Audit

Central BankingA central bank can be referred to as a public institution that is involved in managing a country’s or a group of countries’ currency and controlling the supply of money that the amount of money circulated. Ensuring price stability is the main objective of central banking. In some countries, law requires the central banks to act to support full employment. Setting the interest rate is one of the primary tools used by an...

It is the responsibility of the auditor to express an opinion on whether the audit client prepares the financial statements as per the pertinent framework for financial reporting. During providing that opinion, the auditor is responsible to conclude on whether he/she has acquired rational assurance about whether the financial statements are free from material misstatement because of error or fraud (ifac.org 2022). There are two types of audi...

Similarities and differences between Islamic and conventional banksTopic: Monetary Policy in the Islamic and Conventional Financial Industry in Malaysia The Islamic banks may not be popular in some parts of the world, but they grow with time. Although Islamic banks resemble conventional banks, there are slight variations in the operations when these two financial institutions are compared. For the case of Malaysia, the deposit rates in Islami...

Importance of Auditor's Report in Financial CommunicationA commentary on the number of material misstatement that were incurred and connected on the audit. Trade Discounts Payable. Acuracy, Valuation allocation; Check digit. Material  Issue 1: Check Digit, Issue 2: Limit Test A charter should be established. Occurrence, Accuracy and Cut-off of sales: Accuracy of payroll expenses….. Integrate multi-level payment ap...

Retail Segment and BrandsPremier Investments Limited is a company situated in Australia and deals in the speciality retail fashion market in Australia, New Zealand, Asia and Europe. It is a public listed company on the Australian Securities Exchange and has the code PMV for its securities. It earns its revenue through operations in the retail chain of speciality fashion, in which it employs approximately 11,000 employees (Ibisworld.com 2022). ...

Threats to Audit Independence Identified1.  1. Threats 2. Safeguards 3. Objective Assessment As per Paragraph 601.1 of APES 110, there is a potential to create a self-review threat to independence as MCA has been involved in providing accounting and bookkeeping services to Barry Muppet’s company, such as processing the journal entries, preparing financial report, and others (1). As per Section 60...

Anchoring Bias and its Impact on ClientsClients seeking professional advice often have hesitations after hearing the widely publicised media reports about the Royal Commission into the misconduct within the Banking and Financial Services industry, this could be summarised as Anchoring Bias whereby they have a viewpoint and apply it as a reference for assessing future decisions. Whilst it may not have been intentional, a focus on profits and he...

Competitors of PMVThe company Premier Investments Limited (PMV) is based in Australia and operates in the market of speciality retail fashion in countries like Australia, New Zealand, Europe and Asia. The other segment where the company operates is the investment in listed securities and the deposits in the money market. The company has two business segments, which are retail and investment. The retail segment has a major contribution from t...

The Potential of Electronic BankingTitle: Electronic banking's influence on profitability and market share in Hong Kong  Background: Electronic Banking Evolution Electronic banking's potential was recognised a decade ago, when important institutions started to match their product delivery mix to technologies and investigate and exploit innovative business models (Deloitte Consulting, 1998). Developments in technology, deregulation ...

Contemporary Accounting IssuesAccounting theories and concepts are essential as they help assess the accounting and financial reporting practices undertaken by the firms. Different types of accounting theories and concepts are there. This report attempts to apply various crucial accounting theories and accounting concepts to analyse the key initiatives and issues in an Australian ASX Top 100-listed company. Commonwealth Bank of Australia is se...

Increase in PMV's Gross Margin and Net Profit Ratio It Shows an increase in PMV’s gross margin from 60.98% in 2020 to 64.30% in 2021 due to stable growth in sales revenue. It indicates PMV’s efficiency in rendering services using direct labour and materials. A healthy increase can also be seen in its net profit ratio as it increases to 18.84% from 11.33%, demonstrating an improved ability of PMV to translate its sales into a profi...

DiscussionThis report is based on Premier Investments Limited and assumes the role of a senior auditor who has been assigned to audit the company for the financial year ended 30 June 2021. As an instruction from the engagement partner, this report looks to gather relevant background information concerning the client which is a part of the audit procedures in order to gain a relevant understanding of the business and its environment. On the bas...

DiscussionThis piece of work will focus on the long debate about whether government officials must be given the power to influence the interest rates and growth in any economy or the central banks must be given complete independence (Vonessen et al. 2020). It is often argued that a politician cannot be completely trusted. Just before an election, they can lower the interest rates in an economy to lower the prices of goods and services. This, a...

Ratio Analysis and Evaluation for DIPL Ltd1. The financial and nonfinancial decision can be taken with the aid of analytical procedure. An Analytical procedure is of paramount importance to the auditor and the management at large. In this scenario, the analytical process is conducted for DIPL Ltd that will shed light on the performance and depict a correct view. Further, this process is of immense help while tracing any defects in the financia...

Organizational Framework of National Australia BankThe success factor behind any prosperous business is the proper functioning of its every department maintaining a harmony among the operation of each other. A business has to maintain several departments to manage all the functional aspects that are necessary for its business processes. As a business grows in size, the need for more employees arises along with the need for more departments (Ro...

Objectives of Cheyef Halak CampaignsThe primary objectives of Cheyef Halak’s campaigns as we discussed in class include: To reach out and involve citizens of Lebanese To emancipate and create awareness of the challenges that curb citizens of Lebanese from emerging a civilized community. Implementation: Cheyef Halak’s was provided with a helping hand by being deliberated on among the most widely held talk shown in Lebanon: ...

Business Context and ProcessesThe Great Korea has been the organization that has been selling and distributing the products for the manufacturers known best in the Korean groceries. They have been experts in various types of canned foods and the bottled drinks that are produced at Australia. The owners have been considering the necessities to be competitive in effectively supplying the products in time at the reduced costs. This is discussed ...

Inherent Risk in BusinessOne.Tel became a massive company with a large base of customers. To achieve and establish its position in the market, the company applied several strategies within a short span of time. But in the longer run, the company was not able to maintain its position and ultimately it collapsed. After a detailed assessment of the company and its financial report, it was identified that there were multiple factors that contribut...

Mission and Vision StatementWestpac Bank came in to existence in the year 1817 in Sydney, it has its headquarters in Sydney. It is considered as one of the four major banks of Australia. The portfolio of the bank is highly diversified of the various financial services that are divided into different segments: institution oriented as well as consumer oriented. The portfolio of the bank includes wealth management and advisory services. The Bank ...

Section 1Australia and New Zealand Banking Group Ltd (ANZ) offers a diversified range of financial and banking products and services. It is one of the four big banks of Australia and its services are provided from more than 1200 offices and branches that are located in its namesake countries including the Asia/Pacific region. In relation to its current organizational structure, the company uses a divisional form of organizational structure (AN...

Literature ReviewThe National Australian Bank (NAB) was formed after the merging of two banking companies in the year 1982. It is currently one of the top most rated companies dealing with financial issues and market capitalization in Australia. It is an international company with a large number of customers and employees working in it. NAB has been rated as world’s 21st and 41st largest bank in relation to market capitalization and tota...

Case Study`s SummaryDIPL is an Australian company and the main business process of the company is printing. Magazines and books are mainly printed by the company. Besides this, the printing of advertisements for the publishing and educational industry is also used to be done by the company. In addition to this analyzed the financial statement of the company and it is used to verify the legitimacy of the statements. The operations are done in the...

Risk Factors at Level of Financial ReportingThe title of the report is Evaluation of Risk fact ors at Different Level which itself shows that the report has been prepared to analyze and assess the risks factors present in One Tel. Company. The structure of report has been started with Synopsis containing the main aims of the report. Then introduction has been given describe showing the structure and method of preparation of report. The next se...

Issue OneThe Common Wealth Bank in Australia is an institution which belong to the banking industry and it provides the Australians with various services which include organizational banking, management of funds, investment, insurance services, share broking the services and products, business banking, premium banking and retail banking in which all these services are integrated amongst the integrated financial services (AULICH, JONES and...

As the firm Mortdale Accounting is under peer review process, it shall not disclose the details or any information to any person outside the organization. Confidentiality is to be maintained by every person who is involved in peer review process including the peer review team, the members of the Board, the audit team of the firm, assistants or any other person who was involved in the audit process (Cappelleto, 2010). Hence, the Mortdale Acco...