HA3032 Auditing Trimester Retail Sector

Added on -2020-02-18

| HA3032| 18 pages| 4655 words| 25 views

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HA3032 AuditingTrimester 2/20171
EXECUTIVE SUMMARYThe retail sector is the most developing and transformational industry in terms ofgrowing interest and technology due to the constant advancements in tends and demands. Theoverall size and worth of Australia retail market is approximate $217 trillion and has been amanifold increment of 10% annually. Woolworth’s limited is Australia’s first nationwideretailers established in the year 1924. Woolworths in terms of revenue holds the secondlargest position in Australia and New Zealand. The company has been publicly listed formore than 20 years on Australian Stock Exchange (ASX). The company has about 3000stores and 28 million customers across Australia and New Zealand. Their financial practicesare in accordance with International Accounting Financial Reporting Standards, and theirinterpretations are in tune with the International Accounting Standards Board. PEST analysis,Porter’s five forces analysis and SWOT analysis are conducted to have a through anunderstanding of retail estate industry and its implication on Woolworth’s. Further, the reportstates that the company follows a formal chain of command and adopts a hierarchicalstructure wherein the employees are positioned at different levels, and each has adequateauthority to which it shall report. Also, its leader emphasises on the consultative style ofleadership. 2
TABLE OF CONTENTSIntroduction.........................................................................................................4Part 1....................................................................................................................4Woolworth’s business operations..........................................................................................4Investment and financing activities........................................................................................4Financial reporting practices..................................................................................................5PART 2................................................................................................................6Industry size and growth........................................................................................................6Industry supply chain.............................................................................................................6Major Players and its market share........................................................................................6Critical success factors...........................................................................................................7Key threats.............................................................................................................................8Part 3....................................................................................................................8Legal and environmental regulations.....................................................................................8Part 4....................................................................................................................8Pest Analysis..........................................................................................................................8SWOT analysis.......................................................................................................................9Porter’s five forces...............................................................................................................10Other factors.........................................................................................................................10Part 5..................................................................................................................11Industry Developments and new product and services........................................................11Business expansion..............................................................................................................11New accounting and regulatory requirements......................................................................11Current and Prospective financial needs..............................................................................113
Use of IT..............................................................................................................................12Part 6..................................................................................................................12Part 7..................................................................................................................12Communication and commitment to competency................................................................12Corporate Governance.........................................................................................................13Philosophy management and operational style....................................................................13Organization structure and responsibilities..........................................................................13Human resources..................................................................................................................13Conclusion.........................................................................................................14References..........................................................................................................154

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