Audit

Central BankingA central bank can be referred to as a public institution that is involved in managing a country’s or a group of countries’ currency and controlling the supply of money that the amount of money circulated. Ensuring price stability is the main objective of central banking. In some countries, law requires the central banks to act to support full employment. Setting the interest rate is one of the primary tools used by an...

Retail Segment and BrandsPremier Investments Limited is a company situated in Australia and deals in the speciality retail fashion market in Australia, New Zealand, Asia and Europe. It is a public listed company on the Australian Securities Exchange and has the code PMV for its securities. It earns its revenue through operations in the retail chain of speciality fashion, in which it employs approximately 11,000 employees (Ibisworld.com 2022). ...

Competitors of PMVThe company Premier Investments Limited (PMV) is based in Australia and operates in the market of speciality retail fashion in countries like Australia, New Zealand, Europe and Asia. The other segment where the company operates is the investment in listed securities and the deposits in the money market. The company has two business segments, which are retail and investment. The retail segment has a major contribution from t...

Increase in PMV's Gross Margin and Net Profit Ratio It Shows an increase in PMV’s gross margin from 60.98% in 2020 to 64.30% in 2021 due to stable growth in sales revenue. It indicates PMV’s efficiency in rendering services using direct labour and materials. A healthy increase can also be seen in its net profit ratio as it increases to 18.84% from 11.33%, demonstrating an improved ability of PMV to translate its sales into a profi...

DiscussionThis report is based on Premier Investments Limited and assumes the role of a senior auditor who has been assigned to audit the company for the financial year ended 30 June 2021. As an instruction from the engagement partner, this report looks to gather relevant background information concerning the client which is a part of the audit procedures in order to gain a relevant understanding of the business and its environment. On the bas...

Ratio Analysis and Evaluation for DIPL Ltd1. The financial and nonfinancial decision can be taken with the aid of analytical procedure. An Analytical procedure is of paramount importance to the auditor and the management at large. In this scenario, the analytical process is conducted for DIPL Ltd that will shed light on the performance and depict a correct view. Further, this process is of immense help while tracing any defects in the financia...

Mission and Vision StatementWestpac Bank came in to existence in the year 1817 in Sydney, it has its headquarters in Sydney. It is considered as one of the four major banks of Australia. The portfolio of the bank is highly diversified of the various financial services that are divided into different segments: institution oriented as well as consumer oriented. The portfolio of the bank includes wealth management and advisory services. The Bank ...

Section 1Australia and New Zealand Banking Group Ltd (ANZ) offers a diversified range of financial and banking products and services. It is one of the four big banks of Australia and its services are provided from more than 1200 offices and branches that are located in its namesake countries including the Asia/Pacific region. In relation to its current organizational structure, the company uses a divisional form of organizational structure (AN...

Literature ReviewThe National Australian Bank (NAB) was formed after the merging of two banking companies in the year 1982. It is currently one of the top most rated companies dealing with financial issues and market capitalization in Australia. It is an international company with a large number of customers and employees working in it. NAB has been rated as world’s 21st and 41st largest bank in relation to market capitalization and tota...

Situation Assessmenta) The Principle of Confidentiality along with the Principle of Integrity has been challenged in the given case. In accordance with the principle of confidentiality, the auditor is required to maintain the confidentiality of each and every document that he obtains during the course of the audit of that company. Also he is not required to disclose or share the verbal material information of the client with anyone else (Tsahuri...

DiscussionAccounting software is a kind of software of execution, which tracks and operates different transactions of the department of accounting in the diverse effective modules like the trial balance, accounts payable, accounting records and payroll (Galliers and Leidner 2014). It is usually acquired from a third party vendor, or is spread by the company that is planning to take accounting software or it can be an integration of both cases ...

Description of Commonwealth Bank of AustraliaThe Common Wealth Bank situated in Australia and serves many western countries having establishments all over. It is exists under the banking industry and offers many money-related services to its clients. They include management of resources, giving loans to innovators to get their businesses up and running, safe keeping of savings and giving insurance covers to the applicants (Lane, & Milesi-F...

Overview of Conversations Highlighting Breaches of APES 110 and Auditing Principles The applicable threat associated with each of the conversations presented below is as identified below. Conversation 1: Chris, LTH’s CEO communicates to the audit manager of CJI that the board would like to extend the association by awarding the audit contract but it would be dependent on the extension of a favor by Geoff whereby he would have to deli...

Question 1 Capital Structure Particulars Details Bendigo and Adelaide Bank 2015 (in million $) 2016 (in million $) 2017 (in million $) Total debt A                7,249.10                5,958.70       ...

Overview of Commonwealth Bank of AustraliaCommon wealth bank of Australia There are many multinationals working in Australia; however, there are few that can match the size of Commonwealth Bank of Australia. It is the biggest bank in Australia and has branches across USA, Fiji, Asia and the United Kingdom. It is the largest company in Australia that is listed in the Australian Securities Exchange. It has other brands and subsidiaries like the...

Analytical Procedures for DIPL1.The analytical procedure is an effective tool used by the auditor to perform risk assessment and identification of misstatement in the financial statement. The process consists of an evaluation of the financial information through analyzing the relationship between financial and non-financial data. It helps in investigating identified fluctuation or relationship data inconsistent with other information (Knechel ...

Background and overview of the case studyWhen someone starts the business then he has to take the risk. Without any risk no business can smoothly function. But the risk should be at such level which can be controlled and mitigated easily so that the continuity and the perpetuity of the business does not hamper. Risk may be of any kind like risk of having losses, risk of having the sudden removal or vacation of the position of the key manageria...

Macquarie Group Limited operationsIn the current era of industrialization, to survive in the competitive environment, it is important that organizations embrace effective financial, operational and human resource capabilities assuring a progressive growth. The performance of the organization is extremely affected by probable risks, which is an inseparable part of the banking industry. The report has been drafted to assess the effectiveness of Ma...

Answer: 1 Applying analytical procedures to the financial information for DIPL for the last three years In this given question, it properly explains about analytical process that is present in the financial report for company such as DIPL. The financial report of company helps in developing a plan for audit activities (William, Glover and Prawitt 2016). The audit plan is used as a specific guideline that should be followed while undertaking t...

Financial Ratios Computed for DIPL Ltd.Audit is an independent examination of the financial statement performed by the auditors in order to give an unbiased opinion about it. The auditing procedure is broadly classified into two categories- substantive procedures and analytical procedures. The analytical procedures deal with the calculation of the significant accounting ratios that enables to analyse the performance and position of the company...

Applying Analytical Procedures to DIPL's Financial Report InformationAnalytical process is considered to be one of the adequate information providing systems, which allows the company to develop adequate audit plan.  The use of the audit plan mainly allows the auditor’s relevant steps that need to be conducted complete the audit operation. Arens, Elder and Beasley (2014) mentioned that with the help of audit plan, auditors are abl...

Background Information about the Research PaperBackground Information about the Research Paper:  In the current time, it is more essential and noteworthy for the business firms or multinational companies to adopt and implement different types of information systems and technologies in order to run business functions and operations more innovatively and effectively. It is because information systems and its applications allow the organiza...

Preliminary Analytical Procedures by an AuditorThe mechanism of the analysis of the ratio has been implemented for the analytical review and the assessment of the financial reports and statements of DIPL for the last three years have been provided in the table below: Profitability Ratios Ratio 2013 2014 2015 Gross Profit Ratio 17.55% 16.13% 15.20% Net Profit Ratio ...

Matching Criteria’sThis section of the study has covered a brief analysis of the various criteria of the graphical representation of information used by Westpac. 360 Degrees Representation of information: The important benefit in terms of representation of data with the pie chart has been considered with information segregation into multiple classes. Values in terms of Percentage: This may often classify information with percentage ...

Stewardship Models of Wilson and BlockThe stewardship is a concept which expresses the essential strategies and resource management. The stewardship could be implemented to the environment, nature, finance, property, knowledge, and religion. The stewardship is made of the works of stewards in houses or any firms. The duties of the stewardship are generally extended to the service and management of the homes or in the organizations. The financi...