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HI6026-Double Ink Printers Limited | Financial Reporting & Audit

Added on - 04 Mar 2020

The title of the report "Assessment of causes of Risks in Financial Reporting and Audit" itself suggests the reason for the preparation of the report. The report has been prepared forDouble InkPrinters Limited to identify the different aspects which are related to financial reporting and audit. The report has been prepared to analyze and ascertain the impact of financial results in the planning of an audit with the help of analytical procedures.

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SYNOPSISThe title of the report Assessment of causes of Risks in Financial Reporting and Audit in itselfsuggest the reason for preparation of the report. The report has been prepared for the Double InkPrinters Limited with the intention to identify the different aspects which are related to financialreporting and audit. The report has been prepared to analyze and ascertain the impact of financialresults in the planning of an audit with the help of analytical procedures. The another purpose ofpreparation of report is to identify the different risk factors that are presented in the financialreporting, whether related to inherent limitation of the organization or due to fraud situationsoccurred in the organization. Also, this report helps in assessing how the risk factors affect themisstatement and audit procedures in the organization.2
Table of ContentsSynopsis2Preamble4Impact of Results on Planning Decision5Identification of Inherent Risk factors6Impact on Audit of Fraudulent Risk Factors7Conclusion9References10Appendix 1113
PREAMBLEThe Financial Reporting of any entity is very important for everyone associated with that entity.The Financial Reporting helps in ascertainment of correct financial arrangement and workings ofan entity which in turn is the base for taking decisions regarding entity by different usersassociated with that entity. Thus, it is the responsibility of the entity’s management to presentfinancial reports with full correctness and full disclosures. The financial reports will be used bydifferent users only if they are certified by professional independent third party. The opinion ofthe auditors on the Financial Reports will act as important factor for making decisions about theentity.For this, the report has been prepared to assess the different risk aspects which can affect thefinancial reports as prepared by the management and auditor opinion about the correctness andaccuracy of the financial reports. The first section of the report dealt about the impact of thefinancial results shown in financial reports by the management on the planning decision of theauditor. The second section dealt about the different inherent risk factors that presented in thechosen entity financial reports and which are beyond the management control. This section alsoincludes the assessment of these factors on the misappropriation of assets and misstatements inFinancial Reports. The third section of the reports dealt with impact of fraud factors on audit andopinion of the auditor. The report has been prepared using reliable secondary data and wind upwith proper conclusion4
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Every company shall prepare its financial statements truly and fairly so that the user of the financial statements can have the maximum information on the financial statements. In the given case the company Double Ink Printers is engaged in the business of printing medical and accounting books including magazines and other material.