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Periwinkle Ltd sells office equipment and supplies. In recent years, it has faced increasing competition from a chain of office

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Periwinkle Ltd sells office equipment and supplies. In recent years, it has faced increasing competition from a chain of office supplies stores which is owned by one of the major supermarkets. The management of Periwinkle have tried a series of promotions to boost sales and have introduced new products to attract new customers. In addition, they have closed several of the smaller stores which were suffering from the increased competition. Isaac Peach has been the audit partner for Periwinkle for three years and has noticed that the monthly reports for Periwinkle are being produced later each year and the CEO and CFO at Periwinkle are just qualifying for their annual bonuses.


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What concerns would Isaac Peach have about Periwinkle Ltd’s closing procedures when preparing for this year’s audit? Explain.

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Isaac Peach the audit partner for Periwinkle Ltd would have several concerns about Periwinkle s closing procedures when preparing for this year s audit These concerns are related to the delay in produ…View the full answer


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Related Book For  answer-question
Auditing A Practical Approach

Auditing A Practical Approach

ISBN: 9780730382645

4th Edition

Authors: Robyn Moroney, Fiona Campbell, Jane Hamilton

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Question Details
Chapter # 3- Risk assessment I
Section: Review Questions
Problem: 29
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Question Posted: September 16, 2023 13:09:07
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