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Assignment On Audit, Assurance and Compliance HI6026

11 Pages2452 Words42 Views
   

Holmes Institute Sydney

   

Audit, Assurance and Compliance (HI6026)

   

Added on  2020-03-04

Assignment On Audit, Assurance and Compliance HI6026

   

Holmes Institute Sydney

   

Audit, Assurance and Compliance (HI6026)

   Added on 2020-03-04

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Audit Assurance and Compliance 1Audit Assurance and Compliance
Assignment On Audit, Assurance and Compliance HI6026_1
Audit Assurance and Compliance 2Table of ContentsIntroduction:................................................................................................................................................3Question 1...................................................................................................................................................4Question 2...................................................................................................................................................6Question 3...................................................................................................................................................8A)Two Possible Fraud Activities:....................................................................................................8B) Cause of fraud identified:...................................................................................................................8Conclusion:...............................................................................................................................................10References:................................................................................................................................................11
Assignment On Audit, Assurance and Compliance HI6026_2
Audit Assurance and Compliance 3Introduction:The main purpose of this report is to develop the understanding and knowledge about theanalytical procedure for evaluating the impact of financial reports on the audit planning decision.This report will provide preliminary analytical procedure of DIPL and it will provide informationabout how the results will affect the planning decision of audit for the year ending. This reportwill also provide details about the inherent risk factors that arise from the nature of DIPL’sbusiness operations and how that will affect the risk of material misstatement in the financialreport. At the same time, it will also discuss the two different fraud risks that may occur from thebusiness operation relating to misstatements from the financial reporting activities. It will alsorepresent the cause of the fraud in the financial reporting transactions in relation to businessoperations of DIPL. It will also provide information about how the fraud will affect the planningof audit.
Assignment On Audit, Assurance and Compliance HI6026_3
Audit Assurance and Compliance 4Question 1DIPL (Double Ink Printers Ltd.):Double Ink Printers Ltd. Print books, magazines and advertising material on a print demand basisfor publishing, educational and educational industries. Printing on demand means that publishercan print the exact quantity ordered by retail outlets, rather than estimating in advance how manybooks are required and often printing too many or too few. The average printing turnaround timefor DIPL is two business days for small order and for large order five to ten business days. Analytical procedure:This method enhances the efficiency of auditor in relation to audit of company financialstatements. Preliminary Analytical procedures involve the evaluations of the company financialstatements or information through measuring relationship between both financial and non-financial data (Galuszka, et al., 2012). This procedure supports in planning, collecting theevidence and final review of the audit work.According to DIPL’s financial position statement, its total assets of 2013 was 12930000 thatincreased in 2014 and in 2014 its total assets was 15903900 and in 2015 total assets was26147991, it means its total assets are increasing continuously. Similarly its total liabilities arealso increasing, in 2013 its total liability was 3780000 which increased in 2014 and become5120250 and in 2015 it was 13897500. It means the net assets of DIPL’s is also increasing in2015 as compare to 2013 and 2014, the net assets of 2013 was 9150000, net assets of 2014 was10783650 and in 2015 it was 12250491. Total equity of DIPL is also increased in 2015, where itwas 9150000 in 2013 and 10783650 in 2014 but in 2015 it was 12250491, this clearly shows theincrement in equity. According to income statement of DIPL, after deducting expenses fromrevenues the profit before tax of 2013 was 3370271, 2014’s was 3273374 and the profit before
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