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.
IMPORTANTNOTE: Answer in your own words, DO NOT COPY from slides, fellow student,or internet source without proper citation. Q1. From a general perspective, theaccounting processes of a business consist of internal controls, individual transactions,and account balances.
A. Describe the relationship between internal controls, individualtransactions, and account balances. (1 Mark).
B. Discuss how evidence regarding each of these three areas can help anauditor determine if the financial statements are fairly stated. (1Mark).Q2. Often in an audit, total combinedtolerable misstatement is greater than overall materiality. Why is this thecase? (1 Mark).Q3. For an auditor, how aremanagement assertions useful? (2 Marks).
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