BFA713 - Assurance - Australian Auditing Standards - International Standards - Company Operations - Report Writing - Assessment Answer -

BFA713 -  Assurance - Australian Auditing Standards - International Standards - Company Operations - Assessment Answer 

Task:

Part A
You are required to calculate the following ratios in the Table 1. You are also required to show your workings. You have to do your workings (including the formula) on an Excel sheet and submit the Excel file along with your Word document [you need to decide on the type of ratios that are appropriate for GPR].

Part B
You are required to:
• Comment on the company’s profitability, liquidity, activity, and solvency based on ratios from Part A,
• Explain how the ratio analysis you have provided in Part A may affect the audit engagement.
• Based on the results from your ration analysis, as above, identify and justify at least 3 potential account(s) that might be misstated.

Part C
Please refer to the Auditing Standard ASA 570 Going Concern, identify factors (financial and non-financial) that you would consider when assessing whether the GPR will continue its operation as a going concern.

You are required to:

•  Read the audit report of GPR and its controlled entities for 2018.
• Comment on the type of audit opinion with reference to the Australian Accounting Standards and Australian Assurance and Auditing Standards.
• Whenever applicable, your comments should include:
• Detailed explanation of the audit opinion (e.g., circumstances giving rise to the audit opinion).
• Detailed explanation of the emphasis of matter (e.g., circumstances giving rise to the emphasis of matter).
•  Factors considered coming to the audit opinion.
•  Material misstatement

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