country
$20 Bonus + 25% OFF
Securing Higher Grades Costing Your Pocket? Book Your Assignment at The Lowest Price Now!

Commercial And Corporation Law: Merchandising And Commerce

tag 0 Download5 Pages / 1,209 Words tag Add in library Click this icon and make it bookmark in your library to refer it later. GOT IT

Question:

Discuss about the Commercial and Corporation Law for Merchandising and Commerce.

 

Answer:

Introduction

The law on commercial and corporation is at times reffered to as business law. This is because it is the body that pertain matters related to law and makes a direct implication to the rights and conduct of a person within the business domain[1].  On the same light, the business aspect that has been provided in the previous sentence is attached to matters of merchandising, commerce, trade and also sale. This is just a general overview of the subject.

Discussion as to why Australia is one of the few jurisdictions where auditing standards have the force of law

Coming into the specifics according to the question rubric, it is true that Australia as a nation is one of the few jurisdictions where there has been a realization of standards of auditing having the force of law[2]. Therefore, this task is mainly going to offer justifications as to why the nation in question is one of the few jurisdictions where the already mentioned standards in the previous sentence have the force of law. The justifications in context will also be supported by the corporation Act of 2001, which is amongst the major and most vital Acts of parliament.

Australia is therefore one few jurisdiction where auditing standards have the force of law because it clearly offer a provision on a clear public interest focus. Many a time’s auditing standards in a number of states do not enjoy the force of law and it has been argued by most scholars that this might be the reason why focus on public interest is ignored in those states. Australia on the other hand, being one of the jurisdiction that values the interest of the public or rather its citizens, has to align the auditing standards with the force of law[3].

 

Other than the mentioned, the other point that can be used to offer justification with regards to the subject is that, the subject country is aiming at giving quality to the auditing standards and processes. Remember the law is like the government of the day, and thus, acts as a check on the quality of the auditing standards provided. Australia’s main aim in being one of the jurisdictions with regards to the context is also on ensuring that it caters for two most vital things[4]. The two as already depicted is on ensuring that there is great focus that is laid on the interest of the public and on ensuring that the auditing standards are of great or higher quality.

This is aligned to the Corporation Act of 2001 under section 336[5]. This Act is documented to have been in existence since 1st July 2006. Going forward with the explanation with regards to the subject, Australia was also one of the jurisdictions where auditing standards have the force of law, so as to restore confidence among its citizens in the field of auditing. It is not easy for one to inspire confidence even in a normal context. The same directly implies to matters pertaining auditing standards[6]. Australia therefore felt that it is important for them to inspire confidence among the general public in their auditing standards. This is the third justification that has made it feature among the few jurisdictions with regards to the context.

The same is largely expounded on, in section 336 of the Corporation Act in context. That is, the 2001 Corporation Act. The fourth point that directly answers the concern of the question in context which is largely mentioned in the second paragraph of the task is to avoid cases that may lead to misinterpretations of the auditing obligations[7]. The auditing obligations are the attached to auditing policies and mandates that if wrongly misinterpreted can compromise the quality of the audit as well as the state of the nation in the peoples mind. It is in this context that I peg my reasoning that, the subject state is one of the jurisdiction aligned to force of law in order to cultivate seriousness that may lead to proper interpretation of the auditing obligations.

The final justification as to why Australia is one of the few jurisdictions with the view of the context can be widely explored with an explanation of the states desire to make a demonstration to the investment community and the profession in context. The government had to Act by aligning it to the force of law in order to appraise the profession that comes out of auditing standards. It is important to note that all the justifications that have been provided with regards to the question in context are mainly discussed with reference to the Act of parliament and the Corporation Act of 2001. There was a section that was depicted earlier in the explanation of how the Act in context justifies why Australia is what it is.

In addition to the already mentioned section of the Corporation Act of 2001, there is also section 307A under the same Act that supports the subject of discussion. They mainly conform to the concept that, for auditing standards to be upheld and given keen consideration, there must be force of law that has to be aligned with it. This may also act as a legality procedure. It is the only way that the auditing standards will be able to serve its purpose well without having any technicalities. As mentioned in the early paragraphs, these standards are vital and influence almost everybody within the nation of Australia. That is also the main reason why key players in this particular context include even the general public.

Conclusion

In conclusion, it is clear that the concern of Australia being among the few jurisdictions where the standards of auditing have the force of law has been thoroughly addressed with a number of justifications being brought on board to cement the factual information in context. Some of the justifications provided includes, restoration of public confidence, laying focus on public interest, ensuring quality on the auditing among others. These justifications have been provided with elaborate well explained information, that is in conjunction with the Corporation Act of 2001 under section 336 and 307 A.

 

Bibliography

Brown, P. and Tarca, A., 2011. Politics, processes and the future of Australian accounting standards. Abacus, 37(3), pp.267-296.

Brown, P., 2011. International Financial Reporting Standards: what are the benefits?. Accounting and business research, 41(3), pp.269-285.

Chalmers, K., Godfrey, J.M. and Lynch, B., 2012. Regulatory theory insights into the past, present and future of general purpose water accounting standard setting. Accounting, Auditing & Accountability Journal, 25(6), pp.1001-1024.

Chand, P. and Patel, C., 2008. Convergence and harmonization of accounting standards in the South Pacific region. Advances in Accounting, 24(1), pp.83-92.

Guthrie, J.E. and Parker, L.D., 2009. A quarter of a century of performance auditing in the Australian federal public sector: A malleable masque. Abacus, 35(3), pp.302-332.

Hope, O.K., Jin, J. and Kang, T., 2006. Empirical evidence on jurisdictions that adopt IFRS. Journal of international accounting research, 5(2), pp.1-20.

Robins, F., 2006. Corporate governance after Sarbanes-Oxley: an Australian perspective. Corporate Governance: The international journal of business in society, 6(1), pp.34-48.

Zeff, S.A. and Nobes, C.W., 2010. Commentary: Has Australia (or Any Other Jurisdiction)‘Adopted’IFRS? 1. Australian Accounting Review, 20(2), pp.178-184.

Download Sample

Get 100% money back after download, simply upload your unique content* of similar no. of pages or more. We verify your content and once successfully verified 100% value credited to your wallet within 7 days.

Upload Unique Document

Document Under Evaluation

Get Credits into Your Wallet

*The content must not be available online or in our existing Database to qualify as unique.

Cite This Work

To export a reference to this article please select a referencing stye below:

My Assignment Help. (2018). Commercial And Corporation Law: Merchandising And Commerce. Retrieved from https://myassignmenthelp.com/free-samples/commercial-and-corporation-law-merchandising-and-commerce.

"Commercial And Corporation Law: Merchandising And Commerce." My Assignment Help, 2018, https://myassignmenthelp.com/free-samples/commercial-and-corporation-law-merchandising-and-commerce.

My Assignment Help (2018) Commercial And Corporation Law: Merchandising And Commerce [Online]. Available from: https://myassignmenthelp.com/free-samples/commercial-and-corporation-law-merchandising-and-commerce
[Accessed 07 July 2020].

My Assignment Help. 'Commercial And Corporation Law: Merchandising And Commerce' (My Assignment Help, 2018) <https://myassignmenthelp.com/free-samples/commercial-and-corporation-law-merchandising-and-commerce> accessed 07 July 2020.

My Assignment Help. Commercial And Corporation Law: Merchandising And Commerce [Internet]. My Assignment Help. 2018 [cited 07 July 2020]. Available from: https://myassignmenthelp.com/free-samples/commercial-and-corporation-law-merchandising-and-commerce.


MyAssignmenthelp.com has become one of the leading assignment help provider in New York City and Boston. We provide top class auditing assignment help. Not only auditing, but we also cover more than 100 subjects and our writers deal with all types of assignments with utmost expertise. To make writing process faster and accurate, we have segmented our assignment experts' teams as per their expertise on writing different types of assignments. We guaranteed that students who buy our assignment online get solutions worth their investment.

Latest Samples

ACC203 Management Accounting Method

Download : 0 | Pages : 10
  • Course Code: ACC203
  • University: Elite Educational Institute
  • Country: Australia

Answer: 1. Explaining how the management accountant can help contribute design and operations of the new management accounting system for the new hospital: Being the management accountant relevant skill is needed by the individuals for adequately conducting operations. The same skills of a management accountant can help in designing and operating the new management accounting system for the new hospital. In addition, the management accounting...

Read More arrow

HI6026 Audit, Assurance And Compliance For Australian Security Exchange

Download : 0 | Pages : 9

Answer: Introduction Auditing is the process to examine the financial statements of the business entities in order to find out any material missstements in them. While auditing the statements, the responsibility of the auditors is to take into consideration the major risks of material misstatements and to take necessary steps to reduce them. On the other hand, Australian Security Exchange (ASX) has provided the companies with eight principles i...

Read More arrow Tags: Australia Campsie Management University of New South Wales 

HSC203 Indigenous Health Perspectives 2

Download : 0 | Pages : 8
  • Course Code: HSC203
  • University: Charles Darwin University
  • Country: Australia

Answer: Introduction The assessment is made in regards to conduct the literature review based on the analysis of the impact of historical, social process among the indigenous people of Australia and its effects on the Australian Aboriginal Strait’s health. All the above-identified factors give a wide impact on the indigenous health of people and affect the overall health of the common people. The several disparities have been created am...

Read More arrow Tags: Australia indigenous health perspectives Charles Darwin University 

CSM80003 Construction Law

Download : 0 | Pages : 8

Answer: Case Analysis 1 Hyblewski v Bellerive Homes Pty Ltd. [2019] ACTSC 44 The Supreme Court had released a judgment which had serious implications on the defendants who were considered to be involved in certain actions that were relating to defective building works which in compliance with the Building Act 2004 (ACT) as such also raised certain serious questions relating to the apportionment of the responsibility regarding the building ca...

Read More arrow Tags: Australia Arlington Management University of New South Wales 

MD4064 Research Proposal For Exogenous And Endogenous Factors

Download : 0 | Pages : 13
  • Course Code: MD4064
  • University: University Of Central Lancashire
  • Country: United Kingdom

Answer: Introduction The global economic scenario has experienced considerable dynamics over the years, with new countries and economies into prominence with time. The international economic scenario has become more integrated, inclusive and multi-dimensional, much of which can be attributed to the global phenomena like Globalization as well as country specific phenomena like trade expansion and industrial liberalizations of the major economi...

Read More arrow
Next
watch

Save Time & improve Grade

Just share Requriment and get customize Solution.

question
We will use e-mail only for:

arrow Communication regarding your orders

arrow To send you invoices, and other billing info

arrow To provide you with information of offers and other benefits

1,356,976

Orders

4.9/5

Overall Rating

5,080

Experts

Our Amazing Features

delivery

On Time Delivery

Our writers make sure that all orders are submitted, prior to the deadline.

work

Plagiarism Free Work

Using reliable plagiarism detection software, Turnitin.com.We only provide customized 100 percent original papers.

time

24 X 7 Live Help

Feel free to contact our assignment writing services any time via phone, email or live chat.

subject

Services For All Subjects

Our writers can provide you professional writing assistance on any subject at any level.

price

Best Price Guarantee

Our best price guarantee ensures that the features we offer cannot be matched by any of the competitors.

Our Experts

Assignment writing guide
student rating student rating student rating student rating student rating 4/5

248 Order Completed

100% Response Time

Lloyd Bernabe

MSc in Accounting

London, United Kingdom

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

230 Order Completed

97% Response Time

Liya Han

Master Of Science in Geotechnical Engineering (MSc Geotec)

Singapore, Singapore

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 4/5

1309 Order Completed

100% Response Time

Gemmie Chen

MSc in Nursing

Singapore, Singapore

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

798 Order Completed

97% Response Time

Benjamin Blakeman

MSc in Medical Technology

London, United Kingdom

Hire Me

FREE Tools

plagiarism

Plagiarism Checker

Get all your documents checked for plagiarism or duplicacy with us.

essay

Essay Typer

Get different kinds of essays typed in minutes with clicks.

edit

GPA Calculator

Calculate your semester grades and cumulative GPa with our GPA Calculator.

referencing

Chemical Equation Balancer

Balance any chemical equation in minutes just by entering the formula.

calculator

Word Counter & Page Calculator

Calculate the number of words and number of pages of all your academic documents.

Refer Just 5 Friends to Earn More than $2000

Check your estimated earning as per your ability

1

1

1

Your Approx Earning

Live Review

Our Mission Client Satisfaction

I\'m very pleased with my dissertation report. My Assignment Help was very helpful, and they were quick in response to every question asked.

flag

User Id: 364796 - 07 Jul 2020

Australia

student rating student rating student rating student rating student rating

i got a really good grade, im really happy with the resolution i got also the price was very good

flag

User Id: 343054 - 07 Jul 2020

Australia

student rating student rating student rating student rating student rating

Good solution for my statistics final project. It met all the requirements and helped me get a good grade.

flag

User Id: 429802 - 06 Jul 2020

Australia

student rating student rating student rating student rating student rating

Thanks you all for everything. I were in a hard time with getting my assignment done and i really thankful for it.

flag

User Id: 452417 - 06 Jul 2020

Australia

student rating student rating student rating student rating student rating
callback request mobile
Have any Query?