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3 Found helpful • 16 Pages • Essays / Projects • Year: Pre-2021
Executive summary The following audit report aims to provide an in depth analysis of the current business environment for the Australian Agriculture Company Limited (AAC) as well as focusing on the impacts and implications of the company’s relevant business and audit risks. Australian Agriculture Company Limited is Australia’s leading cattle and beef producer and operates in an industry of relative regulation affecting aspects from the production chain through to the final produce. Currently AAC derives its revenue from cattle, meat and crop income, and has a recognised strength of high market share compared to its competitors. Through the use of PEST strategic analysis of AAC’s business environment, several business risks have been identified for the political, economic, social and technical influences on the entity these will be further examined in the report. Political – The Asian market, Transport regulation Economic - Volatile exchange rates, International trade Social - Animal social welfare concerns, Environmental concerns Technical - Genetic engineering, Feeding/breeding technology The above business risks show an interrelationship with the audit risks, and thus have been taken into account upon the examination of AAC’s audit risks. The report covers five key audit risks. Overstatement of sales revenue – In relation to the restrictions there is a possibility for the overstatement of sales revenue, affecting its accuracy and occurrence. Overvalued sales – due to the modification of the year end date from 31 December to 31 March causing a possibility of misstating sales, thus affecting the cut-off assertion. Overvalued equity – The risk of increasing leverage may cause an overvaluation of share prices and thus equity, affecting its valuation and allocation. Overstating development asset – due to the technological advances to improve various aspects of the business, there is a risk that the development asset has been misstated, thus affecting its existence and valuation. Overstating of trade receivables – Due to the poor financial performance, there is the possibility of an overstatement of trade receivables, affecting its valuation and allocation.
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