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ACC3AUD - Auditing And Assurance

   

Added on  2021-05-30

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qwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmrtyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmAssignment Semester 1, 2018 Auditing and Assurance (ACC3AUD)Department of Accounting La Trobe University

Allegiance Coal LtdExecutive summaryAllegiance Coal Ltd has been selected for this report that will assist in understanding whetherthe company has performed effectively and the risks that are associated with a mining company. Further, a vivid discussion will be done on the mining industry and the manner of operation of the company. Moreover, the approaches and measures used to encounter risks have also been provided through this report by analyzing the annual report of the company.2

Allegiance Coal LtdContents1.Overview of the operations...........................................................................................................32.Specific Reporting Requirements...................................................................................................33.Four major significant risks for Allegiance.....................................................................................5Escape of the acidic water.............................................................................................................5Fine, penalty and assessments......................................................................................................5Climate change..............................................................................................................................54.Three areas of Concern for Allegiance Coal...................................................................................65.Comment on Financial performance.............................................................................................8Risk Assessment....................................................................................................................................9References...........................................................................................................................................103

Allegiance Coal Ltd1.Overview of the operationsThe company Allegiance Coal Limited is a listed on the securities exchange board of Australia. The main focus of the company is to produce and retain the best quality metallurgical coal and then sell them to earn good revenue and have the low political risk. The company should always keep in mind that the assessment of the projects is made according to the capital expenditure budget which was formalized earlier. They should check that any of the projects is not hampering their budget and thus they should also try to spend less than the budget formalized because savings is the key to success. The company should also engage in maintaining good and formal relationships with its clients as their happiness will prove to carry out a healthy and sustainable business. The Allegiance Coal limited is one of the most known companies in its field and is having a sustainable business of coal exploration. It has explored coal in more than 14 granted tenements within the Queen’s land provinces and has also discovered few traces in the Bowen and Surat basins. The company also aims to become the largest coal producer in the year 2017 after it comes up with its first coal (Allegiance Coal Ltd, 2017). Australia has been the fourth largest coal producer in the world and also it is one of the largest exporters as it exported more than 24% of the total world steam coal in the year 2015. It also has exported cooking-coal to the countries like India, Taiwan, Japan, South Korea and China. It has also been announced by predicted about the coal industries of Australia that theywill be playing a very important role in the future market and will increase steadily by reaching 232MMt by the year 2020 and thus keep on increasing till the year 2040.The coal quality of Australia has proved to be very vigorous. They have also been seen with many problems to grow. The coal export services require a lot of investment for the building of the infrastructure of the rail and port which is not possible for the firm to invest as there is not a very suitable condition in the market to invest in the new plans (Allegiance Coal Ltd, 2017). The government has also enforced many new taxation strategies upon the mineral resource and the carbon emissions which have let to increase the cost of the overall production of coal. The company has hence tried new and effective measures so that it can get reasonable returns on its investments.4

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