Audit Planning Procedure for Turnkey Creek Wines

Accounting for
Management
Decisions

1
By student name
Professor
University
Date: 25 April 2018.
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Executive Summary
In the given assignment, a report has been prepared on the audit planning procedure to be
adopted and implemented for one of the Australian companies Turnkey Creek Wines, hereinafter
referred to as TCW. One of the Australian is doing the audit accounting and audit firms named as
Miller Yates Howarth (MYH). The audit planning procedures, the high-risk areas and the audit
steps to be taken in regard to the same has been discussed in the first and the second section
based on the ratio analysis over the past 3 years. In the 3rd section, the effectiveness of the
internal control practiced by the company has been discussed and in the 4th section, the
weaknesses of the internal control division has been discussed with respect to the purchases and
the accounts payable division and the recommendations have been given to improve the same.
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Contents
Executive Summary.....................................................................................................................................2
Introduction.................................................................................................................................................4
Analysis and discussion...............................................................................................................................5
Question 1A.............................................................................................................................................5
Question 1B.............................................................................................................................................6
Question 2A.............................................................................................................................................7
Question 2B.............................................................................................................................................8
References.................................................................................................................................................10
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