TQuestion A due on Week 6 31 August 2016 (weighting 5%) As the audit senior for Beachwear Pty Ltd, you have performed some analytical procedures as part of your planning for the year ended 30 June 2016 audit. A summary of the analytical procedures is shown below: 30 June 2016 30 June 2015 Current ratio 1.4 1.5 Debt-to- equity ratio 0.8 0.5 Times interest earned 4.1 6.2 Accounts receivable turnover (days) 43 33 Inventory turnover (days) 56 45 Return on sales (%) 9 7 Gross profit margin (%) 35 30 Required Discuss the impact of the above analytical review procedures on your audit plan for 30 June 2016. [Note: You need to understand what is analytical procedures and how is this used in auditing. Each analytical procedure will be discussed individually and then there will be some general comments at the end.] Assessment criteria The depth and correctness of your analysis for each of the questions will be the primary criteria for grade differentials in this assignment. Please refer to the marking criteria below. This assignment must be submitted in person in a hard copy and through Turnitin. Max word count: 1000 words Individual Assignment A - Assessment Marking Criteria Requirement Content