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Audit, Assurance and Compliance Report - DIPL

11 Pages2301 Words65 Views
   

Holmesglen Institute

   

Audit, Assurance and Compliance (HI6026)

   

Added on  2020-02-24

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In this report, we discuss about Audit, Assurance, and Compliance The overall assessment of the DIPL results could directly assist in comprehending the requirements of an audit procedure, which could directly assist in determining the company's financial health.

Audit, Assurance and Compliance Report - DIPL

   

Holmesglen Institute

   

Audit, Assurance and Compliance (HI6026)

   Added on 2020-02-24

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Running head: AUDIT, ASSURANCE AND COMPLIANCEAudit, Assurance and ComplianceName of the Student:Name of the University:Author’s Note:Course ID:
Audit, Assurance and Compliance Report - DIPL_1
AUDIT, ASSURANCE AND COMPLIANCE1Executive Summary:The overall report mainly states the problems that were hindering the progress of DIPL.Furthermore, assignment also focuses and identifying the overall material misstatement riskand fraudulent risk, which might be used in manipulating the financial statement of theorganisation. The report directly identifies different types of inheritance risk and then neededaudit procedures for confronting the risk in the financial report. Furthermore, relevant auditprocedures are directly provided in the report it could be used by auditors for analysing thefinancial report of DIPL.
Audit, Assurance and Compliance Report - DIPL_2
AUDIT, ASSURANCE AND COMPLIANCE2Table of ContentsQuestion 1: Audit procedures influenced by results..................................................................3Question 2: Material misstatement influencing inheritance risk................................................5Question 3a: Fraudulent activities of risk factors......................................................................7Question 3b: Fraud risk affecting audit procedure.....................................................................9Reference:................................................................................................................................10
Audit, Assurance and Compliance Report - DIPL_3
AUDIT, ASSURANCE AND COMPLIANCE3Question 1: Audit procedures influenced by resultsThe overall evaluation of the results of DIPL could directly help in understanding therequirements of an audit procedure, which could directly help in identifying the financialcondition of the company. In addition, relevant analytical approach could be used inidentifying the overall financial condition of the company, which could directly allow theanalyst to initiate an audit procedure. Moreover, the overall use of analytical approaches suchas benchmark approach and ratio analysis approach could directly help in influencing theaudit procedures of an organisation. Albeksh (2016) stated that relevant valuation of financialratios could directly help in identifying the financial position of an organization. In thiscontext, it could be understood that benchmarking could also be used in identifying theoverall financial positron and loopholes in operations of the company. Therefore, the overallratios are mainly used in identifying the financial condition of DIPL, which could directlyhelp in understanding the condition of the company.Liquidity ratio201320142015Current ratio 1.42 1.47 1.50 Quick assets 0.83 0.94 0.85 The overall liquidity condition of DIPL could be identified from the above table,which is relevantly increased over the period of three fiscal years. The overall liquiditypositron of the company has improved over the time, where its quick ratios has not improved,as it current ratio. This only indicates that accumulation of inventory is relevantly higher forthe company. Efficiency ratio201320142015receivables turnover 13.78 8.73 8.57 Days in receivables 26.49 41.83 42.61 Inventory turn over 12.50 11.84 8.82
Audit, Assurance and Compliance Report - DIPL_4

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