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Question a. As applied to the audit of inventory and cost of goods sold, discuss the following audit tests performed by the auditor to express an opinion on the faithful presentation of inventory and cost of goods sold in financial statements
1. Planning & risk assessments
2. Tests of internal control or compliance's tests. What are the prerequisites for the tests of internal control? Audit procedures used for tests of internal control.
3. Substantive tests. Is substantive test avoidable? What is the extent of substantive test made for a strong internal control?
4. Analytical procedure tests. Comment on the purpose & appropriateness of this test. Is there any limitation for this test?
5. Tests of detail. When & where this test is is appropriate? Use two audit procedures for test of details to prove or disprove management assertions existences?
Financial Statement Analysis and Preparation
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This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited
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Prepare general journal entries to record the transactions, assuming use of the periodic inventory system
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T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .
Computation of Free Cash Flow
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