Question

1. Identify and explain the difference between the Audit Committee Report and independent Auditors Report from annual report of Saudi Aramco. What is the basic information discussed in these two reports? What do you think which report provides reliable information to stakeholders?

Answer 1

Answer:

Audit Committee Report :

Financial reporting procedure and diclosure of fiscal data prompting presentation of fiscal statements that are valid and reasonable.

Independent Auditors report:

The reason for communicating key audit details us to upgrade the communicative estimation of the auditor's report giving more prominent transparency about the audit that was performed.It gives extra data to intended clients of the fiscal statements.that give simple language those issues that are imperative to understand matters.

Distinction between Audit Committee Report and  independent Auditors Report from yearly report of Saudi Aramco :

Independent Auditors Report make after audit committee report because it covers point from audit board of trustees report.

The expert's report on unique reason fiscal statements will incorporate an Emphasis of Matter section alarming clients of the professional's report that the fiscal statements are set up as per a particular reason structure and that, therefore, the fiscal statements may not be appropriate for another reason

On the off chance that the expert thinks of it as important to convey an issue other than those that are presented or disclosed in the budget reports that, in the practitioner's or expert's judgment, is applicable to clients'

Audit report make by insiders of organization yet autonomous or independent auditor's report make by outsiders.

Audit committee report may or maynot be biased yet autonomous auditors report consistently be not one-sided because thay are make by outsiders.

The essential data elements in these two reports:

• Title ,and ddressee,
• Opinion(specially for independent auditor),
• Basis of the opinion,
• Management's Responsibility for Financial Statement Auditor's Responsibility,
• Other Reporting Responsibilities,
• Location of the description of the auditor's obligations ,

in the audit report have fundamental data like is the information currect that company has appearing in his final accounts ,is it not there data which is hided by company and so forth.

Which Report provides reliable information to stakeholders?

Report gives dependable data to stakeholders is autonomous or independent Auditors Report becouse it speak to all the correct information which are extremely significant for stakeholders.it provides a opinion too which is additionally useful for stakehoders .they can see that the company doing will be doing acceptable or his investment is in acceptable or good place or not.