The International Auditing and Assurance Standards Board (IAASB) sets high-quality international standards for auditing, assurance, and quality control that strengthen public confidence in the global profession. For an external audit to fulfill its objective the users of audited financial statements must have confidence that the auditor has worked to a suitable standard and that a quality audit has been performed. Each stakeholder plays an important role supporting high - quality financial reporting and the way in which they interact may impact audit quality.

In view of this, this special project assesses your ability to describe in details the 2019 audit report of a Bahraini Company.

Instruction.

1. Conduct a research to determine what is an audit report, types of audit report and parts of audit report.

2. From the website of Bahrain Bourse, download one 2019 audited financial statements. This is individual project and no two or more students must have the same company. Coordinate with your classmates to avoid duplication of project.

3. Read and understand the auditors report of your chosen company. Answer the requirement as indicated below and answer them thoroughly. Put proper citation, if needed. Marking is based on the Rubric shown below.

4. Submit also the 2019 Audited Financial Statements of your chosen company.

Requirement.

Part I. Audit Report (10 marks)

a. Discuss different types of audit report

b. What are the parts of audit report?

Part II. Using the downloaded 2019 Audited Financial Statements, answer the following:

(*Answers must be taken from the report)

1. What is the Auditors opinion?* What is/are their basis in issuing their opinion?* How important the key matters for the external users? (10 marks)

2. What are the responsibilities of the Board of Directors in the financial statements and the external auditors for the audit of the financial statements?* (5 marks)

3. Why auditors determine the companys compliance with the other legal and regulatory requirements.* (5 marks)

4. What type of audit report that external auditors issued to your chosen company?* (5 marks)

subject name: international accounting