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Group project Semester 202320 Division Business Assessment title in Syllabus Group Project

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Group project

Semester

202320

Division

Business

Assessment title in Syllabus

Group Project

Program

Accounting

Course Code

ACC 3113

Course Title

Auditing

Course Instructor

Dr Ines Masmoudi

CRN

20206

Assessment Weight

20%

Submission Date

12/04/2024

For Group Work submissions an additional individual assessment will be conducted.

Grades for the students in one group will vary based on the individual performance in the additional assessment.

Student Declaration:

Academic Integrity Statement

In accordance with the HCT Academic Integrity Policy

• Students are required to refrain from all forms of academic integrity breaches as defined and explained by HCT.

• A student found guilty of having committed acts of academic integrity breach(es) will be subject to the relevant sanctions as outlined by HCT.

إفادة النزاهة الأكاديمية

وفقًا لسياسة كليات التقنية العليا للنزاهة الأكاديمية

• على الطلبة الإلتزام بلوائح وقواعد النزاهة الأكاديمية، كما هو مبيّن وموضح في السياسات والإجراءات الخاصة بكليات التقنية العليا.

• في حالة ارتكاب الطالب أي شكل من أشكال الإخلال بالنزاهة الأكاديمية، سيتعرض الى العقوبات الموضحة في السياسات ذات الصلة.

This assignment is entirely my own work except where I have duly acknowledged other sources in the text and listed those sources at the end of the assignment. I have not previously submitted this work to the HCT, or any other entity. I understand that I may be orally examined on my submission.

Student (s) Signature: ______________________________________________________________________________

Student Name(s):

Student HCT ID(s):

H00

For Examiner’s Use Only

Section No.

Total

Marks Allocated

100

Marks Obtained

HCT Policy statement: Alternative Assessment: Any assessment in which the students know the instructions, questions, requirements, purpose, and grading criteria in advance, such as portfolios, reports, presentations, projects, etc.

Chatbot ( e.g. ChatGPT ) statement

This submission does not allow you to use any AI tool to complete. Any breach of this requirement will be treated as a plagiarism attempt and shall be subject to the HCT Academic Integrity Policy.

Coversheet instructions:

CLOs for the assessment:

CLO 2: Evaluate audit risk and audit evidence while conducting an audit

CLO 3: Evaluate internal control policies and procedures adopted by organizations

Rubric:

ACC 3113 Auditing _Project: Rubrics and Feedback Sheet

Group:

Student Names:

Requirements

Maximum Marks:

Unacceptable

Minimum requirements

Satisfactory

C/C+

Significantly above requirements

B/B+

Outstanding

A-/a

Marks awarded

Fill out the excel document “Understand the entity” and uploaded as one of the supporting documents for section 1 and section 2

Misses key points

Explanation is unclear

Explanation is basic

A good solid response with solid explanation

A complete response with a detailed explanation

Company General Information

(date of creation, type of business, Location, company profile)

Misses key points

Explanation is unclear

Explanation is basic

A good solid response with solid explanation

A complete response with a detailed explanation

Section 1: Assessing Inherent Risk

A. Entity’s business and its industry and environment

(type of business, operation, Location, industry competition, customer)

Misses key points

Explanation is unclear

Explanation is basic

A good solid response with solid explanation

A complete response with a detailed explanation

B. Entity’s accounting policies and practices

(used accounting standards, accounting policies, Accounting Information System)

Misses key points

Explanation is unclear

Explanation is basic

A good solid response with

A complete response with a detailed explanation

C. Entity’s financial performance

Misses key points

(profitability, financial risk, comparison across time)

Explanation is unclear

(profitability, financial risk, comparison across time)

Explanation is basic

(profitability, financial risk, comparison across time)

A good solid response with solid explanation

(profitability, financial risk, comparison across time)

A complete response with a detailed explanation

(profitability, financial risk, comparison across time)

D. Conclusion related to the entity Inherent risk: (Low/moderate/ High), explain.

Misses key points

Explanation is unclear

Explanation is basic

A good solid response with solid explanation

A complete response with a detailed explanation

Upload all files supporting your conclusion regarding the Inherent risk assessment

No files uploaded

Upload only one general documents

Upload some supportive files

Upload most important files without details

Upload all supportive files

Section 2: Assessing Control Risk

Description of entity level controls:

Description of control environment related to:

Organizational structure and assignment of authority and responsibility

Communication and enforcement of integrity and ethical values

management’s philosophy and operating style and commitment to competence

participation of those charged with governance

Human resource policies and practices

Misses key points

Explanation is unclear

Explanation is basic

A good solid response with solid explanation

A complete response with a detailed explanation

B. Description of management’s risk assessment process

Misses key points

Explanation is unclear

Explanation is basic

A good solid response with solid explanation

A complete response with a detailed explanation

C. Description of controls relating to information systems relevant to financial reporting and communication

Misses key points

Explanation is unclear

Explanation is basic

A good solid response with solid explanation

A complete response with a detailed explanation

D. Description of controls relating to management’s monitoring activities

Misses key points

Explanation is unclear

Explanation is basic

A good solid response with solid explanation

A complete response with a detailed explanation

Upload all files supporting your conclusion regarding the Control risk assessment

No files uploaded

Upload only one general documents

Upload some supportive files

Upload most important files without details

Upload all supportive files

Section 3: Summary of identified risks

A. Estimated Risk of Material Misstatement (RMM) (Low/Moderate/ High)

Misses key points

Explanation is unclear

Explanation is basic

A good solid response with solid explanation

A complete response with a detailed explanation

B. Identified risks at the financial statement level

Misses key points

Explanation is unclear

Explanation is basic

A good solid response with solid explanation

A complete response with a detailed explanation

C. Effect of entity-level controls and financial statement level risks on our planned audit approach for significant accounts and disclosures and on our audit strategy

Misses key points

Explanation is unclear

Explanation is basic

A good solid response with solid explanation

A complete response with a detailed explanation

Total

100 Marks

ACC 3113 Auditing

Assessment 3: Group Project 20%

Deadline to submit: Week 13, Spring Semester 202320

Instructions:

You are the audit team assigned to work on the audit engagement of the company “ADNOC”. Attached you can find a compressed folder with all the information/data required for the company.

Use the information in the compressed folder to complete the required information in the customized audit software through the link:

https://forms.office.com/r/ZNCzNbJi3i

“Then, save your work on your laptop. After submitting your work, please ensure you upload it to BBL under the ‘Project’ assignment.”

Each group need to complete the following:

Fill the excel document “Understand the entity” and uploaded as one of the supporting documents in section1 and section2

Add the company general information as required in the website:

Section 1: Assessing Inherent Risk

Describe the Entity’s business and its industry and environment

Describe the Entity’s accounting policies and practices

Describe Entity’s financial performance

Conclude about the entity Inherent risk: (Low/moderate/ High), explain.

Draw ac conclusion related to the entity Inherent risk: (Low/moderate/ High), explain.

Section 2: Assessing Control Risk

Describe the entity level controls

Describe the management’s risk assessment process

Describe the controls relating to information systems relevant to financial reporting and communication

Describe controls relating to management’s monitoring activities

Upload all files supporting your conclusion regarding the Control risk assessment.

Section 3: Summary of identified risks

Estimate the Risk of Material Misstatement (RMM) (Low/Moderate/ High)

Identify the possible risks at the financial statement level

conclude with regards to the effect of entity-level controls and financial statement-level risks on our planned audit approach for significant accounts and disclosures and on our audit strategy

Important: Please submit your work within the deadline

Marking schemes

Fill out the excel document “Understand the entity” and uploaded as one of the supporting documents for section1 and section2

Company General Information

Section 1: Assessing Inherent Risk

A. Entity’s business and its industry and environment

B. Entity’s accounting policies and practices

C. Entity’s financial performance

D. Conclusion related to the entity Inherent risk: (Low/moderate/ High), explain.

Upload all files supporting your conclusion regarding the Inherent risk assessment

Section 2: Assessing Control Risk

A. Description of entity level controls

B. Description of management’s risk assessment process

C. Description of controls relating to information systems relevant to financial reporting and communication

D. Description of controls relating to management’s monitoring activities

Upload all files supporting your conclusion regarding the Control risk assessment

Section 3: Summary of identified risks

A. Estimated Risk of Material Misstatement (RMM) (Low/Moderate/ High)

B. Identified risks at the financial statement level

C. Effect of entity-level controls and financial statement level risks on our planned audit approach for significant accounts and disclosures and on our audit strategy

Total

100 Marks

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