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Explain the nature of the concern

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Question - The draft financial statements of Plush for the year ended 30 September 2021 report a retained profit for the year of £378,000 and profit before tax of £611,000, with all  jewellery workshop revenue  and capital  costs being amalgamated with branch shop revenue and capital costs. The planning materiality threshold for the audit has been set at 5 % of profit before tax.  Carry out an analytical review of the Summary Financial Statement of Plush Limited (in the appendix below) for the year ended 30 September 2021 and identify any FIVE specific areas which would cause particular audit concern about material mis-statement. For each area identified explain the nature of the concern and support your comments with relevant calculations as appropriate?

Reference no: EM133161931

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