inventory compilation. 5. Inquire of management about issues related to LIFO liquidations. 6. Review book-to-physical adjustments for possible misstatements. Below is the answer of the first one to explain how to answer the question: 1. Disclosures – Occurrence, Rights and obligations Q3. Explain the importance of observing physical inventory during an audit. College of Administrative and Financial Sciences
Assignment (2)
Course Name: Auditing Principles and
Procedures
Student’s Name:
Course Code: ACCT401
Student’s ID Number:
Semester: 2nd
CRN:
Academic Year: 1440/1441 H
For Instructor’s Use only
Instructor’s Name:
Students’ Grade: #/5
Level of Marks: High/Middle/Low
Instructions – PLEASE READ THEM CAREFULLY
• 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 their answer.
• Late submission will NOT be accepted.
• Avoid plagiarism, the work should be in your own words, copying from students or
other 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.
Assignment Question(s):
IMPORTANT NOTE: Answer in your own words, DO NOT COPY from slides, fellow student,
or internet.
Instructions: (READ and FOLLOW)
• USE the SAME document for your answers.
• PUT YOUR details in the required sections.
• Do NOT change any part of the document.
• The answer must be in English.
• ALL questions must be answered, NO optional questions.
• The format of answers:
o Put your answers in the answer section.
o DO NOT over decorate the document.
o Font must be Time New Roman.
o Font size must be 12 points.
o Do NOT uses Many colors. The answers must be different colors
(blue, or green).
o Do NOT underline, italic, highlight or bold the answers (unless it
is necessary)
• Assignment should be submitted as MS Word format.
• You should submit the assignment via the Blackboard. Any other ways of
submission will NOT be accepted like email.
• The assignment will NOT be accepted after Submission date.
• Any form of PLAGIARISM is NOT accepted such as:
o Copying from other students.
o Copying from course slides or materials.
o Copying from any references without referencing.
o Copying from websites without referencing.
o Putting the answer in photo or image
Q1. What is the difference between the substantive analytical procedures and the
substantive test of details? Explain in detail and provide an example of each one.
Q2. For each of the following, state whether it is a test of details of account balances
or a test of details of disclosures. Then note for which assertion the test provides
evidence.
1. Inspect loan agreements under which an entity’s inventories are pledged.
2. Review inventory compilation for proper classification among raw materials, work
in process, and finished goods.
3. Observe the count of physical inventory.
4. Trace test counts and tag control information to the inventory compilation.
5. Inquire of management about issues related to LIFO liquidations.
6. Review book-to-physical adjustments for possible misstatements.
Below is the answer of the first one to explain how to answer the question:
1. Disclosures – Occurrence, Rights and obligations
Q3. Explain the importance of observing physical inventory during an audit.

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