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Auditing Introduction 3 1. Afterpay Touch Group Limited and Industry

   

Added on  2021-05-31

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Auditing 1Auditing
Auditing Introduction 3 1. Afterpay Touch Group Limited and Industry_1

Auditing 2Table of ContentsIntroduction......................................................................................................................................31.Nature of Afterpay touch group limited and industry..............................................................4a.Business operations..............................................................................................................4b.Investments and investment activities..................................................................................4c.Financing and financing activities........................................................................................5d.Financial reporting practices.................................................................................................52.Analytical procedures of statement of financial position and financial performance..............63.Material account balances and materiality for planning of the accounts.................................84.Selection of ten different material account balances as five assets and five liabilities..........105.Relevancy of material account balances for financial reporting assertion and applicability ofeach account...................................................................................................................................116.Designing of comprehensive set of worksteps for the material account balance of Afterpaytouch Group Limited......................................................................................................................17Conclusion.....................................................................................................................................19References......................................................................................................................................20
Auditing Introduction 3 1. Afterpay Touch Group Limited and Industry_2

Auditing 3IntroductionAuditing is having significant role in the smooth functioning and avoiding issues related to thecompliance of the IFRS and AAS. The report will be focused toward development of auditprogram for Afterpay touch Group limited (ATG); it will discuss the operations, investments andfinancing activities followed by the company along with the financial reporting practices (ATG,2018). The report will also focus on analysis of the financial ratios to identify the financialposition and the concept of materiality for company. The report will also include financialreporting of the material accounts and developing the audit plan for the material accountsidentified so that the there should be enough evidence for Afterpay touch to manage theseaccounts.
Auditing Introduction 3 1. Afterpay Touch Group Limited and Industry_3

Auditing 41.Nature of Afterpay touch group limited and industry This company is working in the field of software and services. It is a technology drivenpayments company, it is provides financial services in the country with specialty in finance.ATG serves with innovative digital payments to the organisations operating intelecommunication, health and convenience retail sector in Australia and overseas (ATG, 2018). a.Business operationsAftertouch group is providing exclusive payment services and offering platform for payments ofthe goods such as apparel, watches, personal care products, food, beverage or any other kind ofgoods or services for which payments are to be made (ATG, 2018). This company is servinglarge number of customers in Australia. The mission of the company is to make purchasing feelgreat for a global customer base. ATG is also driving innovation in the retail sector by allowingleading retailers with the services of ‘buy now, receive now, pay later that eliminates the need ofend-customers to opt for a traditional loan or payments of any kind of upfront fees and interest tothe company. The company is serving to more than 1.8 million customers and more than 14000retailers for daily payments (Afterpay touch Group, 2018). b.Investments and investment activitiesCompany has investment in the expansion activities and is entering in to New Zealand market asinternational expansion strategy. The company is also investments in the technology so that itwill be able to provide smooth transfer of the funds. It is also ensuring high level of security forthe various payments made by the customers to the retailers it is serving various sectors such ashealth care and telecommunication businesses (Afterpaytouch, 2017). The investments are also
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