Explain key fraud risk factors relating to misstatements

Reference no: EM131623309

Question 1: As an auditor, you are conducting your preliminary analytical procedures based on the background information for DIPL contained in the case. Apply analytical procedures to the financial report information of DIPL for the last three years. Explain how your results influence your planning decisions for the audit for the year ending 30 June 2015.

Question 2: You are conducting your risk assessment of DIPL, as part of the planning for your audit for the year ended 30 June. Identify two inherent risk factors that arise from the nature of DIPL's business operations. Explain why it is a risk and how it may affect the risk of material misstatement in the financial report.

Question 3: As part of your audit of DIPL for the year ended 30 June 2015, you are considering the risk that fraud may have occurred (a) Based on the background information for DIPL contained in the case, identify and explain two key fraud risk factors relating to misstatements arising from fraudulent financial reporting to which DIPL may be susceptible. (b) Explain how the risk factors identified in (a) above would affect the conduct of the (a) audit.

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Reference no: EM131623309

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len1623309

9/1/2017 7:29:11 AM

We have already delivered this task from another tutorWe need some edit within tonight Can you do it? In question no 1. Add all possible ratios. Then make three coloums Ratio| ratio explanation | Audit impact E.g Ratio: 2013, 2014 & 2015 are 1.4, 1.6, 1.2. Explanation: Why ratio increase or decrease ? Slightly low or high from the bench mark because........... Audit impact: Inventory was overstated or understated etc. For question -# 2 Again make three coloum table Inherent risk | Reason of being Inherent risk | Risk of material misstatement | 8th, 11:34 AM] Inovio Aus: For question# 3 Again make three coloum table ( write from CEO section/side) Fraud risk | Risk factor identify| Audit approach.

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