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HI6026 - Audit Procedures | Report

   

Added on  2020-03-02

9 Pages2114 Words76 Views
Running head: AUDITING, ASSURANCE AND COMPLIANCEAuditing, Assurance and ComplianceName of the Student:Name of the University:Author’s Note:Course ID:

AUDITING, ASSURANCE AND COMPLIANCE1Table of ContentsAnswer to Question 1: Impact of results on planning of audit..................................................2Answer to Question 2: Explaining risk and its impact on material misstatement.....................4Answer to Question 3a: Identifying two key fraud risk.............................................................5Answer to Question 3b: Explaining the impact of risk factors on audit procedure...................7Reference and Bibliography:......................................................................................................8

AUDITING, ASSURANCE AND COMPLIANCE2Answer to Question 1: Impact of results on planning of auditFrom the evaluation of the case study, relevant analytical measures could be identifiedfor Double Ink Printers Limited (DIPL), which could help in identifying its relevantperformance. Moreover, the use of analytical procedures could directly help in evaluating theresults, which could motivate the company to conduct relevant audit procedures. The auditprocedures could directly allow the company to identify the relevant expenses and plan,which needs to be conducted for completing the overall report. Moreover, the audit reportcould directly help in pin pointing the overall problems that is been faced by the organisation.ARSLAN & DEMİRKAN (2017) mentioned that the use of analytical approach mainly allowthe analyst to identify the needs of an audit report. There are two different types of analytical approach, which could be used by theanalyst to evaluate the performance and identify the needs of an audit report. The analyticalapproaches are ratios and benchmarking, which could be used by the analyst for detecting thefinancial trend and manipulation that might be conducted by the organisation. The overallvariance and performance of the organisation is mainly compared with the help ofbenchmarking process. On the other hand, ratios mainly help in identifying the overall trendof the organisation over the previous fiscal year. Cuadrado-Ballesteros et al., (2017)mentioned that with the help of ratios analyst are mainly able to compare and contrastbetween different companies for identifying performance of the organisation.Particulars201520142013Revenue 43,459,500 37,699,500 34,212,000 Total liabilities 13,897,500 5,120,250 3,780,000 Current assets 9,600,929 7,509,150 5,385,938 Depreciation 472,688 274,312 249,375 Net profit 2,972,183 2,291,362 2,359,190 Current liabilities 6,397,500 5,120,250 3,780,000 Profit margin6.84%6.08%6.90%

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