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HI6026 - Audit, Assurance and Compliance - 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 - This assignment is undertaken to understand the requirement and compliance of audit policies for an organization. This whole study is concerned with the audit of DoubleInk Printers Ltd based on the information given in the case study.

HI6026 - Audit, Assurance and Compliance - Double Ink Printers Limited

   

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(A case study on Double Ink Printers Ltd)
HI6026 - Audit, Assurance and Compliance - Double Ink Printers Limited_1
Audit, Assurance and Compliance 2Table of ContentsIntroduction......................................................................................................................................3Question 1 Applying preliminary analytical procedure for conducting audit.................................4Question 2: Risk assessment of business operations of DIPL.........................................................9Question 3:.....................................................................................................................................11(a) On the basis of background information of DIPL there are two possible risk factors togenerate fraud related to misstatements.....................................................................................11(b)Direct impact on the audit procedure of company due to risk factors determined in DIPL.11Conclusion.....................................................................................................................................13References:....................................................................................................................................14
HI6026 - Audit, Assurance and Compliance - Double Ink Printers Limited_2
Audit, Assurance and Compliance 3IntroductionThis assignment is undertaken for the purpose of understanding the requirement and complianceof audit policies for an organization. This whole study is concerned about the audit of DoubleInk Printers Ltd based on the information given in the case study. On the basis of financialinformation given in the case study about DIPL an analytical procedure will be applied forconducting audit. From the results of analytical procedures risk assessment will be completedand planning will be done for conducting audit for the year ending June 2015 of DIPL. With thehelp of audit policies and compliances major risk factors that may causes fraud will be identified.
HI6026 - Audit, Assurance and Compliance - Double Ink Printers Limited_3
Audit, Assurance and Compliance 4Question 1 Applying preliminary analytical procedure for conducting audit On the basis of background information and financial report given in the scenario an analyticalprocedure is applied for the audit of Double Ink Printers Ltd. DIPL is a printing manufacturingcompany which prints advertising materials, books and magazines or journals on the demand ofadvertising, publishing and educational institutions. Its whole operation is based on the demandof customers that how much to produce and how much to supply not on forecasting basis. DIPLalso provide online facility to its readers with the help of DIPL’s website for the purpose ofincreasing income.Definition and purpose of analytical procedures:Auditing Standard ASA 520 issued by the AUASB (Auditing and Assurance Standards Board)for Analytical Procedures in perspective of the audit compliance and the strategic planning doneby the auditor. Analytical procedure can be defined as the process of analysis of financialinformation and evaluation of historical information based on the financial and non financialrecords of a company (Khansalar, et al., 2015). Analytical procedures help the auditor inassessment of risk and evaluation of financial statement and draw the conclusions at the laststage of the audit procedure. The main purpose behind the use of analytical procedures is that data should be interrelated toeach other and relationship between information of two years should exist in future irrespectiveof the contrary situation (Knechel and Salterio, 2016). Along with this there are three mainpurposes behind the use of analytical procedures are as follows:1.Analytical review at preliminary level: In this stage analytical reviews are executed toget an understanding of the environment and operation of DIPL. With the help of this review risk
HI6026 - Audit, Assurance and Compliance - Double Ink Printers Limited_4

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