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 2020 figures 2019 2018 2017 Inventory turnover 1.45 1.83 2.69 3.35 Quick asset ratio 0.97 1.4 1.81 1.8 Accounts Receivable turnover 3.8 5.5 4.1 5.4 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.

Master accounting

On the audit of Megna Ltd. the audit partner on the engagement set the preliminary level of audit materiality at TK. 10 crore. After the partner reviewed the audit senior’s assessment of inherent risk, he decided that the materiality level should be increase to Tk 15 crore.Required: (hint: Audit Risk)1) What is the relationship between materiality and audit risk?2) How will this new level of materiality affect the nature and extent of auditing procedures?

BackgroundYou have been assigned to the 2020 audit of Oshikango (Pty) Ltd (hereafter Oshikango). Oshikango’s period end is 30 April 2020. The company has been established in 2013, it is situated in the Northern part of Namibia and they are operating in the automotive industry, selling new and used vehicles.With the Covid-19 pandemic that has caused uncertainties to the operation of many businesses, the audit team is worried about the going concern of Oshikango Pty Ltd. The company has made losses in the current year and they are facing a difficult financial position mainly due to the current economic status of Namibia. The decrease in the sales of vehicles has been noticed in the recent years. Oshikango has recently announced that they will be retrenching 15 of their employees post lockdown.Trade receivables auditYou are currently busy testing trade receivables balance and you have selected 2 samples of debtors from the accounting records as at 30 April 2020 and request positive…

Use 2018 Form 990 and the 2019 audited financial statements for Feeding America. Although Form 990 indicates it is for 2018, it is actually for the period July 1, 2018, to June 30, 2019, the same time period as the 2019 audited financial statements.   Required Compute the following performance measures using the Form 990. Using the annual financial statements, calculate the following performance measures. Compute the following performance measures using the Form 990. (Round your answers to two decimal places and the Going Concern ratio to three decimal places.) This is what I had come up with but they are all incorrect amounts. Let me know how I can sent the Form 990 to give you the figures.               Liquidity     Choose Numerator ÷ Choose Denominator = Ratio Current Assets   Current Liabilities     $106,955,173 ÷ $15,171,035 = 7.05               Going Concern     Choose Numerator ÷ Choose Denominator = Ratio Revenue over expenses   Total Expenses…

MAKE A BASIS AND DISCUSSION ON THE EFFICIENCY RATIO OF NESTLE (ASSET TURNOVER, INVENTORY TURNOVER, RECEIVABLES TURNOVER, AND AVERAGE COLLECTION PERIOD (DAYS).

The auditors join client stock take at the year end and see whether the way that they count is in the correct procedures or not. This procedure is an example of: * Observation Inquiry Inspection of tangible assets O Inspection of records and documents

As a result of analytical procedures an auditor determines that gross profit has declined from 30% to 15% in the current year.  The auditor should.. A. Document manamgent intentions with respect to reversing the trend. B. Evaluate managment's performance in causing the deline C. Require a footnote disclosure D. Consider the possibility of an error in the financial statements.

Carinal Ltd. specializes in the development of electronic components within quite acompetitive environment causing concerns for marketing and pricing. Its non-current assetsprimarily include IT software, property, and investments, and there have been additions tothese during the year.As audit manager, you are conducting a preliminary analytical review and associated riskanalysis for this client for the year ended June 30 2022. You have been presented with thefollowing draft financial information about Carinal with incomplete ratios and percentagescalculation. INCOME STATEMENT Year ended June 30 2022 2021 $'000 $'000Revenue 22450 18675Cost of sales 8475 8055Gross Profit 13975 10620Distribution costs 4245 3120Administrative expenses 1276 2134Selling expenses 5555 512Profit from operations 2899 4854Net interest receivable 1245 495Profit before tax 4144 5349Income tax expense 2145 2345Net profit 1999 3004Retained profits 1325 2105Dividends paid $1250 $1049Accounting ratios and…