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HI6026 - Assignment on Double Ink Printers Limited

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Holmes Institute Sydney

   

Audit, Assurance and Compliance (HI6026)

   

Added on  2020-03-04

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HI6026 - Audit Assignment: The goal of this report is to perform analytical procedures for Double Ink Printers Limited (DIPL), analyze the findings of those procedures, and determine the impact of those results on audit planning. Also, we cover the inherent risk in the DIPL will be discussed in this article. The fraud risk elements of DIPL will be examined at the end of the article.

HI6026 - Assignment on Double Ink Printers Limited

   

Holmes Institute Sydney

   

Audit, Assurance and Compliance (HI6026)

   Added on 2020-03-04

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Audit assignmentStudent name: Student ID: Word count: Professor name:Date: August 16, 2017 Reference style: HarvardAudit Assignment1 | P a g e
HI6026 - Assignment on Double Ink Printers Limited_1
Audit assignmentTable of ContentsContentsTable of Contents.............................................................................................................................2Introduction......................................................................................................................................3Question 1........................................................................................................................................3Effect of analytical procedures on audit planning.......................................................................5Question 2........................................................................................................................................5Risk assessment procedures.........................................................................................................5Inherent risk.................................................................................................................................5Inherent risk factors in DIPL.......................................................................................................6Question 3........................................................................................................................................6Risk of fraud.................................................................................................................................6Fraud risk factors in DIPL and their effect..................................................................................7Conclusion.......................................................................................................................................8References........................................................................................................................................92 | P a g e
HI6026 - Assignment on Double Ink Printers Limited_2
Audit assignmentIntroductionPurposeThe purpose behind this writeup is to perfom analytical procedures for Double ink printerslimited (DIPL), analysis results from analytical procedures and effects of results from analyticalprocedures on audit planning. Moreover, this writeup will also explain regarding inherent risk inthe DIPL. At the end of the write up fraud risk factors of DIPL will also analyze.BackgroundDIPL is printing company provides printing on demand i.e. company prints number of printsrequire by the clients only not more not less. Previously this company was audited by Jay andAssociates and from the audit of the year ended 2015; new audit firm undertakes the audit of thisfirm. The company makes purchases from Australian and Indian sources. The company alsoprovides electronically searchable books with publisher’s tile i.e. e-books. Method of investigationThe write up will use Australian auditing standards for providing understanding as well as aproof for performing analytical procedures, make decisions regarding inherent risk factors andfraud risk factors.ScopeBesides the audit procedures analysis for DIPL, this writes up will also present an explanationabout the Australian auditing standard 520 for analytical procedures, Australian auditingstandard 200 for inherent risk and Australian auditing standard 240 for fraud risk.Question 1Preliminary analytical procedures are those procedures which performed by the auditor to makean estimate regarding the nature time and extent of substantive analytical procedures required bythe audit of the specific organization [ CITATION Ana16 \l 1033 ]. Under preliminary analyticalprocedures, auditor requires making an understanding regarding the business of organization forwhich audit will perform [ CITATION BIG99 \l 1033 ]. Background information of the companydemonstrates that company is in make revenues from two ways one is from printing books,3 | P a g e
HI6026 - Assignment on Double Ink Printers Limited_3

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