Audit and Assurance of JB Hi-Fi Company by Deloitte Touche Tohmatsu Limited

JB HI- FI COMPANY
Audit and Assurance
Audit
Audit, Assurance and Compliance

EXECUTIVE SUMMARY
With the ramified economic changes and complex business structure, auditors are
playing effective role in keeping the business transparent and effective. This report reflects
the auditor’s roles, liabilities and function of the Deloitte Touche Tohmatsu how this audit
firm has performed it duties while auditing the financial statement of the JB Hi- Fi Company.
This report has reflected the key understanding on the audit matters and other relevant data of
the audit and assurance program.

Table of Contents
EXECUTIVE SUMMARY........................................................................................................2
INTRODUCTION......................................................................................................................5
CONTENTS...............................................................................................................................5
INDEPENDENCE OF THE AUDITORS AND NON-AUDIT SERVICES............................5
REMUNERATION OF AUDITOR...........................................................................................6
AUDIT COMMITTEE AND AUDIT CHARTER....................................................................8
STRUCTURE............................................................................................................................8
FUNCTION AND RESPONSIBILITIES..................................................................................8
INDEPENDENT AUDITOR’S REPORT TO STAKEHOLDERS..........................................9
OPINION...................................................................................................................................9
KEY AUDIT MATTERS..........................................................................................................9
DIFFERENCE OF RESPONSIBILITY..................................................................................10
DIRECTOR’S RESPONSIBILITY.........................................................................................10
AUDITOR’S RESPONSIBILITY...........................................................................................11
MATERIAL SUBSEQUENT EVENTS..................................................................................11
CONCLUSION........................................................................................................................11
REFERENCES.........................................................................................................................12

INTRODUCTION
In the present era, it is important for the companies to focus on maintaining the
transparency. It is necessary to transmit all the data to the shareholders through the annual
reports. One of the information is related with the audit function. It has been investigated that
annual report should consider the information related to the auditors. The content should be
stated in the clear words in context to the declaration which is made by Deloitte Touche
Tohmatsu Limited about his independence and also of the remuneration which is paid to the
auditors, any type of the non- audit services, formation of the audit committee along with the
audit charter and also it is important to consider the audit matters that can be seen in the audit
report. All the data should be expressed by considering the management affirmation.
In this report, the emphasis will be given on the independence of the Deloitte Touche
Tohmatsu Limited and non-audit services, the functioning related to auditing, the duties and
material information to bifurcate the audit matters and also the responsibilities related to JB
HI-FI. The matter related to auditor has also been highlighted with the audit functions and
also the operation of the auditors (JB Hi Fi Company, 2018).
Auditor services related to interdependence
It has been analyzed that auditors express their independence declaration to the management
of JB HI-FI. It is also related with the auditors who have no intention and also focuses on the
considering the regulations related to Corporations Act 2001 and professional code of
conduct is also taken into consideration. It has been seen that declaration is given according
to the belief and knowledge. The function of the auditor is to focus on the compliance
program which has been offered by the audit report of the organization. It is evaluated that
the audit committee employed in JB HI-FI is taken so that it can be easy to analyse the
accurate view of assets and also the liabilities which are recorded in the books of accounts
(Aschauer, and Quick, 2018).
Also it has been analyzed that explicitly which is highlighted in the annual report of JB HI-FI
has focused on exploiting the potential of the auditors. This can be done by focusing on
professional aid related with the auditors on the basis of non-audit matters. In relation with
the auditor interdependence it has been stated that the satisfaction related to the auditor and
risk committee should not be left as it can affect the interdependence of the auditors. The
program related to tax compliance and audit functions are also considered to evaluate the