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Practical MotivationThe research study provides an overview on the ethics in accounting profession. Ethics is the substratum of the accountants profession. Ethics is important for all accountants as they are responsible over the financial statement users and gives information to the users having conflicting interests. Ethics in accounting is crucial for accountants to gain professional skills and knowledge in their job so that they are able to p...
Explanation of the Purpose of the Studies pertaining to Activity Based CostingActivity Based Costing is an accounting method which analyses and allocates the costs to the activities of overheads which is followed by the allotment of costs to the products. It identifies the relationship between the costs, activities of overheads and the manufactured product. With the help of this relationship, it allocates the indirect costs to the products les...
Definitions of Independence in the Audit ContextAny kind of threat that is imposed on an auditor, set a limit on his work does affect the professionalism of the job. There are many authors who have described the threats that may affect the professionalism of auditing as overdue salary, actions or threatened litigations, personal relationship with the firm or partners, beneficial interesting shares and other Investments in the business, interes...
Share Capital for Rippa LtdAccording to “Paragraph 51 of AASB 116”, any revision in an asset’s useful life is to be considered as a change in accounting estimate, instead of accounting policy change (Aasb.gov.au, 2018). Hence, this does not mandate the need for retrospective restatement of accounts. The change would exert influence only on the financial statements of the prospective periods. Book value as at 1st July 2017 = ${...
Current Organization structureAn accounting software is a computer based system that is used by account managers to execute accounting tasks. (Boulianne 2014). An accounting software can either be created on handy for local use or acquired from developing companies of such. There are various categories of accounting software. They range from small scale software to large scale software, depending on the area of usage and the level of transacti...
Limitations of Traditional Management Accounting PracticesControl, compliance along with competitive report serves as vital aspects that have facilitated in development of the management accounting practice. Such tradition process of carrying out management accounting practice has certain limitations that includes that they just focus on the financially based business performance measures so that the financial perspective has a considerably in...
Identifying Organizational and Managerial RisksThe information technology audit or IT audit is the process of examination as well as evaluation of the organisational IT infrastructure, operation as well as policies. To understand the use of use and impact of IT audit and control on the business the scandal of Satyam Computer Service audit report is being considered. This is one of the biggest scandals that took place in an IT company and for t...
Understanding Activity-Based CostingCurrently, manufacturing organizations setting is changing significantly and competition is now more intensive than before. Accurate costing data is crucial for any organization to retain its competitiveness within the market (Reddy, Venter & Olivier 2012). Therefore, a more accurate and precise costing data is required to enhance effective decision-making in the current advanced manufacturing setting. Non...
What is Balance sheet and its importance? Balance sheet It is also known as statement of financial position that reflects the true and fair view of a company’s financial position in the market. It is a statement that shows the balances of the assets, liabilities and capital of a business reported at the end of a fiscal year. Balance sheet reflects the capital structure of the firm and provides an idea about the company’s equit...
Step 1: Understanding the curriculum contextCompleting this audit will take approximately 2-3hours. As you are using this tool to evaluate your current historical skills, knowledge and conceptual understanding, you should complete this without conducting any ‘research’ (internet or textbook searches!). There are several steps in completing this ‘audit tool’. Please note this is an indicative tool ONLY – it does ...
Question 1: Use Classical Political Economy Theory to explain JB Hi-Fi’s decision to release its profit downgrade in the way it did. Make sure you explain what Institutional Theory is, and support your observations with evidence from the case study. Classical Political Economy Theory can be effectively used to explain the decision of JB Hi-Fi to release its profit downgrade through expounding on crucial attributes prese...
Should Accounting Standard Setters Consider Economic and Social Consequences?Accounting standards are one of the most important aspects of the functioning of any business corporations. Each and every business organisation perform their functions to the best of their abilities. The financial department of each and every business organisation along with the audit committees of the companies take proper care in the implementation and the applicat...
Addressing the Financial ConstraintAll the mining companies and the other companies, in general, face many constraints which tend to limit their production. For the companies to achieve their desired results, they must come up with some ways which will help them to address these constraints. The major constraint which limits the production of companies is the capital or the financial constraint since for any company to operate at its maximum c...
Background InformationSolution 1: The following table shows the calculation for cost per unit for both basic and advance model under traditional method of costing: Statement of Cost- Traditional Approach Particulars Basic Model Advance Model Units produced and sold 1,600 &nbs...
Background1: Your answer is written here. According to the classical political economy theory adequate relevant measures needs to be conducted by individuals and organisations for minimising the implementation of regulations by governments. The classical political economy theory directly explains the relevant measures that needs to be taken by organisations in the current era for nullifying the responses from appropriate authority such as ASX....
AASB 16 and its Impact on Financial ReportingRequirement 1 AASB 16 brings with itself single lessee accounting model and requires a lessee to recognize all the assets and liabilities of the leases which have a time period of more than 12 months. If the underlying asset is of low value, then there is no need to recognize it. This new standard brings many changes in lease accounting used by many companies. Specifically, the lessee accounting ch...
Importance of Ethics in Auditing Profession Independence of the auditor refers to the independence from external and internal source that might be having any sort of financial interest in the company. Audit is an independent examination of the financials of the company and the investors depends upon the audit report to take important decisions with regards to the company hence it is important that the audit report must be free from all kind of e...
The role of auditors in Australia In the 21st century, to perform the roles of the auditing in order to evaluate a better system of financing it is really necessary for the accounting industry to look for new measures and techniques that can be of great utility for the firm. The auditing team and the senior management of the corporation are the two important departments who help in the making of quality audit reports. It is also required for the...
Identification of Key Audit Matters for Each BankIn the report a few companies from various industry segments have been analyzed. On this basis of the analysis the key audit matters have been found. The identification of the key audit matter i.e. which topic required most audit analysis focus for each company has been made. It has been investigated that every company basis its nature of business and working style has a separate key audit matte...
Motives behind directors not revaluing property, plant and equipmentThis particular requirement seeks to address benefits that are enjoyed by reporting entities by the adoption of international financial reporting standard which have the consequence of improving financial reporting quality. It is indicative of the fact that the establishment of accounting standards intends to ease the process of preparation of financial report and thereby faci...
Comparison of Audit FirmsThe study intends to compare Deloitte a company founded by William Welch Deloitte in 1845 in the UK. The company is considered to be leading among the “Big 4” audit companies in the world as the reports presented by Statista in 2017. Additionally, Deloitte provides huge service network of professionals in the world (Statista, 2017a). On the other hand, Lodha & Co a “non-Big 4” was establis...
Regulation of Financial Reporting in AustraliaThe financial accounting plays a very important role in the smooth and the effective functioning of the company. It is because of the fact that it is the financial accounting which gives the detail about the results of the company in terms of the position and performance. The financial accounting is done on the basis of the accounting standard that is prepared by the accounting standards setting bo...
Activity-based CostingBeach Energy Limited is an Australian company which deals in the oils and gas exploration and production of many types of energies. The company said to the company said to work mainly on the Cooper basin which is said to have energy sources and also an average of land having no less than 69000 square kilometres of area. It was in 1961 that the organization was founded and in the year 1962 the Australian securities exchang...
Controls of an organizationUnder this analysis, a variance between the account balances of the organization in two years is calculated and percentage change in such balances also calculated (Marshall, McManus, & Viele, 2004). Such analysis helps the auditor in getting information regarding the significant change in account balances. Such analysis for Printing solutions Ltd. showing following results, Income statement 20...
Methods of Identifying KAMThe present report has exhibited critical assessment for the application of “ASA 701 Communicating Key Audit Matters (KAM) in the Independent Auditor’s Report”. The main consideration has been considered in the mining industry with including the perspective of companies such as “Boral Limited, Amcor Limited, Bluescope Steel Limited and Newcrest Mining”. Based on the assessment of annual r...
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