This report details the development of an audit program for Huon Aquaculture Group Limited, a company listed on the ASX. The program incorporates analytical procedures, including ratio analysis, to assess the financial position and identify key business risks, such as agricultural, social and market, environmental, and safety risks. The auditor applies an audit risk model to evaluate control and inherent risks, calculating materiality based on earnings and qualitative aspects. The report outlines steps and tests of control for material account balances, including the use of efficiency, liquidity, profitability and solvency metrics. The analysis includes calculations of the return on capital employed, operating profit margin, return on equity, gross profit margin, asset turnover, debtor turnover, working capital ratio, debt to equity ratio, and equity ratio, providing a comprehensive overview of the company's financial performance and position. The report highlights the inherent risks and internal control system effectiveness of Huon Aquaculture, and determines the overall audit risk based on the audit risk model.
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