Students expect to complete one project during this course. You should obtain one audit report for a big Kuwaiti company. The company selected must be a big company in Kuwait and it should have its own website. Ask your instructor for assistance if you are unsure about the type of company you have chosen.
1. Determine what the economic sector is for selected company and explain the importance of this sector for the local economy of Kuwait (i.e., Gross Domestic Product). (1 mark)
2. Provide a brief background about selected company (i.e., size, ownership, history, growth, main products, main markets,..etc.). (1 mark)
3. Describe the five circumstances when an unqualified report with an emphasis-of-matter explanatory paragraph or modified wording is appropriate. What is the type of the audit report of your selected company? Why? (4 marks)
4. Discuss the main parts of the Auditor Report for the company (list the 8 parts for audit report and match them with your selected auditor report). (4 marks)
5. List the several factors that have affected the increased number of lawsuits against CPAs. (2 marks)
6. List some of the ways in which the profession can positively respond and reduce liability in auditing. (2 marks)
Please note that you will only receive maximum marks for the project if yours meets the following criteria: use clear and concise language, well written and good logical flow between sentences, logical arguments and coherent discussion, free of grammatical and spelling mistakes, and correct formatting style. (1 mark)
The content of your project should be prepared using a Word Processing Package. Use the following formatting style: Times New Roman font, 12 point font size and 1.5 line spacing.
Student should submit his/her project in a Hard Copy format with a cover sheet by 2.00 pm – December 22, 2014.
(Maximum 1500 words)