As due to this impact, the capacity of the company to meet out its current liability on timely basis has been improved. This case has been similarly viewed in the case of quick ratio where the ultimate cash portion represented by the quick asset has turned out higher than the proportion of current liability. While considering the debt equity ratio in the present approach the company is working out to reduce its debt proportion as in comparison to the equity capital proportion.
Too much of dependence on the equity capital will raise the overall cost of the business in paying out dividends and there is enhancement of dilution of business control. Prepare a common-size statement for the balance sheet of Cloud 9, use total assets as the basis for the balance sheet.
Comment on any audit implications revealed by your statement. Comparative financial statements are prepared with a view of making the comparison of financial resources and liabilities in terms of past year performance or making basis of particular element in case of common sixe statement. In the present case total asset is taken as base for creation of proportionate analysis on the basis of total assets Raju, On checking on the above relative monetary proclamations of Cloud 9 financial statement of year and , it has been watched that there is increment in working capital among the total asset of the business as the extent of current resources is expanding over the timeframe.
The company is investing more in current asset as in comparison to the settled resources of the group. There is huge deviations witnessed in the debt proportion of the group, an external auditor must investigate the matter and discover the purposes behind the deviations. The obligation extent of the organization has been diminished because of unreasonable payouts of the external debt liability.
According to the review suggestion is generated as according to the legitimate laws and consistence of the important tradition that must be adhered to. At present there are a few rules and regulations which are should have been examined by the external auditor.
The auditor has certain audit implications which makes sense about the duties and responsibilities performed by the audit professional during the course of audit —.
The primary objective of an auditor is to generate an audit report for the external stakeholders while following the principal approach of integrity and non- biased behaviour. Substantive approach has been taken into consideration during the course of audit procedures. All the material items which need segment reporting and that might affect the going concern of the firm must be analysed properly Chiang, et.
The vouching and verification techniques should be utilised while auditing the overall financial statements of Cloud 9 Pty Ltd. Which specific areas do you believe should receive special emphasis during your audit?
Potential issues and concerns that needs to be addressed by the audit professional during the course of audit while taking into reference financial statement of Cloud 9 group for the year As per the audit assignment the task to be performed during the course of audit is as per normal compliance and procedures which are accepted at general. The job of the auditor is to present true and fair view on the financial statements presented by the company.
No doubt your firm will perform the job with great efficiency but there are certain items which are needed to be addressed and taken care of with additional effort. There are certain elements which has issues in past and areas of vulnerabilities to external risk are described as follows —. Employee position and the areas which can adhere to frauds and errors must be checked and reported accordingly. The activity of the staff involved in payments and sanctioning of external debts must be scrutinised.
Discussion of overall audit plan with the Cloud 9 management group must be made to improve the overall efficiency and effectiveness of the audit procedures. As there is substantial deviation witnessed in the credit segment of the financial statement the auditor must work out to attain the appropriate reasons for the same and should report accordingly. Any lacking in the legal and compliance requirement as per the relevant law of the land must form part of auditor report presented to the stakeholders of the cloud 9 group.
Though there is improvement witnessed in the financial structure of the firm while analysing the comparative financial statement and proportionary analysis, still there is adequate focus required to maintain the overall integrity of the firm.
Any amended made by the Cloud 9 group in its policy structure should be taken care of. Available at - http: Available at - https: Using the 30 September trial balance calculate planning materiality and include the justification for the basis that you have used for your calculation In the present case study organsiation cloud 9 is taken for the research purposes which lay accentuation on the revenue approach rather than accounting for the income approach evaluating the planning materiality into account.
Part 2- Analytical Procedures Required a. The auditor has certain audit implications which makes sense about the duties and responsibilities performed by the audit professional during the course of audit — 1. Dissertation writing is a major assignment that the students of higher studies are must required to take up at some point. But, most of the students face difficulties with writing dissertation since they are not got used to writing such sort of assignment during their past academic years.
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