B27 x for Analyze 4 additional analytical procedures that were completed in the planning Days Outstanding in Accounts Receivable is 3.09 and the industry average is 14.10. This ratio indicates that Earth Wear colects on sales much more quickly than the rest of the industry t o represents a sigricant improvement relative to prior years or EartWear and is beter than expected for this year. This ratio is consistent with a relatively lowwowance bir doubt accounts. Controller explains that tast collection rate is a result of increased bcus on collection activities and newly implemented incentives for early payment. We wil corroborate the clients explanation as a part of our testing in the sales & collection cyde. Analyze 4 additional analytical procedures that were completed in the planning process Earth Wear's Quick Ratio is 0.73 and the industry average is 0.80 Discuss the meaning of the analytical procedure and how it may affect risks relating to the EarthWear audit or your planned audit procedures Earth Wear's Inventory Turnover is 388 and the industry average is 6.20 Discuss the meaning of the analytical procedure and how it may affect risks relating to the Earth Wear audit or your planned audit procedures Earth Wear's Gross Profit Percentage is 43.90% and the industry average is 38.80% Discuss the meaning of the analytical procedure and how it may affect risks relating to the Earth Wear audit or your planned audit procedures EarthWear's Debt to Equity ratio is 0.50 and the industry average is 0.84 Discuss the meaning of the analytical procedure and how it may affect risks relating to the Earth Wear audit or your planned audit procedures Instructions Audit Planning Memorandum Print Out Work Paper 3-6 Common Size Balance Sh Ready a Type here to search Available on Monday, November 4, 2019 12:00 AM EST until Sunday, November 10, 2019 11:59 PM EST & Unlocked: Monday, November 4, 2019 12:00 AM EST - Sunday, November 10, 2019 11:59 PM EST. Must post first. In developing an understanding of the entity and its environment, the auditor can obtain information from numerous sources, such as knowledge from prior audits and discussions with management. List five additional potential sources (internal or external) of information about the entity and its environment. You do not have to respond to a classmate this week. You must start a thread before you can read and reply to other threads Class Project Forum