Answer: Introduction Over the years, many large corporate collapses and business failures took place in the business sector of Australia such as HIH Insurance, Ansett Australia, OneTel and Harris Scarfe. Therefore, the corporate sector of Australia had to face many adverse long-term impact of these business failures and corporate collapses; and the auditing profession has been majorly affected with the same (Betta, 2016). This report emphasiz...Read More
Answers: 1. The four main major risks of Woodside Petroleum for the process of business are the climate change risk management, risk of overrunning the costs of the business, risk of non-compliance with the legal requirements and the risk of not delivering sufficient returns to the shareholders. As the business is mainly involved in the process of petroleum exploration and oil and gas sector, the pressure from the environmental groups is ever...Read More
Answer: Task Part A: Auditing and Assurance It is the responsibility of the auditors to assess the business risks and other key aspects of financial performance and position of the clients in order to identify the areas that require further audit investigation; and this whole assessment is a key part of audit planning. The main aim of this report is to undertake the audit planning of Xero Limited for 2020 audit by taking into consideration th...Read More
Question: Discuss about the Auditing for Structures of Business Reporting. Answer: Inherent risks are those that are present in the system due to the complex structures of business reporting or the large network of companies and the dynamic financial regulations. These risks cannot be easily avoided by creating additional internal controls or increased auditor training. As the size and functions of the business increases, produ...Read More
Question: Discuss about the Principles of External Auditing for Auditing and Assurance. Answer: Discussion of the several factors that can contribute towards increase in inherent risk assessment The inherent risks refer to the risks owing to different error and omission in a financial declaration that can occur for a factor other than control (Arens et al. 2012). The inherent risk of One. Tel is therefore the risks due to th...Read More
Question: Describe about the Auditing of Business Enterprise for Concern. Answer: Assessment of Business Risk and Inherent Risk 1 (a) Business Risk of HIH Insurance Limited As rightly put forward by Leung et al. (2015), it is imperative to assess the business risk related to the operations of HIH Insurance Limited. Business risk refers to different factors that can act as a hindrance in the process of achievement of the organizatio...Read More
Question: Describe about the Auditing Services for Business Risk Evaluation. Answer: 1 (a) Evaluation of business risk associated with HIH made it clear that all the business risks remains associated with international, environmental, as well as domestic aspects (Margret and Hoque 2016). These risks are considered to remain associated with the recognition of Australian insurance industry and the manner in which HIH remains efficient...Read More
Question: Discuss about the Auditing for HIH Insurance Limited. Answer: 1. The HIH Insurance Limited was incorporated in the year 1968. There is a lot of facts questionable right from its formation. For instance, despite incorporation, the insurance operations were commenced only from the year 1998 and even in this; the way insurance business was being carried out was much different from the others. As a result of proper policies and...Read More
Question: Discuss about the Insurance and Law of Obligations. Answer: Introduction: The business risk is defined as the possibility regarding an organization will have lower profits than that was expected or it can also be said that the particular organization will have losses instead of profits (Tarr and Mack 2013). It has been found that generally the business risks are influenced by different factors such as – price...Read More
Question: Describe about the Audit and Assurance for Value Measurements and Complex Estimates. Answer: 1 - Business Risk and Inherent Risk Assessment: a It is evident that the business risk of HIH is interrelated to the global, local and the control environmental factors. The risk is based on the understanding of the insurance sector along with the operational functionality of HIH so that it can fit itself under the “risk eval...Read More
Question: Discuss about the Auditing and Assurance in Australia for Cash Flow Statements. Answer: Introduction: Auditing often refers to the verification of financial reports of an organization on the annual basis by internal management individuals or external audit teams. The financial report comprises of balance sheet, cash flow statements and income statement and company’s accounting policies that are examined to deter...Read More
Question: Describe about the Report for Auditing of Businss and Inherent Risk. Answer: 1 —Business Risk and Inherent Risk Assessments A) How would you assess the business risk of HIH Insurance Limited? Business risk of HIH Insurance Limited has been seen to reveal a contradictory pattern since there are more aspects that come into the context of HIH financial report. It is obvious that the business has lost it grounds a trust...Read More
Question: Discuss about the Auditing & Assurance. Answer: Introduction: Business Risk and Inherent Risk Assessment The business risk in the context of HIH has been related to the global, local as well as the environmental attributes and issues. The following parameters have been identified to determine the amount of risk that HIH is facing. The profitability and the structure - The business risk of HIH ...Read More
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