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y issues that affect going concern and/or raise issues and explain the audit steps

y issues that affect going concern and/or raise issues and explain the audit steps

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 4 You are the senior in charge of the audit of Jewels Manufacturing Limited. The information below has been prepared to assess the going concern of the company at the planning stage of the audit and to identify other issues that may impact on audit risk. Ratio Unaudited 2019 2018 2017 2020 figures Inventory 1.45 1.83 2.69 3.35 turnover Quick asset 0.97 1.4 1.81 1.8 ratio 5.5 4.1 5.4 Accounts 3.8 D. Focus. 32°C Haze
Transcribed Image Text:Question 4 You are the senior in charge of the audit of Jewels Manufacturing Limited. The information below has been prepared to assess the going concern of the company at the planning stage of the audit and to identify other issues that may impact on audit risk. Ratio Unaudited 2019 2018 2017 2020 figures Inventory 1.45 1.83 2.69 3.35 turnover Quick asset 0.97 1.4 1.81 1.8 ratio 5.5 4.1 5.4 Accounts 3.8 D. Focus. 32°C Haze
Font Paragraph Styles Receivable turnover Required: Identify issues that affect going concern and/or raise issues and explain the audit steps that you would undertake to minimise audit risk. Complete the table below in the answer box. ANSWER: D. Focus. 32°C Haze o earch
Transcribed Image Text:Font Paragraph Styles Receivable turnover Required: Identify issues that affect going concern and/or raise issues and explain the audit steps that you would undertake to minimise audit risk. Complete the table below in the answer box. ANSWER: D. Focus. 32°C Haze o earch
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