Nobody downloaded yet

Triple Steel Corporation - Essay Example

Comments (0) Cite this document
Summary
This essay declares that being involved in the audit of the steel company, a preliminary analytics of the key ratios and balances along with the assessment of the key risk areas of the company are conducted.  Internal control limitations are also analyzed with respect of recording…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER98.2% of users find it useful
Triple Steel Corporation
Read TextPreview

Extract of sample "Triple Steel Corporation"

Download file to see previous pages As the discussion highlights in the initial assessment of the company, the current assets of the company have declined as the total worth of the company has also deteriorated comparing from the last year results. Since the revenue of the company has reduced by 2.37 Million as compared to last year, the assets of the company have also decreased but not in the same proportion. The cash and cash equivalents have decreased by 1% while the trade receivables have reduced by almost 60% which does not correspond with the loss decline in the revenue for the current year which was only 11%. The inconsistency between the two corresponding figures requires some additional concern over revenue and receivables.
This paper outlines that  the inventory of Triple Steel has not decreased by the same proportion as the closing stock of the company stood at 3.55 Million which was down by 14% while the cost of goods sold was up by 1%. It has also been identified that the company has used two different methods of valuation of inventory at the year end as the method of valuation of inventory must remain constant throughout the year. In addition, the IAS doesn’t allow the use of Last-in-first-out method of valuation of inventory.
The prepaid tax and insurance figures saw a decline by 23.53% as the revenue has also declined for the company and the company also incurred a loss of 49,000 this year compared to the profit of 1.795 Million last year. The property, plant and equipment of the company have increased by 3.7% which includes the purchase of land, building, equipment and machinery during the year. This has also given rise to the depreciation expense of the year which was nearly 8.8%. This may be because of the depreciation method used by the company such as the reducing balance. The current liabilities of the company have increased by 16.15% which include major increase in the amount of accounts payable which has increased by nearly 14%. ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Triple Steel Corporation Essay Example | Topics and Well Written Essays - 2000 words”, n.d.)
Retrieved from https://studentshare.org/marketing/1576177-auditing-case-study
(Triple Steel Corporation Essay Example | Topics and Well Written Essays - 2000 Words)
https://studentshare.org/marketing/1576177-auditing-case-study.
“Triple Steel Corporation Essay Example | Topics and Well Written Essays - 2000 Words”, n.d. https://studentshare.org/marketing/1576177-auditing-case-study.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Triple Steel Corporation

Steel Erection

...? Steel Erection The purpose of this paper is to provide an article critique on the issue of steel erection. The paper will draw on the FDCH Regulatory Intelligence Database, Jan 17, 2001 Item: 32W20019200007348 which it titled steel erection. The format that this paper will utilize is to first provide a brief introduction of the article then highlight a statement on the Construction Safety aspects of the OS&H topic. After this point an analysis of the key points in the article will be covered followed by a summary of the article's conclusions and your own opinions The article first highlights the fact that occupational health and safety is an important issue in the steel...
2 Pages(500 words)Essay

Triple Bottom Line Approach

...? The implications of the use of the Triple Bottom Line approach in the events industry: A case study of Pamplola Bull-running Fiesta Contents The implications of the use of the Triple Bottom Line approach in the events industry: A case study of Pamplola Bull-running Fiesta 1 1 Contents 2 Introduction 3 The Event 4 Stakeholders 6 Impact of event 7 Link between stakeholders and impacts 9 Conclusion 10 Reference 12 Introduction The 21st century challenges the businesses to fundamentally change the way the businesses operates. With upcoming issues such as depletion of the natural resources, climate changes and also energy crises have hit the organisation and have demanded that attention should be paid to various aspect of a business... which...
10 Pages(2500 words)Essay

Strang Steel

...Assessment One Assessment of the progress of Strang Steel Ltd in terms of profitability, liquidity and efficiency over the years of 2003, 2004 and 2005: 2003 2004 2005 Profitability Ratios: Gross Profit Margin 73000/228000=0.32 64800/250800=0.26 52680/275880=0.19 Net Profit Margin 38810/228000=0.17 17619/250800=0.07 14124/275880=0.05 Return on Equity 38810/260310=0.15 17169/262179=0.07 14124/259765=0.05 Liquidity Ratios: Current Ratio 76260/25800=2.95 85179/29000=2.94 48815/22300=2.19 Quick Ratio (76260-36400)/25800=1.54 (85179-38612)/29000=1.61 (48815-30889)/22300=0.8 Efficiency Ratios: Avg Collection Period (30360/228000)*365=49days (39660/250800)*365=58...
5 Pages(1250 words)Essay

Metropolitan Steel Corporation

...Marketing plan component - SWOT analysis Metropolitan Steel Corporation: Introduction: Metropolitan Steel Corporation Limited was established as a Private Limited Company by Fancy Group in the year 1951 and was later converted to a Public Limited Company. It was nationalized in December 1971 and denationalized in May 1992. At present, a consortium of financial institutions led by National Development Finance Corporation (NDFC) controls it. Other major shareholders are NBFL1, UBL2, and HBL3 It is also listed on the Karachi Stock Exchange. The factory is situated in industrial area and spread over two plots of land measuring 75 acres (Company Profile). The complex includes Wire Rod & Bar Mill, Hoop Mill, Structural Mill, Mild Steel... and...
8 Pages(2000 words)Research Paper

Merger of Mittal Steel & Arcelor Steel

...Kavitha Yarlagadda 21 February 2007 Arcelor-Mittal One of the largest steel producer in the world Mittal Steel owned by Lakshmi Mittal a non resident Indian steel tycoon, made a $ 23 billion offer to take over its arch rival, Arcelor, this merger would create the first 100 million tonne steel company. The Offer was made to Arcelor with a contract to offer 13 Mittal Steel shares plus '150.6 cash in return for 12 Arcelor shares, the ability to elect, to receive shares or more cash, subjected to 31% cash and 69% stock paid in total, noteworthy payment to Arcelor's pre bid all time share price high, 10.1% further improvement in the offer based on latest...
2 Pages(500 words)Case Study

Andrew Carnegie (U.S. Steel originally Carnegie Steel )

...Andrew Carnegie (US Steel- Originally Carnegie Steel Company) of the Management of the Concerned April 9, Andrew Carnegie (US Steel- Originally Carnegie Steel Company) There is no denying the fact that the unique management style of Andrew Carnegie was pivotal in the success of the US Steel. As in the initial stages of his career Andrew Carnegie worked for the Pennsylvania Railroad, the management acumen of Carnegie stood in identifying the fact that the future locomotive, rail and bridge manufacturing operations will require steel (Krass, 2002, p. 115). So he aptly responded to this potential demand by starting the US...
1 Pages(250 words)Research Paper

The Triple Bottom Line

...be noted that there is a direct relationship between corporate profits and social responsibility. This is because as social responsibility brings improved corporate image, the company will appear well branded to the public, making it a preferred destination to do business. As such businesses are performed due to improved corporate ratings of the company it will directly affect profitability of the company. But as an executive, it is important to put in plans that seek to promote social change in the organization. One way I plan to make use of skills learned in the course to promote social change is to set social responsibility teams within the organization to come up with innovative ways...
2 Pages(500 words)Assignment

Steel making

...aSteel Making The report presents comprehensive discussion on the different process used in making of steel as determined by the different raw materials available for use, and the technological feasibility that ensures maximum production at the least cost possible. The processes that include Basic Oxygen Steelmaking, Electric ar Furnace and Electric Induction Furnace will be discussed. The relevant environment-related challenges will equally be addressed. Date: ID: Word Count: 2293 Introduction Steel is among the most important products with a wide range of usage in the world. The steel industry has undergone gradual changes in its processes over time. The process of...
8 Pages(2000 words)Essay

Steel making

...by making use of tonnage oxygen. The Electric Arc Furnace (EAF) Process: Electric arcs struck between carbon electrodes and the metal bath provide the heat energy required for the EAF process shown at Figure 4. The process consists of operations of furnace charging, melting, refining, de-slagging and tapping. The charge generally consists of graded steel scrap. The Figure 4. Electric Arc Furnace Steel Making process (Courtesy of Mannesmann Demag Corp) Jeremy A. T. Jones, Nupro Corporation charge is first melted under an oxidizing slag to remove phosphorous. After de-slagging operation,...
6 Pages(1500 words)Essay

Triple Bottom Line

...TRIPLE BOTTOM LINE Affiliation: Triple Bottom Line Triple bottom line is an accounting framework with three major components of performance that include social, environmental and financial (Slaper and Hall 2011). These components also assume three divisions that include people, planet, and profit. In an organization, these components are crucial for the sustainability of the organization. The components have a linkage, and an organization has to consider them for their business to thrive (Savitz and Weber 2012). The people component involves the benefits people or the community near the location of the organization. The organization should influence the community positively and not...
1 Pages(250 words)Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Triple Steel Corporation for FREE!

Contact Us