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Corporate and Financial Accounting Assignment
1. Explain the role of the auditor, the audit function and the scope of assurance services.
2. Explain auditing and assurance services in the context of the professional, ethical and legal environment of an audit.
3. Apply the different phases of the audit to practical scenarios.
Review the audited annual reports including financial statements presented to the shareholders for your respective company and answer the questions
1) Conduct an analytical review on the financial statements of your respective company in the planning phase and identify areas of concern and how relevant accounts and assertions are impacted. Justify your answer.
1) After conducting an analytical review as well as evaluation on the financial statements it is evident that the following are the few areas of concern and same is has impacted the accounts and assertions as follows: -
Mainly and majorly, the company has been effected by the acquisition on account of the acquisition of the "The Good Guys" this transactions will effect the business combinations. As a matter of fact the company lead to around 100 percent of the cash consideration and being around $ 860 Million which being a major transactions(JBHIFI, 2017). This have affected the financial accounts which being the cash accounts, the capital accounts the investment accounts as well as various other transactions and general and the sub ledger accounts.
The other account which is lead to an combustion is the carrying value in terms with the New Zealand of the cash generating unit. This transaction have affected the cash flow analysis as well has impacted the accounts on the perspective of the plant, property as well as the equipment. The reason of special attention on this factor is mainly because that when the company led to an process where this sector was heavily into debt and leading to major problems on account with the New Zealand divisions as the same was not generating profits and running to major losses.
The other is the fair value of instruments which effects the financial position of the company and has a major impact on the liquidity status, as the valuation done on fair market value basis can be very un predictable and deice as the market can lead to a major setback on the interest rates, liquidity position, it impacts the assets as well as the liabilities of the organisation leading to question there solvency position.
Further, another question is the fact that aspects are directly related to the foreign exchange risk management as the organisation deals with a aspect of the exchange rates and the dollar dominances this also leads to major concern and may arises a position with respect to the account and the assertions.
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2) You are now required to formulate the relevant audit procedures to respond to the areas of concern identified in Part (1).
2) According to the above stated assertions the organisation has formulated the below mentioned audit procedures in connection with the process which are described as below:-
First is the - acquisition of the "The Good Guys" the audit procedures includes the company must be efficient enough to understand about the sale agreements and ensure that the agreements are correct and appropriate. The procedure which must be established the testing the organisation on account with performance on various account which may lead to justifying that the company is well balanced on account with the brand name, its solvency position , or its profit position to ensure that the decision is made after the appropriate evaluation and the accounting of the results as well as interpretation of the various accounting process. It includes the fact that the company has maintained the valuation models as well(JBHIFI, 2017).
On account of the second risk which being maiantining the carrying value in terms with the New Zealand of the cash generating unit(JBHIFI, 2017). The company must ensure that the auditors have thoroughly reviewed the value in use model. On the more, it is essential that the management must process the cash flow on account of the forecast analysis and measured the same through historical accuracy. Further, the company has confirmed that the mathematical accuracy has been evaluated on a right and a correct sense is matched with the industry research parameters.
The other assertions include the concern on account of the liquidity risk and the credit risk which mainly is related to the financial instruments and there results over the foreign exchange management. Considering this part the same can be controlled or managed with the factor of controlling the hedging perspective and the action with references to managing the risk on account with help of undertaking research analysis to predict the future and ensure that the aspect and the analysis done is justified and well balanced. Thus, the audit procedure applied is mainly is in connection with the prospect of either considering on the account controlling process or the detection risk analysis.
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1) Does your respective company have any process relating to corporate governance? Under which section of the annual report would you expect to find information on it?
1) JB HI FI Limited being an organisation which deals with retail trading of the consumers goods, hence having a perspective about the corporate governance is must as it leads to the core aspect of the same. After analyzing the annual report for the financial year 2017 and financial year 2018,it clearly mentions the fact the organisation has a regular feature and an analysis perspective which leads to a position and ensure that the company follows the process in a continuous basis. The organisation specially maintains a corporate governance which clearly states various aspect on account with this phenomenon. It ensures that the various sections on account of the code of conduct and Diversity is being followed. It clearly states that the latest edition of corporate governance as on 14 August 2017(JBHIFI, 2017).Further, the governance ensures a combact about the statement on account with board of directors, role of directors and major terms on account with the top management.
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2) Does your respective company have an audit committee and does the audit committee have the correct composition?
2) In true sense the company is a big brand name and has a massive market presentation and hence it becomes essential as well as very important that the company has a strong market presence. The same can be maintained when the company has a strong internal control process which includes check system as well audit system. As a matter of fact, the company also has a very strong audit system which is maintained and controlled by the committee which is called the audit and risk management committee.The committee is well balanced and maintains various levels of the people in the committee in total the members account for at least Five members which are named as follows: -
Beth Laughton - Ongoing member and the Chair of the committee- Non executive director as well as an independent director.
Wai Tang - Ongoing member of committee- Non executive directoras well as an independent director.
Stephen Goddard - Ongoing member of committee since29 August 2016- Non executive directoras well as an independent director.
Mark Powell - Ongoing member of committee since 13 March 2017- Non executive directoras well as an independent director.
GarryLevin - Ongoing member of committee since 27October 2016- Non executive directoras well as an independent director(JBHIFI, 2017).
Considering the ASX Recommendations and the Australian Accounting Board Standards the audit committee must full fill all the three main essential category these are listed as below: -
1) The audit committee must have at least three members(Bryce, Ali,and Mather, 2015).
2) All the members in the audit committee must be non-executive directors
3) It is essential that in an audit committee must consist of at least majority of the independent directors.
It clearly explains the combination of the description at provides a clear statethat the audit committee maintained is as per the regulations provided by the ASX and the AASB.
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3) In your opinion, are audit committees of benefit to the auditor, the company, the auditing profession and/or society as a whole? Why or why not?
3) According to the current listing ASX Listing Rule 12.7, Companies mentioned in the Standard and Poor All Ordinaries Indicesof the five hundred largest entities by market capitalization at the opening of the financial year must have an audit committee during that complete financial year(Bryce, Ali,and Mather, 2015).
On the more,companies mentioned in the Standard and Poor All Ordinaries Indicesof thethree hundred largest entities by market capitalization at the opening of the financial year must comply with various variety of the audit committee in relation to composition, operation and responsibility of the audit committee(Bryce, Ali,and Mather, 2015).
In respect to the nonprofit organisation are not required to make an audit committee and therefore for such organisation at one given point of time the statement was a very subjective based statement which is highly opinion. It is mainly oriented and differs with individual choices and concerns and related to the way the organisation wishes to perform it is business operations. On a major scale of action, it is a method which is actually opted by various organisation which are big on account with revenue or big on account with quantity. Audit committee is one which is useful on account with the internal control process, this is an organisation which keeps a check on the internal process and the method of working and analysis.
On the more, the Audit committee ensures that it provides a sense of security and a control over the internal process and management it provides a strong presence of control and dominance and ensures that all the working and the business operations are done in a correct and effective as well as efficient manner. It deals with a process which helps in self-investigation and self-evaluation of organisation various process and the method working. The audit committee is an organisation which supports the internal auditors as well as the external auditors. Hence, the audit committee ensures that it derives fruitful results so that it benefits the organisation on the overall basis.
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