TABLE OF CONTENTS REPORT CONVENTIONS.............................................................................................................1 Executive Summary.....................................................................................................................1 Problem Statements.....................................................................................................................1 RESEARCH.....................................................................................................................................2 Methodology................................................................................................................................2 Findings........................................................................................................................................8 APPLICATION...............................................................................................................................9 Implications of findings...............................................................................................................9 APPLICATION.............................................................................................................................12 Conclusions and Recommendations.........................................................................................12 REFERENCES..............................................................................................................................14
REPORT CONVENTIONS Executive Summary Auditreferstoprocessforevaluatingaccountingentriesinrecordedinfinancial statementsofcompany.Assuranceisprocesstoanalysethemethodsusedinassessing accounting entries recorded in financial statements of companies. Auditing is undertaken for assessing whether company has followed all the applicable accounting standards and procedures for recording the events and transactions occurred during the financial year. Auditors of company should use the relevant auditing standards while performing the audit of financial statementsofcompany(Al-Najjar,2018).Theindependentauditorshouldperformthe procedures for assessing the reliability of transactions and events that are recorded by company so that auditor can give unqualified opinion on financial statements of company. The research is carried out for analysing the financial statements of Soul Pattinson and analysing the true and fair view given by statements of company. From the above research it is concluded that auditing standards are very important while evaluating the financial evens of company. The biases in the auditing practices can impact the reliability of business. Auditor should not give unqualified opinion on the statements having material misstatements as they can influence the decision of the person interested in company (Bumgarner and Vasarhelyi, 2018). The valuation methods used by company for valuing its assets at reporting date should be accurate and as per the accounting standards at fair value. Problem Statements Washington H. Soul Pattinson (WHSP) is public company of Australia listed over Australian Stock Exchange. It is investment house having investments in diverse portfolios. Making portfolio of industries is covered under its principal activities that include pharmacy, 1
natural resources, building materials, agriculture, equity investment, corporate advisory and telecommunications. True and fair view of the financial statements means that statements do not have any misstatements and financial performance as well as position is fairly represented in it by company (Earley, 2015). True states that prepared statements are accurate and correct based on facts.Statements are prepared as per applicable standards, reporting frameworks like IFRS and does not have material misstatements that could mislead users. They could occur because of error or omission of transactions and balances in financial statements. Company is valuing its assets and liabilities on fair value method. For determining the fair values of assets and liabilities estimates and judgements have been made by company. Company is categorizing its assets and liabilities using three of methods given as per accounting standards. 2
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RESEARCH Methodology ASA 315 – Identifying & assessing Risks of material misstatements through understanding Entity and its Environment. The standard is applicable to audit of financial reports of financial year as Corporations Act 2001. Auditor has to assess and identify all the risks associated with material misstatements which may be because of fraud or omission in financial statements and assertion level by understanding entity and the environment, its internal control, by giving a base to design and implement response to assessed risk of material misstatement. Auditor has studied all the regulations and external factors which were applicable to the company. Company is an investment company which is required to follow guidelines and rules provided by the investment regulatory authority (Gomes, Eugenio and Branco, 2015). Operating and governance structures of business should be known to the auditor so identify the mistakes that could occur in the organisation. If the auditor is not aware about the structure of business there are chances that faults or errors could not be found. It is important to have knowledge about the regulation applicable to the investment company for properly identifying the areas of errors or defaults(ASA 315.2019). Risk based approach is followed for identifying the factors which can affect the business likeitscompetitors,competentauthoritiesandotherfactors.Ithelpstheauditorsto independently obtain objective and relevant evidence related to the assertions related to process for forming opinion related to process (Hay, 2015). They have to identify the evidence for testing the organisation's compliance procedures related to legal requirements, process and regulations. ASA 320 – Materiality in Planning and Performing Audit 3
It is the responsibility of auditor to apply materiality concepts to plan and perform audit of financial assets. ASA 450 is used for explaining the application of materiality for evaluating effects of misstatements on audit. Disclosure are to be made by company related to the transaction or events that are significant and material to business. Materiality of transactions is given by the amount and effect involved on the financial statements of the company. Non- disclosing the material event can influence the decisions of users of financial statements. It will question the true and fair approach of financial reporting. Company has disclosed the fair value method used by it over different assets. It is important for company to disclose the valuation methods so that they can identify which method is used for recognising the particular assets or liabilities (Hay, 2015). Experts use different method for analysing the data there is possibility that may face variance which can influence the decisions(ASA 320. 2019). Clearly disclosing it will help to identify the causes of difference. The information stated was material as it is related to the assets and equity investments and company is investment company. ASA 330 Auditor's Responses to Assessed Risks Standard states that the auditor has the responsibility of addressing all the risks and misstatement identified during an audit. A company cannot perform all the processes effectively and accurately. There will be misstatement and errors in the processes which are to be identified during the audit and the responsibility of auditor is not restricted to identify but also to inform the company to rectify the mistakes. If the errors are not rectified than the auditor has the responsibility to address the areas which have not met the compliance requirement. If the controls are reporting effectively the flaws and defects of organisations it should be reviewed by auditor (Moffitt, Rozario and Vasarhelyi, 2018). The misstatement in the report can highly affect 4
the business of company therefore it is important for auditors to assess the risk of material misstatement related to different class of transactions. It is important to identify the reason behind each transaction that can affect the position and image of company. For identifying the material misstatements test of controls are performed for obtaining sufficient audit evidence. The assessment of risk is important as it includes at assertion level whether the controls are working effectively and the controls can be relied on by the auditor. For checking the reliability of controls auditors should perform its own audit procedures for obtaining the audit evidence relating to effectiveness of controls. It includes application of controls ate relevant times, consistency in application and the means and person applying the controls. Evidences that are obtained during interim period than the auditor is required to obtain evidence about the changes related to controls after interim period. ASA 560 – Subsequent events The standards give about the responsibility of auditors about the subsequent events during audit of financial report. Subsequent events mean events occurring after date of financial report. The reporting framework provides specifically for referring to these as they can significantly influence the decision of investors and position of the company. Two events are there first which give evidence about conditions existing at the balance sheet date and second that give evidence about the conditions arising after balance sheet date. Evidence about the events happening between financial reporting date and auditor's report date requiring the adjustments or disclosures in financial report are to be identified. The procedure is only required for identifying and covering events occurring between the date of balance sheet and date of auditor's report. Identifying whether management has established procedures for subsequent events. Enquiring management or governing authorities of 5
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the company about the subsequent events that might have incurred in the company. The subsequent events have impact over the business of company therefore it is important for company to report them in financial reports and auditors in their audit report. After the audit report date, it is not obligatory for auditors to perform audit procedure for financial report. After the date of audit report before the issuance of financial report any fact comes in knowledge of the auditor than it may require amendment in auditor's report (Ojala and et.al., 2016). Where if the management has amended financial report than the auditors are required to perform procedures related to the circumstances relating to amendments. Under Corporation Act, 2001 management and governing authorities cannot restrict any amendment in financial report as result auditors are not required to issue new or amended audit report. ASA 570 – Going Concern Going concern means the business is established for running for unfortunate period. Auditor has to obtain sufficient audit evidence for ensuring that company is preparing financial statement on the basis of going concern. The responsibility to ensure going concern uncertainty is existing even if there is no explicit requirement for making specific assessment by the financial reporting framework (ASA 700. 2019). Limitation of the auditor to identify material misstatement can be greater for events and conditions and can cause the company to cease or continue as going concern. ASA 700 – Forming opinion & Opinion on Financial Report It deals with responsibility of auditor to form opinion over the financial report. It covers the content and form in which the report is issued by the auditor. ASA 701 deal with responsibility of auditor of communicating key audit matter in audit report. ASA 705 & ASA 706 deals with the effect on content and form of auditor report when it contains modified opinion or emphasis of 6
matter paragraph or other matter paragraph. Auditor has the responsibility of forming an opinion on the evaluation and assessment of the financial report of the company. It has to ensure that reports are consistent with the auditing standards laid by the authorities for providing the credibility to the financial report in the global market (Pham and et.al., 2017). The auditor has to ensure that the standards and the financial procedure are followed accurately and properly by the companies. The difference in reporting standards used in audit report will make the statements incomparable to others. Auditor is required to form opinion on the financial statements of the company that as per the application of different auditing procedures related to the transactions are appropriately applied or not by the company. The auditor has to form an opinion after obtaining the reasonable assurance related to financial report whether they are free from all the significant material misstatements, fraud and error. The conclusion is drawn after accounting for whether sufficient audit evidence has been obtained in accordance to ASA 330, whether the uncorrected statements are material in aggregate or individually.The opinion is to be made after considering that the business has evaluated required by para 12-15 of ASA 700. The report has to disclose the accounting policies that are applied and selected for complying with reporting frameworks. Auditor has to consider the accounting estimates and the disclosures which are require to be made by the company are reasonable. The auditor should ensure that the information that are presented in financial reports are reliable, relevant, understandable and comparable. Any material misstatement that can affect the opinion of users of financial statements is to be identified by the company and reported in the financial and annual report of the company (Yee and et.al., 2017). If after obtaining the sufficient evidence about the material statement, management or governing authorities of company should 7
be informed about it. If no action is taken on the said event auditor cannot give clear opinion aboutthefinancialstatementsofcompany.Alongwithauditingstandardsthereporting frameworks should also be complied for giving fair representation of the annual reports of the company. The opinion can be modified for the fair representation frameworks. ASA 701 – Communicating key audit matter in Independent Auditor report Key audit matters refer to the matters that are significant and required special attention of auditor while performance of audit. It is responsibility of auditor to consider the areas that are material and affect the decision and position of the business. It has to report on areas having high risk related to material mi statement or the risks that are identified as per ASA 315. significant judgement of auditor that related to areas in financial reports involving management judgement and accounting estimates having high uncertainty of estimation. The effect of events on financial statement of company that occurred during year. Auditor has to identify matters to determine that they are of most significance in financial report for current period therefore are included in key audit matters. Key audit matters are to be reported by auditor using subheading under appropriate subheadings in separate section under heading of 'Key Audit Matters'. These matters are to be reported based on the auditing of the company financial transaction for the year. The matter is reported in the auditor report for giving true and fair view of the financial position of the company. Auditor is required to give description about each key matter why the matter is considered significant in audit and how the matter is addressed by auditor. How the key audit matter can influence or impact business is also required to be given by the company. If it is determined by the auditor there are no significant key audit matter based on facts and circumstances than the statement relating to this should be included in the report under Key audit matter in separate section. The key audit matters are 8
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required to be confirmed with those charged with governance and management of company. It drags the attention of users of financial statement about the matters that have considered significant by the auditors. ASA 705 – Modifications to Opinion in Independent auditor's report. Modification to audit opinion is required when it is concluded by the auditor that on the basis of gathered evidence from auditing that financial statements are not free of material misstatement. Or where the auditor has failed to obtain sufficient audit evidence for drawing conclusion related to the financial statement do not contain any material misstatement. If an auditor does not give modified even after he is not able to obtain sufficient audit evidence than the auditor can be penalised and reliability of the financial statement is questioned. Therefore, it is essential that auditor follow ethical practised while reporting and forming an opinion on the financial reports of company (ASA 705. 2019.). When an auditor expresses qualified opinion on financial report of company because of material misstatement than he is required to state the fact in report of the auditor. The effects of the material misstatements are required to be reported in the auditor's report. Where the adverse opinionisgivenwhenauditorafterobtainingsufficientevidencehasconcludedthat misstatement in aggregate or individually are material as well as pervasive to financial report. Disclaimer of opinion is given when the auditor fails to obtain audit evidence to base an opinion and auditor has drawn that possible effect on financial misstatement regarding undetected misstatement can be both pervasive as well as material. Disclaimer of opinion is given in very rare circumstances including multiple uncertainties, auditor concludes even after obtaining the sufficient audit evidence for each uncertainty appropriate opinion cannot be framed over 9
financial reports because of interaction of uncertainties & their cumulative effect over financial report. Where the auditor has the restrictions from management after accepting the audit engagement of company. It will limit scope of audit and therefore the auditor has to give qualified opinion or the disclaimer of opinion if management does not remove the restrictions on scope of audit. As per para 11 of 705 auditor is required to request to governing authorities to remove limitation or to give suggestion about obtaining sufficient audit evidence through alternative procedures. When the sufficient audit evidence is not obtained by the auditor than he is required to determine implications of the same and give opinion accordingly about the financial reports. Auditor has the obligation to frame opinion on the basis of evidences obtained from financial reports of company. The opinion of auditor is of significant important as all the users of the financial statements rely based on the report of auditor. If the auditor does not qualify the audit report even after becoming aware of material misstatement than it can affect the interested people of financial statements. The reliability of the financial statements is judged by the opinion framed by the Independent auditor. APES 110 - Code of Ethics for Professional Accountants Objective of the code is to explain the responsibility of auditor and the professional to act in public interest & and to comply with fundamentals principles laid under code. There are threats that are related to compliance of fundamental principles, safeguards and conceptual frameworks.Integrity principles lays obligation on auditors to be honest and straightforward in their business and professional relationships. Main objective behind integrity is to imply fair dealing & truthfulness in the work. The code specifies that members do not associate themselves 10
knowingly with information that are materially false and have misleading misstatements or information have been furnished recklessly. Objectivity principle obligates auditors that the business or professional judgements are not be compromised due to conflict of interest, bias or undue influence. It is the responsibility of auditor to maintain professional competence & due care. Auditor should apply adequate skills and knowledge for providing clients competent professional services. Also, that services are provided in compliance with applicable professional and technical standard. The auditor should be aware of the relevant technical and professional developments that are taking place in company. The auditors are required to follow ethical standards when providing the services and forming opinion on the financial reports of company. Findings Independent Auditor on the financial report of Soul Pattinson has on the basis of audit evidences obtained during audit gives true and fair view of financial position and performance of the year. That all the accounts are prepared in accordance with and compliance with applicable accounting standards & Corporations Regulations. It is founded that report have been prepared for company by independent auditors and they do not have interest in the company. Opinion is been given after believing that audit evidence which is obtained is appropriate and sufficient. The key audit matters that are of significant importance include that financial statement of group prepared comprises of financial statements of company, subsidiaries and its equity accounting associates. The area of focus for key audit matter were to identify and understand significant components & material misstatement risks in them, that assessment about compliance withaccountingpoliciesofgroupandconsolidationproceduresundertakenbycompany (DeSimone and Abdolmohammadi, 2016). In the consolidated statement equity investment in 11
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consolidated statement is significant asset that represents 15.5% of the total assets. The focus is important as it involves conclusions about whether the valuation of investments is made on appropriate basis and also that they are owned by the company. It is found that investment is carried at fair value as around 95% of investments relates to level 1 and could value at active market quoted prices. Auditors have reported that where they failed to obtain sufficient data to value unlisted investments estimates were taken by them using most appropriate data sources and are also subject to high level judgements. The key matter paragraph does contain any significant matter that have an effect on company. The equity investment is to be critically evaluated by auditors as they acquire significant proportion in financial statement. Company has paid dividend for the year and that has been reported in annual reports amounting to $131667(Allford, 2016). Dividends are paid by company as per the policies of the company. The dividend has not been paid till year end. The report covers the segmental report also which help the investors and operational decision maker (Annual Reports 2018.2019). There have been movements in values which are not reported in reserves. APPLICATION Implications of findings Company is recognising some of the changes in assets / liabilities values in comprehensive income of company rather than income statement. As per the standards changes in assets fair value inclusive of long term equity investment are recognised in revaluation reserve of asset and income statement of company instead of income statement. Company is reclassifying amounts in income statement when asset or investment are impaired or sold. If they are recognised in profit or loss statement they highly influence the profits of the company every year. Investors would not be able to make decisions accurately about the position of company and its performance. The 12
profit reserve shows the capita profits of company transferred in retained in retained earnings of company. Company is maintaining hedge reserves for recognising the changes in fair values of derivatives(Sam and Tiong, 2015). Profit or loss on hedges are recognised in income statement for giving true and fair view of the company position. Derivative are the options or futures that are invested by company for meeting foreign contracts on the fixed exchange. Reflecting gain or loss on such derivative instruments is essential for company. It is found from the annual report that Soul Pattinson is following fair value method for valuing its equity investments. There are other methods also for valuing equity investments but the company has followed fair value method for investments. Company is classifying shares as equity. Incremental cost is attributed directly to new shares issue or options in equity are shown net of taxes from proceeds. It is following conservative capital management approach for maintaining its capital base. For sustaining the future development of company, it is maintaining with creditors, investors and market confidence. The report reveals that there is no capital no change in capital management of company. DuringtheyearcompanyhasacquiredAquaticAchieversPtyLtd.Contingent consideration for company is based over earn-out clauses in sale and purchase of business. Companyhasacquiredassetsconsideringofhavingindefinitelivesandwithoutany amortisation. Royalty based valuation is used for curriculum and brand with royalty rates. Acquisitions method is used for accounting the business combinations. Consideration comprising aggregate of fair values for assets, liabilities and equity interests are transferred to the acquire. Acquired identifiable assets or liabilities acquired inclusive of contingent liabilities are measured on acquisition date initially at fair values(Wilson-Wilde, 2018).Company also recognises the interests of non-controlling shareholders. 13
Company is recording goodwill for excessive amount transferred as consideration over the fair value of equity interest. If after reviewing and measuring acquired net identifiable assets the consideration is less than its fair value it is recognised straight as bargain purchase in income statement. At exchange date when any cash considerations are deferred the payable amount are discounted at present values. Incremental borrowing rate is used as discounting rate by company. The rate is taken on the basis of availability of similar loans at the interest rate used for discounting. As per ASA company is classifying contingent considerations into equity or financial liability. Financial liabilities are remeasured by company at fair values with fair value changes recognised in income statement. The measurement of goodwill as per this method gives accurate results and the impact in amounts of the sale purchase of business. Fluctuation in the fair values of the assets and liabilities are to be recognised by company very accurately. It is the duty of auditors to check that company is complying with the standards for recording its assets and liabilities on purchase or acquisition of businesses. Auditors have to identify that fair values are recognised on correct rates by correctly valuing the assets and liabilities of company. The acquisition of the businesses is to be appropriately recorded using relevant standards that are applicable to the business(Jain and et.al., 2015). Net identifiable assets are classified into tangible and intangibles on judgemental basis. Company should make the allocation on the basis of the standards that are most relevant to the assets or liabilities. The events occurring after reporting date are represented in annual reports of company. Users will be able to know the differences and impacts that they would have on the financial statements of company. The differences may be significant that can impact the business and its position. Increase in acquisition of further 40% share in Bengalla JV. After the transaction Hope Corporation is to own 80% interest in Bengalla joint venture. Company has earned gain on sale 14
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of property and the gains are recognised in financial statement of next year as the event does not existed at the reporting date. Pattinson has made investment during the year in various entities. Investments that are recoverable are reviewed at reporting dates considering the relevant applicable indicators of impairment. If judgements are not significant for assessing the impairment and for reversing the impairment previously recognised for equity accounted associates it can affect the income statement of company and all the related accounts. There is other equity investment also that are to be classified by company and reported in annual accounts and reports. Equity investments are recorded at date of trade when the commitment to purchase the investment is made by company. The values of equity investments on fair values are recorded at trade date so that there is no miscommunication of the purchase prices(Bodley and et.al., 2018). Theclassificationofinvestmentisessentialsothatcouldbefiguredoutwhich investments are long term, trading and held for sale. They are classified into different categories on the basis of purpose for which they have been purchased. Investment are classified by management at its initial recognition prices. Transaction cost incurred at time of purchase of trading equities are recognised immediately in income statements as these expenses are not included in purchase price of the equity investments. Where the equity investments are recorded at fair value in addition with the transaction cost. The investments are held by company dividend income and capital growth. Auditor has to ensure that investments that are held for less than 12 months are shown under current assets and not under the non-current asset unless the intention of company is to dispose the assets after 12 months. The classification as current and noncurrent are to be assessed very carefully as difference will affect the liquidity position of company. Wrong investment will affect the position of company and the financial implications. 15
As per the auditing standards equity investments are to be revalued by company at fair value on balance sheet date so that the financial statements of company reflect the actual position of the company at reporting date. Income or loss arising on revaluations of investments are to be recognised in income statements on the reporting date for the period they belong. Where the revaluations reserve is credited on changes in fair value of long term investments. Auditor should ensure that long term securities are impaired only when there is continuous decline in value of securities below its cost not on slight fluctuations based on fair values(Alzeban, 2015). For the impairment relevant standards are used by company so that there are no clashes between company and the regulatory authorities in compliance. Recording assets as per standards will make them comparable with reports and financial statement of other entities. The judgement by the managers of the company to recognise its assets for impairment should be made after assessing the situations and circumstances related to the investments. Taxes on income of the company are to be recognised on basis of income tax charges given by the tax departments. The tax returns are to be prepared by auditors after evaluating all the transaction of business. All above events and transactions are to be recorded by company using the relevant standards and rules laid down by accounting institutes. The financial statements of the company will lose its reliability if they are not prepared using the standards given related to each and every event and transaction. The differences are significant on change on single method of valuation therefore it is necessary for company to follow the methods laid by standards. 16
APPLICATION Conclusions and Recommendations The research related to the true and fair view of the annual report of Soul Pattinson. The statements of independent auditor give the assurance that financial report of company prepared is true and can be relied by the company and outside people having interest in the company. The independent auditor is able to give opinion on the statement of company that they give a true and fair view of financial position of company. The statement of auditor is included after the auditor has carried out assessment of all the transaction and event that have taken place in company. Company is effectively following all the relevant standards for recording each and every transaction. The report can be stated as true and fair after the auditor has applied all the methods and techniques for recognising the valuation of assets and liabilities. There are auditing standards for evaluating whether the company has complied with relevant standards for recognising the events occurred during the financial year. Auditor has identified that there are no material misstatements in the financial reports of company. All the assets and liabilities are valued by company at fair values on the reporting date. Recognising them at fair values on the reporting date makes the financial statement comparable and gives more accurate position of company(Mark and Yanjun, 2016). Auditor has ensured that all the valuations done at time of revaluations or remeasurement are recognised in income statement on loss and credited in other income and revaluation reserves. The reserves are to be credited only when there is gain on the asset or investment of company. Auditors have ensured that company has reported all the events in financial statements that are of material importance for company and the investors. The auditor has identified all the risks associated with business that can impact the financial position of company and are assessed using appropriate auditing 17
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measures. Events occurring after the balance sheet date are only acquisition of business but events will have no adjustments in financial statements as the condition related to event did not existed at balance sheet data(Sin, Moroney and Strydom, 2015). Company is going concern this can be assessed as there are number of transactions undertaken by company which are for long term basis which shows that business is intended to be continued for an unfortunate period. Recommendations Recommendation can be framed on the basis of study that has been carried out related to the true and fair statement of company. Auditor should analyse the business risks that could have major impact by applying audit tests in mid of the financial year so that it can track the related risks directly. Auditor should ensure that company has laid down proper corporate governance in company so that the transaction is recorded as per given accounting standards. Auditor should not be biased while making assumption and assertions about the transactions and events that have occurred during the year. Reports of company should not be shared with external parties by auditor that can significantly affect the businesses they should use ethical practices while performing audits(Hay, 2015). Auditor can recommend company to employ risk control measures which can be used by company for preventing the major risks. Auditor should take external party confirmations on random basis so that they can assess that company is not making fake entries. The negligence of auditor in analysing the records of company can have the effect over the statements. The negligence of event of material importance will not render the statements free from material misstatement. Misstatement in financial statement will bind the auditor to give modified opinion on financial statement of company. Auditor should ensure that practices are employed at various levels in company to ensure that fraudulent practices are not being carried out in company. 18
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