Q1 The following are all independent situations: (a) Weldon Ltd has recently purchased new computer software...
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Q1 The following are all independent situations: (a) Weldon Ltd has recently purchased new computer software that will allow improved financial management analysis and quality management reporting. (b)Lucky Apartments Ltd, a property developer, has several major projects in progress in Melbourne's central business district. Due to a decline in the commercial property sector and an oversupply of city office space, no buyers have been secured for any of the projects. (c)During the year Skinclear Ltd, a cosmetics manufacturer, established an overseas branch in Thailand, operating as a sales outlet. Inventory has been transferred from Australia to the new branch, to reduce lead times to existing customers and to provide inventory for marketing samples as part of an increased sales and marketing effort. REQUIRED In each of the above situations, identify the main audit planning issues that need to be identified in the planning documents. Q1 The following are all independent situations: (a) Weldon Ltd has recently purchased new computer software that will allow improved financial management analysis and quality management reporting. (b)Lucky Apartments Ltd, a property developer, has several major projects in progress in Melbourne's central business district. Due to a decline in the commercial property sector and an oversupply of city office space, no buyers have been secured for any of the projects. (c)During the year Skinclear Ltd, a cosmetics manufacturer, established an overseas branch in Thailand, operating as a sales outlet. Inventory has been transferred from Australia to the new branch, to reduce lead times to existing customers and to provide inventory for marketing samples as part of an increased sales and marketing effort. REQUIRED In each of the above situations, identify the main audit planning issues that need to be identified in the planning documents.
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Based on the situations presented for the three companies Weldon Ltd Lucky Apartments Ltd and Skinclear Ltd the main audit planning issues that should ... View the full answer
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