You are the senior in charge of the audit of Jewels Manufacturing Limited. The information...
80.2K
Verified Solution
Link Copied!
Question
Accounting
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 below in the answer box.
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
