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Importance of the new standardIn the Auditor’s Report, the Auditing Standard ASA 701 Communicating Key Audit Matters describes major topics that the auditor is obliged to state in his audit report. Many transactions are there, that have an influence on the organisation and it is useful all that has an impact on the company based on substance should be well mentioned in the audit report. The stated standard provides the auditor with the...
Summary of Ethical Violations and Standards Breached1.Based on the provided case studies, it could be found that Mary and Johnny have breached specific ethical principles and standards, which are enumerated as follows: In accordance with the professional scenario, it could be cited that there are two missing documents in the ABC Company’s work paper, which include the worksheet of a major item and final version of the signed letter of e...
Efficient Portfolio and Capital Allocation Line1.Mentioning about five asset classes and depicting about its nature based on Arithmetic Mean (AM), Geometric Mean (GM) and Standard Deviation of each: Year Australian Shares Australian Bonds (RBA cash rate) S&P500 (USD) US Fed Funds Rate (USD) Brent Oil (USD) 1996 9.90% 6.00% 22.96% 5.30% 31.80% 1997 8....
TaskThe art of observation and inserting the observation fear into the observed individuals could be termed as panopticism. Jeremy Bentham has established this theory and the following diagram would help in explaining the concept: As per the above diagram, the construction of the above place is simple because an observation tower is present in the centre and the cells are used for lodging the prisoners. This has helped the in-charge o...
Analysis of the key management challengesEntrepreneurship refers to the willingness and capability to create, arrange, and manage a business project along with the risk involved and to make a profit (Barringer, 2012). In other words, entrepreneurship refers to the act of developing a business while establishing and scaling it to produce advantages. This report explains the management and entrepreneurship of TXO System Company in the United Kin...
Marginal Costing: In the marginal costing approach only variable cost are charged to the unit of cost and all the fixed cost is written off against the contribution. The main difference between the marginal and absorption costing is that fixed manufacturing cost is included in the product cost in case in absorption costing while in case of marginal costing all the fixed costs are charged to the contribution. Comments: The above results a s...
Assessment task part A (Activity based costing)Activity based costing (ABC) is the accounting system that recognizes activities of a firm and then allocates the indirect costs to the products. The ABC system identifies the relationship among the products, cost and activities and through the relationship allocates the indirect cost to the products. However, few costs are not easy to allocate through ABC method. For instance, indirect cost lik...
Adelaide Brighton CementIn this particular report, Time-Driven Activity-Based Costing System (TDABC) is discussed from the viewpoint of a consultant recently employed in a firm. Therefore, it is assumed that one of the major clients of the firm is Adelaide Brighton Cement, which is one of the top manufacturing organisations of Australia. The first segment of the report would focus on the business operations of Adelaide Brighton Cement. Th...
Identifying Potential Threats to IndependenceBefore taking decision about the acceptance of the engagement the key matter has been described. The ethical matter that has been dealt with the Pharmaceuticals Limited is the public interest. Public interest is referred to as the areas in which public has the substantial interest. In the given case the public interest has been adversely affected which otherwise shall be properly maintained. It is b...
The Main Vision of Balanced ScorecardBalance scorecard is an effective controlling tool that can be used to control various operations (financial and non-financial aspects) of an organization. Before the implementation of Balanced Scorecard in any organization, it is necessary to develop a thorough understanding of the process and principles involved in Balanced Scorecard, the working associated with its implementation, resources required an...
The Corporation Act 2001 and its regulation of companiesThe corporation act regulates the companies in Australia and deals with the matter related to formation of the company, operation of the company, and duties of the officer, fundraising and takeover. The corporation act 2001 requires that the executive officers and directors of the company exercise their duty and discharge their power with care and diligence. The powers and the duties of ...
Role of Management Accounting in the Management ProcessAn organization is a storehouse of various activities which aim to make profits with exchange of the services or the products which they manufacture. A business consists of various departments namely customer management, human resource management, manufacturing, finance and servicing (Schaltegger and Burritt 2017). All these given functions and departments of a business enterprise have var...
Double Entry Bookkeeping In An Integrated Accounting SystemAn integrated accounting system is a software application, which standardises the processes to record transactions along with disseminating financial information. The following steps would be followed to implement an integrated accounting system: Firstly, the accounting method needs to be selected, which might be cash or accrual accounting. Cash accounting records cash receipt...
Defence Strategies in NetworkingInternet service providers face malicious threats from hackers every now and then that had formed the source of various risks associated with the transferring of internet to the clients. Therefore it is required that a network is made absolutely impermeable to assure that there is no risk associated with the networking system (Chang & Ramachandran, 2016). It becomes necessary that the defender system in a ne...
Date Details Debit ($) Credit ($) 01-Nov Bank and Cash a/c 1,540.00 To Revenue a/c 1,540.00 (Being cash received form a student towards fee for watch-making school) 02-Nov Drawings a/c 183.00 To Bank and Cash a/c 183.00 (Being s...
PART 1Bank A: GAP Analysis: GAP = 500 -600 = (£100) Expected Net Interest Income = [(500*7%) + (350*9%)] – [(600*3%) + (220*4%)] = £(66.5 – 26.8) = £ 39.7 Expected Net Interest Margin = 39.7/850 = 0.0467 The bank is likely to see an increase in the net interest income if there is an increase in the interest rates. According to the GAP model, the bank currently has £100 less in assets than in lia...
ASX Listed Company's Accounting PoliciesBackground of the company AGL energy is an Australian company which is listed in ASX stock exchange. It is a public sector company which is involved in retailing of electricity and energy generation for the household and commercial use. Currently the company has market capitalisation of 10.589B in AUD. AGL limited has adopted Australian accounting standards and Corporations act 2001 for preparation o...
Types of Engagements and Levels of AssuranceAuditing is the process of checking and inspecting all the books of accounts in order to find errors and manipulations in them if any and to make an assurance about the true and fair view of the financial statements. There are various types of audit according to its functions and objectives and an individual person having competent knowledge can be appointed for such audit. In the given case study, i...
Contingent Liabilities and their Accounting718 Geelong Street, MELBOURNE, VIC 3000 Telephone +61 7894 679094 www.magentaandassociates.com.au 15th January 2018 Mr. Christopher Sampson The Managing Director Beachlife Ltd. Level 7, 927 William Street, Brisbane QLD 4000 Dear Christopher, It is a great delight for us to get the feedback from you and we convey our thankful wish to you in return of your email that you have sent u...
IASB Conceptual Framework and its emphasis on qualitative characteristicsThe effectiveness of details that are being represented in the financial statement are developed through the existing IASB conceptual framework through ensuring relevancy and reliability of those information. The qualitative characteristics of useful details and knowledge such as relevance and fundamental characteristics recognized in the IASB Conceptual Framework are to ...
Profitability measures: Profit margin, return on assets, return on equityThe investors who generally invests in equity are apprehensive about the ability of the company to create, preserve and raise the amount of income. The extent of profitability can be assessed various interconnected dimensions. Primarily there is a relationship of the profit of the company in accordance to the revenue, which is even known as the residual return on per sa...
Industry and Situation Analysis of CPU4UThe case study is about the company CPU4U that engages in manufacturing hardware components for computers, phones, automated manufacturing equipment and electronic equipment (Theriou 2015). After completing the report, it will be easy to understand and explain the concept of strategic management as used in the contemporary business environment. It will even help in identifying the suitable objectives as ...
Impairment of assets: AASB 136Financial accounting is the most complex process in the business organization as it involves managing all the accounting and finance process and reports them in the financial report. Preparation of the financial report involves using the financial reporting standards. The main purpose of this report is to make evaluation of make major accounting standards related to impairment of assets (AASB 136) and accounting l...
Expectations from Capital Intensive AssetsA capital intensive asset is a significant portion of the component of the balance sheet of the company. Many giant companies like Reliance Industries; General Electric invests heavily in machineries and equipment. The industries which are highly capital intensive encompasses aviation, automobile, oil exploration etc.The investment in assets in such companies generally forms greater than 50% of the total...
Influencing Factors for Asset ManagementAsset Management and Design for Maintainability and Reliability The purpose and nature of an organization and the external and internal environment within which it operates depend on the type of assets the company requires, and the capability of asset management; this is vital to delivering its objectives. These influencing factors need to be taken into account when evaluating the goals and outputs of...
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