Audit The second time I send it Read the following figure given to answer the fo
ID: 331314 • Letter: A
Question
Audit
The second time I send it
Read the following figure given to answer the following questions: (2 Marks)
What is the figure about and name the client and the auditor?
Explain its content relating it to the standards of PCAOB/ASB in reporting audited financial statements.
Do you find all the elements as you have learnt, or do you find any difference? if yes bring out the differences.
IE AUDITORS REPORT TO THE SHAREHOLDERS OF SAUDI BASIC INDUSTRIES CORPORATION (SABIC) (Saudi Joint Stock Company) Scope of audit We have audited the accompanying consolidated balance sheet of Saudi Basic Industries Corporation C SABIC) and its subsidaries the "Group") as at31 December 2016 and the related consolidated statements of income, cash flows and shareholders' equity for the year then ended. These consolidated financial statements are the responsibilty of the Group's management and have been prepared by them in accordance with the requirements of the Regulations for Companies and submitted to us together with all the information and explanations which we required. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the Kingdom of Saudi Arabia. Those standards require that we plan and perform the audit to cbtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audt provides a reasonable degree of assurarce to enable us to express an opinion on the consolidated financial Unqualified opinion In our opinion, the consolidated financial statements taken as a whole: 0 present fairly, in all material respects, the consolidated financial position of the Group as at 31 December 2016 and the results of is cperations and its cash flows for the year then ended in accordance with accounting standards generally accepted in the Kingdom of Saudi Arabia. ) comply wilth the requirements of the Regulations for Companies and SABIC's brlaws in so far as they affect the preparation and presentation of the consolidated financial statements for tified Public Accountant Registration No. 366 Riyadht 25 Jumad Awal 1438H (22 February 2017)Explanation / Answer
Figure of this report is that the Auditor (E&Y) is confirming to the Public accountant regarding the audit conducted by it on its client (Saudi Basic Industries Corporation).
Here the auditor is E&Y and Client is Saudi Basic Industries Corporation.The later questions cannot be answered as the information relating to it (what you have learnt earlier ) is not attached in the question.
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