BBAC601 Auditing and Assurance Assignment - CIC Higher Education
Assignment Title: Audit strategy
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In this assignment you are assumed to be an auditor who has just been appointed by your auditing firm to perform the audit at a particular client. You are in the process of understanding the client and produce part of an audit strategy to help plan the audit for the 2017-2018 financial year, in accordance with the guidance on Australian Standard on Auditing (ASA) 315 (paragraph A25 to A49).
AUDITING & ASSURANCE -
The company chosen for the analysis is Sydney Airport. The owner of the airport is Sydney Airport Group which is a public company and is listed in the Australian Stock Exchange (SYD). The paper is in relation to identification and assessment of the risk of misstatement which is material in nature which can be achieved by understanding the company and the environment.
The analysis conducted is of the Accounting Policies and the Related parties and transactions with related parties.
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Accounting Policy -
• Policy regarding PPE:
The property, plant and equipment includes all those items and their costs that have their direct relation with the asset and its acquisition. The costs like cost of materials, labour, borrowing costs and other direct costs are charged on those assets that are self-constructed. This implies the fact that the company uses the cost method for valuation of its property, plants and equipment. The balances of PPE for subsequent years are the total cost incurred less the accumulated depreciation on the asset less impairment loss if any.
• Policy regarding inventory:
There is no inventory in case of this company since the company is into a business where there is no requirement of having inventory.
• Policies regarding account receivables:
The account receivables of the company are recognised at fair value. Later, in case of those accounts which are doubtful for realisation provisions are created and allowances for impairment loss are being charged.
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• Policies regarding financial instruments:
The financial instruments being derivative in nature have their recognition on the date when the contract is entered into at the fair value and then at each reporting date they are re-analysed. Any profit or loss arising due to changes in the fair value on the reporting date are realised in the profit and loss account.
• Policies regarding intangible assets:
The intangible assets other than goodwill are recognised at the cost of acquisition. The goodwill is recorded at cost less accumulated depreciation on it. The test of impairment is done annually on goodwill. The intangible assets in subsequent years are measured in the same way like property, plant and equipment i.e. cost less accumulated depreciation less accumulated impairment loss.
• Policies regarding revenue recognition:
The revenue recognition of the company is done using the AASB 15 and is in line with the provisions contained within it. The revenue is recognised which is the amount of consideration which is expected to be received from the customer in exchange of meeting the obligations of the performance as promised.
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Related parties and transactions with related parties:
• Controlled entities:
The controlled entities of Sydney Airport is the SATI Group. The SAL Group controls the SATI Group with 100% and thus all its assets, liabilities and results are consolidated with the financial statements of the SAL. The SAL Group i.e. the Sydney Airport Limited is the parent company of the SATI Group.
• Non-controlled entities:
There exist no such non-controlled entity for the company SAL. The related party which is the SATI Group is the controlled entity of the group. No other company have the right to control the company.
• Other related parties:
There exist an interest bearing loan which was taken by SAL from SATI in December 2013 wherein the interest calculation is done at the rate of 13% per annum. The loan outstanding as on 2018 year end is NIL since the SAL Group repaid the entire amount of the loan so as to meet the outstanding liability of the SATI Group's withholding tax payments.
The company TTCL was the related party of the company SATI for year ending 2017 & 2018. The company pays custodian fees to TTCL of which $52,590 remains unpaid. The company have also entered into transactions which other related parties using arm's length pricing technique.
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• Transactions with related parties in the financial year:
The company Sydney Airport Limited (SAL) have majorly SATI Group as its related party. The company have done although many transactions with the SATI Group but the major transactions are the repayment of the entire loan amount taken from the SATI Group by the year end 2018 amounting to $232,482,909. The company also have not paid the entire custodian fees due to TTCL for the year 2017-2018 which lies as outstanding on behalf of the company. The company have entered into contracts with Downer EDI Works Pty Ltd and Downer Engineering Power Pty Ltd which are the subsidiaries of the company Downer EDI Ltd. The contracts were entered to meet a tender of competition and the price was fix at arm's length price.
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