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Audit Planning using Analytical Prodedures
Using the current financial statements of Walt Disney, WalMart and Caterpiller (see files on Canvas) perform the following analytical procedures to plan your audit of these companies.
Horizontal & Vertical Analysis
Prepare a horizontal & vertical analysis on the balance sheets and income statements for the companies for the last 2 years. Identify trends and other things of interest.
Ratio Analysis
Calculate and discuss the following financial statement ratios for the last 2 years
Current Ratio
Quick Ratio
A/R Turnover
Days Sales in Receivables
Invtl Turnover
Days Cost of Sales in Inventory
Debt/Equity
Times Interest Earned
Asset Turnover
Net Income/Sales
Based on the outcomes of these procedures identify the critical audit areas and challenges that you expect to face on these audits.
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What is the issue in this situation and what sections of the Act are bought into question? Is there something that should be in place with the audit firm?
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