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HI6026 Audit, Assurance and Compliance | Individual Assignment on DIPL

9 Pages1684 Words75 Views
   

Holmes Institute Sydney

   

Audit, Assurance and Compliance (HI6026)

   

Added on  2020-03-07

About This Document

HI6026 - This is a case study question answer of Double Ink Printers Limited (DIPL). The study first gives background information about the company and then covers Purchase and Inventory, 'Print on Demand’ revenue and receivables, ‘E-book’ Revenue, payment info in form of Cash Receipts. The paper also has talked about new appointment of CEO and internal audit. 

HI6026 Audit, Assurance and Compliance | Individual Assignment on DIPL

   

Holmes Institute Sydney

   

Audit, Assurance and Compliance (HI6026)

   Added on 2020-03-07

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Running head: AUDIT, ASSURANCE AND COMPLIANCEAudit, Assurance and ComplianceName of the StudentName of the UniversityAuthor’s Note
HI6026 Audit, Assurance and Compliance | Individual Assignment on DIPL_1
1AUDIT, ASSURANCE AND COMPLIANCETable of ContentsAnswer to Question 1......................................................................................................................2Answer to Question 2......................................................................................................................4Answer to Question 3......................................................................................................................5References........................................................................................................................................7
HI6026 Audit, Assurance and Compliance | Individual Assignment on DIPL_2
2AUDIT, ASSURANCE AND COMPLIANCEAnswer to Question 1Application of Analytical ProceduresIn the process of accounting and finance, analytical process of the financial informationhas significant importance. On the other hand, audit plan also has its importance in the auditprocess of the companies. With the help of proper audit plan, the accountants and financialanalysts of the companies can maintain the auditing cot and prevent misunderstanding regardingfinancial information with the clients. In Double Ink Printers Limited (DIPL), financial analyticalapproach refers to the spreading of accounting and financial information from different financialdeclaration. There are various mechanisms or methods are available for analytical approach.With the help of analytical approach, financial managers of the companies can analyze thefinancial information for various purposes (Louwers et al. 2015).Common sizing analytical approach helps to analyze the information from variousfinancial declarations from different organizational perceptions. With the help of this, thefinancial managers can compare the financial statements from different financial years. Thefinancial managers can validate all the financial items of the financial reports and they also checkthe recording process of theirs in the financial statements. For example, it can be said that thereporting system of liabilities is different from the reporting system of owner’s equity.Benchmarking is considered as the major process of analyzing the audit plan. With the help ofbenchmarking process, variance between the actual and benchmarked financial performance canbe identified. This process helps in taking corrective measures to minimize those variances(Nalewaik and Mills 2016).
HI6026 Audit, Assurance and Compliance | Individual Assignment on DIPL_3

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