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Audit, Assurance, and Compliance : Assignment

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Added on  2020-02-24

Audit, Assurance, and Compliance : Assignment

   Added on 2020-02-24

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Audit, Assurance, and ComplianceINDIVIDUAL ASSIGNMENT 11 | P a g e
Audit, Assurance, and Compliance : Assignment_1
Table of ContentsSolution 1.........................................................................................................................................3Solution 2.........................................................................................................................................6Solution 3.........................................................................................................................................8References......................................................................................................................................102 | P a g e
Audit, Assurance, and Compliance : Assignment_2
Solution 1The Auditing standard ASA 520 has provided the guidelines in relation to analytical procedureand the way it can be implied to business (Sanderson, 2014). The standard deal with the auditoruse of the analytical procedure and the way it is applied at the year end to draw anoverallconclusion over the financial report. The auditor before applying the process need to determinethe suitability of the procedure taking into account the risk of the material misstatement andcheck the detail for this assertion. The auditor also needs to take into account the source, nature,therelevance of the information and control over the preparation at the time of using ratio (Jans,et. al., 2014). The auditor at the time of audit planning needs to determine the area which is to beexamined in detail. RatiosFormula201320142015Current ratioCURRENT ASSETS / CURRENT LIABILITIES1.424851321.466559251.50073138Quick ratioQUICK ASSETS / CURRENT LIABILITIES0.827976190.944834330.847273Receivable TurnoverNET CREDIT SALES / AVERAGE TRADE DEBTORS13.781268911.08401329.2532887Days in receivableNO. OF WORKING DAYS / RECEIVABLES TURNOVER RATIO263339Inventory TurnoverCOST OF GOODS SOLD / AVERAGE INVENTORY12.502282612.833964110.7576597Return on AssetNET PROFIT BEFORE INTEREST AND TAX / TOTAL ASSETS * 100091.392857165.563927560.45075423 | P a g e
Audit, Assurance, and Compliance : Assignment_3

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