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Draft FIVE (5) questions you should make of the management of Kurt that will assist in the Analytical Procedures based on of the information given above.

Draft FIVE (5) questions you should make of the management of Kurt that will assist in the Analytical Procedures based on of the information given above.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question 1 You are the audit senior assigned to audit the financial statements of Kurt Sdn Bhd (Kurt) for the ended 31 March 2021. Kurt distribute a range of frozen seafood to supermarkets throughout Malaysia and Singapore. Supermarkets are invoiced in their local currency. In the six months to 31 March 2021, Kurt opened a number of its own retail outlets in the Klang Valley selling directly to the public and has increased the production of processed seafood using spare capacity in its factory. Your preliminary analytical procedures have identified the following as matters of significance to discuss with management: 2021 (Draft) 19% 2020 Actual Increase in revenue 8% Gross profit margin 35% 29% Operating margin 15% 22% Required: Draft FIVE (5) questions you should make of the management of Kurt that will assist in the Analytical Procedures based on of the information given above.
Transcribed Image Text:Question 1 You are the audit senior assigned to audit the financial statements of Kurt Sdn Bhd (Kurt) for the ended 31 March 2021. Kurt distribute a range of frozen seafood to supermarkets throughout Malaysia and Singapore. Supermarkets are invoiced in their local currency. In the six months to 31 March 2021, Kurt opened a number of its own retail outlets in the Klang Valley selling directly to the public and has increased the production of processed seafood using spare capacity in its factory. Your preliminary analytical procedures have identified the following as matters of significance to discuss with management: 2021 (Draft) 19% 2020 Actual Increase in revenue 8% Gross profit margin 35% 29% Operating margin 15% 22% Required: Draft FIVE (5) questions you should make of the management of Kurt that will assist in the Analytical Procedures based on of the information given above.
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