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AUDIT AND ASSURANCE AUDIT AND ASSURANCE 13 13 AUDIT AND ASSURANCE Author's Note: Executive Summary

   

Added on  2020-05-16

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Running head: AUDIT AND ASSURANCEAUDIT AND ASSURANCEName of the Student:Name of the University:Author’s Note:
AUDIT AND ASSURANCE AUDIT AND ASSURANCE 13 13 AUDIT AND ASSURANCE Author's Note: Executive Summary_1

AUDIT AND ASSURANCE1Executive SummaryThe main aim of this report is to provide an analysis of the financial report of the company inorder to assess the risks which are associated with the company. The report is being prepared bythe senior auditor of BG partners in order to assess the risks which are associated with a newclient. The company or the new client which is being selected for this report is Altech ChemicalLtd. The report will be focusing on the important areas of business which might be a concern tothe business and suggest how the management of the company can control such concerned areas.
AUDIT AND ASSURANCE AUDIT AND ASSURANCE 13 13 AUDIT AND ASSURANCE Author's Note: Executive Summary_2

AUDIT AND ASSURANCE2Table of ContentsIntroduction......................................................................................................................................3Inherent Risks and Assertions.........................................................................................................3Ratio Analysis..................................................................................................................................6Problem areas of the company.........................................................................................................8Control Recommendations............................................................................................................11Conclusion.....................................................................................................................................11Reference.......................................................................................................................................12
AUDIT AND ASSURANCE AUDIT AND ASSURANCE 13 13 AUDIT AND ASSURANCE Author's Note: Executive Summary_3

AUDIT AND ASSURANCE3IntroductionThe main focus of the report is to assess the risks which are associated with AltechChemical ltd. Altech Chemical Ltd has been selected as the new client of the business (AnnualReport | Altech Chemicals Limited", 2018). The analysis of the financial reports of AltechChemical Limited will be revealing the risks of the business and measures will be suggested asper the analysis.Inherent Risks and Assertions RisksDetailsAssertions andImpacted Accountsof BusinessAudit procedure1.Accumulatedlossesbringingdown profitsThe accumulatedlosses of thecompany as shown inthe current 2016 is $10193106 which hasincreased from theprevious year whichwas $ 8960030 in2015. The companyhas shown aincreased amount ofaccumulated losses inthe year 2016. As perthe notes to accountsthese includes losseswhich have beenincurred by thebusinessonexploration siteswhichwereabandoned while stillinexploration(Miller, Cipriano &Ramsay, 2012). Thecompanyaccumulated losseshave brought downthe profits of theAssertions:-Precisions-Accuracy-Exploration orminingactivity-ReliabilityImpacted Booksof AccountsRevenueaccountCash accountAccountreceivableaccountBad DebtsAccountThe audit processwill be including adetailed analysis ofthe nature of losseswhich were recordedand writing offcriteria will also needto be examined. Themanagementaccuracy will also bejudged.
AUDIT AND ASSURANCE AUDIT AND ASSURANCE 13 13 AUDIT AND ASSURANCE Author's Note: Executive Summary_4

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