New Hope Corporation Limited: Key Audit Matters and Inherent Risks

INDIVIDUAL AND GROUP
WRITING
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TABLE OF CONTENT
MAIN BODY..................................................................................................................................3
Overview of selected firm:..........................................................................................................3
Key audit matters:........................................................................................................................4
Additional possible inherent risks:..............................................................................................4
1. Why the risk is significant:......................................................................................................4
2. How the risk could be addressed in the audit:.........................................................................5
Reflection:....................................................................................................................................6
REFERENCES................................................................................................................................6
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MAIN BODY
Overview of selected firm:
New Hope Corporation Limited is one of the leading energy generating company based in
Australia focusing on diverse energy segment including energy from coal, port handling
operation, logistic dealing, agriculture and oil & gas supply. This company carry out their
operation in New South Wales and Queensland promoting mining industry, New Hope
Corporation Limited operate two open coal mines in the Australia and many other business unit
all over Australian territory (Beekink and Logarajah, 2020). New Hope Corporation Limited is
publicly listed on Australian Securities Exchange (ASX Code: NHC), Washington H. Soul which
is leading investment company of Australia is major stakeholder in New Hope Corporation
Limited and consider as parent company. There are certain elements which are related, these are:
Key operation: New Hope Corporation Limited is energy generation industry but operating in
certain other segment, this company deal in different area of mining industry including trade
process of coal production, other segment may include:
 Coal mining in Queensland: This is one of the most important operation of New Hope
Corporation Limited where company extract coal including mining production,
processing of raw material, transporting mining mineral and port operating allow
company to ensure logistic business unit.
 Coal mining in New South Wales: New Hope Corporation Limited deal in generating
energy from coal, this area allow company to develop energy from coal and coal
products, New Hope Corporation Limited also focus on transportation of raw material
from different segment of the company.
 Oil and gas exploration: This is another important operation of New Hope Corporation
Limited where company extract oil and nature gas for the generation of energy in the
process, the pastoral and administration dealing allow company to ensure their energy
generation remain better.
Major competitors of New Hope Corporation Limited are YanCoal limited, Coal & Allied
Industries and Coronado Global Resource. These are industry ruler in energy industry promoting
energy generation in the country.
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