Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. you are the senior in charge of the audit of jewel

You are the senior in charge of the audit of Jewels Manufacturing Limited. The information...

80.2K

Verified Solution

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!
Become a Member

Other questions asked by students

Civil Engineering
1.2K views

PROBLEM 5 If the general contractor of a project fails to pay its subcontractors, the subcontractors may...

Mechanical Engineering
1.2K views

In MatLab use the linspace function and the element-wise exponentiation (power) operator to generate the vector 1,...

Economics
1.2K views

There are two major exchange rate systems that a country can adopt: flexible and fixed. Historically...

Basic Math
1.2K views

A hotel chain wants to estimate the average number of rooms rented daily in each month....

General Management
1.2K views

Self-service online is a major development in CRM systems allowing companies to reduce costs dramatically whilst, in...

Biology
1.2K views

7 Look up the following organisms Paramecium Spirogyra Oscillatoria Saccharomyces Which one of these organisms...

Basic Math
1.2K views

According to a New York Times/CBS poll, 47% agreed that Social Security taxes should be...

Basic Math
1.2K views

Travel time for employees at a large company is approximately normally distributed with a standard...

Statistics
1.2K views

A New muscle relaxantin foil is available The lapse between administration of the drug beginning...

Accounting
1.2K views

Safari Equipment Company has several divisions that are investment centers. Data for the Boat Division...

Accounting
1.2K views

Lopez Industries is the biggest snowmobile manufacturer in the world. It reported the following amounts...

Accounting
1.2K views

On April1, 2017 JHJ Shoe Company purchased a 12-monthinsurance policy for $1,200.Required: Record the entry...