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HI6026 - Analytical Procedures and the Risk Factors

   

Added on  2020-03-01

16 Pages3451 Words31 Views
ANALYTICAL PROCEDURES AND THE RISK FACTORSStudent Name Student ID

EXECUTIVE SUMMARYFrom the past so many decades, the financial accounting and reporting has been playing a veryimportant role in the industry. Every companies operating in the different industries aremandatorily required to account for each and every transaction entered into by the company andaccordingly disclose the financial results for the particular period. Similarly Double Ink PrintersLimited, being a printing company, has a sound financial reporting system and the same havebeen analysed in the report. The main objective of the report is to analyze the financialaccounting and reporting system of the company from point of view of the auditors of thecompany. The analysis includes not only the financial statements but also the risk factors thatcome during the audit. The role of the auditor in planning his audit considering the various riskfactors has been detailed in the report. With these objectives and the frames in mind the reporthas been prepared. 2

Table of ContentsExecutive Summary2Introduction4Question1 – Analytical Procedures5Question 2 – Inherent Risk Factors8Question 3 – Fraudulent Risk Factors9Conclusion and Recommendation10References113

INTRODUCTIONThe details of every company can be checked and verified from the basic document of thecompany which is known as Annual Report. Annual report provides all the information which isvery useful for all the stakeholders of the company whether it is the employees or it is theshareholders of the company. Each stakeholder wants to have more and more information aboutthe company so as to take the decision in relation to the company. Like, shareholder of thecompany like to know whether he should invest in the company or not. For taking such decisionhe should be available with the information pertaining to the financial position and the financialperformance of the company. This information are reflected and detailed with the note of thedirectors of the company in the Financial Statements of the company forming part of the AnnualReport.The report has been started with the executive summary detailing the main aims of the report.Then it has detailed the answer to the question number one which is related to analyticalprocedures adopted by the auditor before starting of the audit. The information of Double InkPrinters Limited has been considered. The company is in the business of printing books andmagazines. In this it has been explained as to how the results of the procedures so performedhave affected the audit plan of the auditors. Then the answer to the second question has beendetailed which is related to the inherent risk factors. These risks are notified by the auditor whilereading the background information and the financial information and the internal controlprocedures of the company. Similarly in the last question the risk factors which have led tofraudulent reporting of the financial information have been detailed. At the last conclusion andrecommendation has been given for the whole study. 4

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