Audited Financial Statement Article

Task 2 – Auditing three hundred (Semester two, 2014)

1 ) Opal Pty Ltd (Opal) is a family-owned company functioning chemist retailers in Perth. A large portion of the sales transactions are executed in cash. Opal claims on having strong control policies and procedures in position to keep an eye on the employees managing the cash also to safeguard the amount. However , the proper implementation of those policies had been questioned by the previous auditor. Further, Opal is intending to expand to Albany and Mandurah. It can be applying for a loan from the traditional bank to receive funding for the enlargement. Before allowing the loan, the financial institution requires Opal to provide them with the audited financial declaration.

2 . Neon Pty Ltd (Neon) is within business for the last 15 years. It produces and redirects papers around Australia. Over the last five years Neon opened four new factories in three distinct locations employing bank loan. Because of growth inside the company, the financial movie director John Darkish is eager to set up an indoor audit section. At the moment the project appears to have stalled, as some of the more elderly executives can't see the use of setting up these kinds of a section and spending cash in something that is usually not required.

several. Wizard Pty Ltd (Wizard) manufactures computer hardware. The old charging system (developed in-house) can no longer maintain the complicated and in depth manufacturing priced at process that delivers tender costings and it also battled with the industry’s broader confirming requirements. Consequently , Wizard mounted a popular off- the –shelf (not customized) costing system to support the highly superior and price sensitive character of the product styles. Since, this technique had been utilised by few other firms on the market, Wizard did not feel the emergency to test the appropriateness of the system. This method can be seen by all of the employees. But the staffs are certainly not feeling extremely confident with the new software due to lack of teaching and oversight.

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