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Question 4 (7 marks) You are the senior in charge of the audit...

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Accounting

Question 4 (7 marks)

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.

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