Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

For an auditing subject I need help completing the questions for an auditing firm on Billabong International Limited. I am to find the statements and

For an auditing subject I need help completing the questions for an auditing firm on Billabong International Limited. I am to find the statements and reports from this site. Which is the correct report I should use from the site for the following questions and could you also help me with them?

http://www.billabongbiz.com/phoenix.zhtml?c=154279&p=irol-irhome

Referring to the financial statements for 2016:

Calculate and comment on the listed ratios below. Your comments must also include a comparison with the industry figures.

Ratio Summary Table:

Ratio 2015 2016 Industry

-Current 2

Ratio

-Debt to 1

Equity

-Gross 60%

Profit

Margin

-Inventory 4 times

Turnover

-Trade 6 times

Receivables

turnover

Material misstatements:

Based on your ratio calculations and assessment of the clients business and adult risks, identify 5 areas or risk of material misstatement in the financial statements. Explain why these particular areas are risky.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Best Practices

Authors: Steven M Bragg

7th Edition

1118404149, 9781118404140

More Books

Students also viewed these Accounting questions

Question

What is the purpose of a statement of cash flows? Discuss.

Answered: 1 week ago