Country : Australia
Assignment Task :

Unit Learning Outcome  
ULO 1: Use professional and ethical judgement in applying relevant legal and professional pronouncements to all stages of a given assurance engagement.

 

Case Study - Rice Company of Australia Ltd 

FKC is a mid-tier accounting firm based in Melbourne. In 2020, a new audit client, Rice  Company of Australia Ltd (RCA), expressed its interest to work with FKC. RCA is a medium size  company located in Melbourne. Josh Prakash, who is an audit partner at FKC, assessed FKC’s  independence as well as competence to audit RCA. Finally, Josh decided to accept this new  client. Rebecca Cheng was assigned as the audit manager in charge of planning and  supervising the conduct of the RCA audit. You are currently employed as an audit assistant  and have been assigned to work on the RCA audit. You will be assisting Rebecca.  

 

RCA’s background  

RCA’s principal business activities include importing, grading, packing, and selling rice (i.e.,  rice is a common food for many households across the world). RCA focuses on the Australian  market and South Pacific markets such as Fiji, Vanuatu, Solomon Islands, etc. RCA was  founded in 1982 and has developed a highly efficient processing line using fully automated  machinery. It has installed a state-of-the-art rice sorter in the processing line to remove any  foreign particles and unwanted components such as rice husks. The reputation of focusing on  quality gives RCA its competitive edge. RCA has various types of rice that cover most  preferences in the market: Australian Calrose medium grain rice, Australian long grain rice,  long grain rice imported from Vietnam, fragrant Jasmine rice imported from Thailand, and  Basmati rice imported from India and Pakistan.  

Before sorting and packaging both the imported and locally grown rice into various package  sizes, the raw material (pre-processed rice) is stored in a series of side by side silos. These  silos can hold up to 1000 tonnes of grain each. The raw material inventory represents a  significant portion of the total inventory. The different types of rice are then put through the  sorting and packaging process and stored in the company’s warehouse in Melbourne before  shipping to customers.  

 

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  • Posted on : January 15th, 2018
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