Accounting of Financial Institutions

ACCT 405

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 answered 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.undefined

Assignment 1-MARKS -5

1-As we have studied Fair Value Accounting from the book, in your opinion, how does fair value accounting work in general and how it is being used in the Kingdome of Saudi Arabia? (1 mark)

2-With reference to the Saudi Arabian’s banking systems, what do you mean by Financial Institutions? (1.5 mark)

What are the main functions of Financial Institutions?

Who is authorize to issue rules, regulations and licenses to the banking and non-banking financial institution? List the finance firms are operating in Saudi Arabia.

3- Briefly explain Sukuk in your own words, what are the basic difference between the traditional bond and the sukuk? What is the plan of Saudi Arabia to invest in sukuk bond market? (1.5 marks)

4- As we have studied in chapter 3 “Thrift” in the light of “Credit Risk” topic, “How to assess the credit risk management of Saudi Banks? Briefly explain in your own words. (1 mark)

Answer:———————————————————————————————————assigment 2

Auditing Principles and Procedures.

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): (Marks 5)

IMPORTANT NOTE: Answer in your own words, DO NOT COPY from slides or fellow student.

1-What are the Components of Internal Control? Explain each component. (2.5 points).

2- How would an auditor identify related parties and what is the importance of doing so. (0.5 point).

3- During the audit of Bader Financial, you find that some accounting entries have been Changed. You believe this may be the result of management fraud and you have determined that the effect of this could be material to the financial statements. What steps should you take in response to the accounting entries and your concern about management fraud. Detail your answer. (1.5 points).

4- Explain the importance of observing physical inventory during an audit. (0.5 point)
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