MYX Company asked an audit firm to audit its financial performance for the year ended December 31, 2019 as they felt that something is wrong in the financial status of the company that they could not determine. Based on the findings of the JMC audit firm, (1) their forex transactions are giving losses due to lack of regular and strict monitoring of movements on international exchange rates, (2) some of their collectibles/ receivables are not collected on time. Based on the above scenario: 

1. Design and create template of an effective audit planning that will be helpful to MYX Company.

2. Recommend suggestions on how MYX Company can resolve the errors committed.