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Background and ContextThe auditing system is a methodical platform that measures the effectiveness with which the financial statements incorporate the true facts and figures regarding the financial performance of any firm. The internal and external control of auditing facilitate the process of evaluation of the financial statements as well as the accounting information that are being incorporated within the annual reports that reflects the fin...
Cut Off Risk AssertionAlmost all auditors are deemed to be some obligations that are evident in investigating and evaluating the financial statements of companies so that it might be made certain that they do not encompass any type of material misstatements due to any error or frauds. The stakeholders related with these companies in order to analyses the fairness and honesty within companies financial statements. At the time such financial sta...
InvestorsThere are many instances where the auditors have performed below the standards audit and were not able to provide the needed assurance dependably; and this whole aspect creates major risks for the key stakeholders of the companies (Hay 2015). This report takes into consideration the evaluation of Origin Energy’s key stakeholders as it would be helpful in measuring the effects of material misstatements on their decisions. The sec...
The importance of auditors doing their job to prevent material misstatementThe auditor’s report serves as a reasonable assurance as to the quality of audit being conducted and shows that the accounts of the company have been prepared without errors, omissions and material misstatements. It has direct repercussions on the decision making by the stakeholders and hence it warrants for due diligence and utmost importance. Greg Medcraft...
Introduction to CSL LimitedThe report provides a brief analysis of CSL Limited, giving bits of knowledge into its financial performance for the past ten years. The historical money related information is gathered for the years 2008 to 2017 including the the income statement, balance sheet and cash flow statement of the organization. The report starts with a concise presentation about the organization and its core practices. In the later part, th...
Activity-Based Costing for Manufacturing CompaniesIn the present era, the production process of multiple products in manufacturing companies is supported by various activities and department due to which it is not feasible to allocate overhead as per the single rate (Oseifuah, 2018). Therefore, traditional costing is not suitable as it leads to a wrong decision regarding cost consumption and profit generation for individual product or departme...
Theoretical Frameworks for Company AccountingAn impairment loss can be defined as the amount by which the carrying amount of cash-generating unit’s assets surpasses the fair value amount (Kabir, Rahman and Su, 2017). The recognized loss is revalued at an annual basis, and the accounting of the reverse of the estimated impairment loss recoding is done for the CGU. The present study is based on an evaluation of provisions for impairme...
Evaluation of Owner's Equity of CSL and Cochlear LimitedEvaluation on the accounting treatment of an organization is one of the essential aspects of the corporate finance. It is essential for an entity to follow the accouning standards and principle to recognize, record and present the accounting figures in the financial statement and annual report of the company so that a fair value could be conveyed to the stakeholders of the entity (Romney,...
Overview of Activity Based Costing (ABC)The main purpose of this paper is to discuss two research-based journal articles relating to Activity Based Costing (ABC). These two articles discussed are “Implementation of the Activity based Costing Model for a Farm: An Australian Case” and “The Impact of Activity based Costing on Organizational Performance”. The paper explains the Activity Based Costing (ABC) method ...
Exploring Fair Value (FV) Accounting: A Literature ReviewWith the economic condition and complex business condition, fair value accounting has been gaining momentum throughout the time. It helps accountants to record the assets and liabilities in the books of account of company. This report reveals the pros and cons of the fair value accounting and how it could be used by company to strengthen its reporting frameworks (Choudhary, et al. 2017)....
Definition of Auditor IndependenceIn the present corporate world, enhanced auditor reporting requirement has been effective and due to same enhanced transparency is available to the users. The changes in the audit requirements have been made in accordance with Australian Auditing Standards. Present report emphasizes on assessment of the existence of auditor independence in Apollo Tourism and Leisure Ltd. Further, analysis of key audit matter a...
Analysis and DiscussionFredgrau Enterprises is a small company for which the audit planning needs to be done and therefore the audit partner of the company has asked to the course of action to be taken about the same. Based on the trial balance given by the company the audit procedure to be taken has been designed besides identification of the key and critical accounts, which shows the huge deviation (Axelsen, et al., 2017). Materiality...
Fair Value Accounting: Advantages and DisadvantagesThe underlying essay is undertaken for presenting a critical review of the article is written by Antonia Marra and published in the year 2016. This article provides the information on fair value of accounting and how it helps in valuing the elements of financial statements. It also discusses the pro and cons of fair value measurement in the global accounting. The critical review is undertaken ...
Advantages of Fair Value AccountingFor above the last two decades, the fair value accounting concept is followed. The idea behind it is measuring assets and liabilities at their existing values. This has been a significant deviation from the fact that the books of accounts need to be valued at historical cost and not at their existing values. However, this concept leads to a debate, as certain factors need to be taken into consideration for un...
Purpose of the Two StudiesThe management of particular organizations uses budgeting as a tool for planning and control of various activities. The tool is typically used to plan for the present and future activities. Normally in the organizations, the actual costs are estimated against the projected expenditures with the aim of ensuring that the various activities are controlled with the aim of reducing wastage. The key aim of this report there...
Question 1Business organizations are largely emphasizing on becoming more responsible by increasing their involvement in activities that benefits the community and environment as a whole. The information related to the social, economic and environmental performance of a business entity is disclosed through development of sustainability reports. Sustainability reporting is also known as triple bottom line (TBL) reporting that emphasizes on disc...
Explanation of activity-based costing (ABC) systemWith the increasing speed of globalisation, all business organisations are focused towards raising their profits. Under such condition, when there is increase in sales revenue, the variable costs tend to rise as well. Hence, this has mandated the need for the organisations to select a suitable costing method having the ability of recording and analysing the business costs (Chenhall and Moers 20...
Relevance of Fair Value AccountingIt is observed that for the past two decades the practice of fair value accounting to measure the asset and liabilities at estimated current value is rising rapidly and the measuring process is very different from the traditional historical cost book-keeping method. The changing pattern of asset and liability measurement has a huge impact on the business world effecting the business activities, investment choi...
Explanation of Activity based costing methodFor effective financial transaction and performance within organisation, management accounting one of the most significant concepts by which firm can effectively carry its activities. It is a procedure to analyse and assess the financial performance of the corporation by which effective decision can take by finance manager for future activities of business unit. Management accounting is a systemati...
Externalities and its impact on stakeholdersCustomers: The products and services being produced by a company should fulfil needs of the consumer (Willman-Iivarinen, 2017). Hence, the feedback from customers should be taken from time to time for improving product and services. Employees: Employees are the ones who put words into actions. Employees are the asset of the organization. They will play an important role to make sure change...
Shareholders’ EquityIn this assignment tow companies have been selected, NEPTUNE MARINE SERVICES LIMITED and PARINGA RESOURCES LIMITED. Both the companies belong to the marine sector and are listed on the ASX stock exchange. Neptune Marine Services Limited is a leading provider of integrated services that includes inspection, repair and maintenance solutions to the oil and gas and the other marine and renewable energy sector. The headqu...
Purpose of Study and Research QuestionThe report discusses two article of the accounting review in Australian accounting standards. The articles were the review of the history of the quality in the financial reporting in Australia and New Media along with External Accounting Information. The report consists of proper explanation regarding the reason of choosing the two journals for conducting the research. Further, the research focuses on the ...
Recognition of Financial Statement’s Elements The report is developed to discuss the different aspects of Australian accounting framework. It gives an insight of the elements presented in the financial statements and the contrasting characteristics of them are compared as well. The characteristics of assets are also evaluated in the report. The report further evaluates the criteria for measuring the assets and discusses the supporting argu...
Two Key Assertions at Risk In Relation To InventoryThe main purpose of this paper is to identify and explain two key assertions at risk in relation to inventory as well as identify and describe two substantive audit procedures that are performed in response to each identified risk. The paper also explains the requirement of ASA 701 that relates to communicating key audit matters. In addition to this, the paper seeks to identify and explain two...
Introduction:The major purpose of making this report is to provide proper acknowledgment of using management accounting tool in real life organisation. This reading is based on research journal articles which will explain importance, use and significance of management accounting tool through detailed analysis. Analysis will be based on accounting and management journal and articles. Activity based costing is to be chosen as per instructions an...
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