nswer all 5

4:07 PM Sun 12 May . . . 32% learn-ap-southeast-2-prod-fleet01-xythos.content.blackboardcdn.com - Private 1. ANALYTICAL PROCEDURES (10 MARKS) You are planning the audit of Flash Bins Limited for the year ended 31 March 2024. The company manufactures wheelie bins and has been a client of your firm for five years. Your audit manager has had an initial planning meeting with the company accountant and has provided you with the following ratios she has calculated. Flash Bins Limited - Financial Ratios 2024 2023 Draft Actual Stockturn (Times) 2.5 4.5 Payable Days 25 40 Gross Profit Ratio 50% 35% Current Assets / Current Liabilities 0.5 2.5 Receivables Days 52 30 Required: For each of the above FIVE ratios identify a possible reason for the movement and what the potential audit assertion concern would be for you to consider in the 2024 audit. Situation Possible explanation for the Audit Assertion Concern movement 1 Stockturn 2 Payables Days 3 Gross Profit Ratio 4 Current Assets / Current Liabilities 5 Receivables Days