Select a company from below mentioned industries. Perform an external audit and prepare a report. Report should start from analytical procedure (last 10 years), identifying the unusual activity or pattern and end on defining test of control or substantive testing procedures where required. Highlight the materialistic areas of your company (suppose materiality of the financial system as a whole is 0.7% of revenues). Give your risk-based weights as per your understanding of the client.

Critically review each item of statement of financial position and income statement and analyze the pattern over the years. You have to mention risks, control objectives, principal control, tests of controls or substantive tests.

Also, design a table that highlights the tests of control or substantive procedure and the reason behind it.

1. Automobile Parts and Accessories

2. Cable and Electrical goods

3. Fertilizer

4. Glass and ceramics

5. Leather and Tanneries

6. Oil and Gas Marketing Companies

7. Paper and Board

8. Synthetic and Rayon

9. Transport

10. Vanaspati and Allied Industry

Answer rating: 100% (QA)

Company selected 10 Vanaspati and allied industry INDEPENDENT ASSURANCE AUDIT REPORT To The vanaspat... View the full answer