Assignment Task:
E and B Accounting Assignment Help

 

Question 1         Planning, analytical and risk assessment        
You have recently been promoted to an audit team leader role and assigned the 2019 audit of E& Entertainment and Technology Ltd  a long-term client. 
Background  E&s ranked among the top 100 publicly listed companies on the Australian Stock Exchange (ASX) with 114,883,372 shares on issue. It derives its revenue from the retail sale of telecommunications, home entertainment and, other consumer electronic products. The company employs approximately 12,200 people, operates in Australia and New Zealand, and is administered from its head office in Victoria. In recent years it has made several large acquisitions of competitors and currently holds 25% of its market.

Preliminary planning meeting
As part of the planning process for this year's audit, your audit partner, Bill Murray, has had preliminary discussions with the audit committee and the Chief Financial Officer (CFO), Jayne Brewster. He has handed you the notes from that meeting as well as key financial information. The notes focus on the following issues:

 A new international company is planning to launch into the Australian market within the next 6 months. This company aggressively slashes prices to gain market share and has decimated competitors in other markets it has entered. E&B also faces intense competition from local retailers, forcing it to spend more on advertising and promotions, as well as enhancing product offerings and the availability of customer

  •  Recent issues over the underpayment of part-time and casual staff have been identified. 9 staff were underpaid a total of $50,000;
  •  E&conducts a large part of its business online and is therefore exposed to the recent significant increase in cyber-attacks;
  •  In 2018, the company incurred foreign exchange losses of $1.3 million on its purchases of finished goods. To minimise exposure to such risks, E&B enters into
  • foreign exchange forward contracts.
  •  New versions of existing products (such as the iPhone, iPad, laptops, and HDTVs) are being released on an increasingly shortened cycle;

 

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  • Uploaded By : Noah
  • Posted on : January 11th, 2019

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