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Course ID: Course ID: ASSURANCE AND COMPLIANCE

   

Added on  2020-03-01

9 Pages2101 Words392 Views
Running head: AUDIT, ASSURANCE AND COMPLIANCEAudit, Assurance and ComplianceName of the Student:Name of the University:Author’s Note:Course ID:

AUDIT, ASSURANCE AND COMPLIANCE1Table of ContentsAnswer to Question 1: Mentioning how results could influence audit procedures...................2Answer to Question 2: Depicting different risk and its impact on material misstatement........4Answer to Question 3a: Mentioning two key fraud risk............................................................5Answer to Question 3b: Mentioning how identified fraud risk could lead to audit...................7Reference:..................................................................................................................................8

AUDIT, ASSURANCE AND COMPLIANCE2Answer to Question 1: Mentioning how results could influence audit proceduresFrom the evaluation of the case study of DIPL relevant audit plans could beidentified, which might be used in evaluating the financial information of the company. Therelevant analytical approach could be used in identifying the overall financial trend, whichmight be used in identifying the overall needs for an audit operation. Baylis et al. (2017)stated that with the help of audit procedures organisation are able to identify the minimumexpenses needed for completing the audit procedure. Furthermore, relevant analyticalapproach can be used in identifying the overall financial trend of DIPL. The overall use ofcommon sized analytical approach could directly allow the analyst to use the approach foranalysing the overall financial reports declared by the organisation. The use of relevant analytical approach such as ratios and benchmarking could beidentified as the viable approach for analysing performance of DIPL. In addition, the use ofbenchmarking could directly help in identifying the overall financial stability of theorganisation. The use of benchmarking could directly allow the analyst to evaluate the overallfinancial performance of the organisation, where relevant problems in operations could beidentified. Moreover, relevant ratios could also be used in the analytical approach, where itmight directly compare returns of the company with its previous fiscal year. Duncan andWhittington (2014) mentioned that ratios mainly allow the organisation to identify therelevant trend in the overall financial report, which could help in detecting the overallprogress and decline in the financial stability of an organisation. Therefore, ratios are mainlyused as the overall analytical approach for evaluating the performance of the DIPL in thethree fiscal years.Particulars201320142015Net profit 2,359,190 2,291,362 2,972,183 Current liabilities 3,780,000 5,120,250 6,397,500

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