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PART 1 INTRODUCTION

   

Added on  2019-11-26

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AUDITING1
PART 1 INTRODUCTION_1
ContentsEXECUTIVE SUMMARY.............................................................................................................4INTRODUCTION...........................................................................................................................5PART 1 UNDERSTANDING NATURE OF ENTITY..................................................................6Business Operations.....................................................................................................................6Investment and Investment Activities..........................................................................................6Financing and Financing Activities.............................................................................................7Financial Reporting Practices......................................................................................................7PART 2 UNDERSTANDING THE INDUSTRY...........................................................................9Industry Size................................................................................................................................9Industry Growth...........................................................................................................................9Industry Supply Chain...............................................................................................................10Major Players in the Industry.....................................................................................................10Market Shares and Industry Players...........................................................................................11Critical Success Factors.............................................................................................................12Major Threats.............................................................................................................................12PART 3 UNDERSTANDING THE LEGAL ENVIRONMENT..................................................13PART 4 UNDERSTAND EXTERNAL ENVIRONMENTAL FACTORS.................................14PEST Analysis...........................................................................................................................142
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SWOT Analysis.........................................................................................................................15Porter’s Five Forces...................................................................................................................16PART 5 UNDERSTAND OBJECTIVES, STRATEGIES AND ASSESSING BUSINESSRISKS............................................................................................................................................17PART 6: Performing analytical procedure to understand Entities’ Performance..........................19PART 7 UNDERSTAND MANAGEMENT AND GOVERNANCE..........................................20CONCLUSION..............................................................................................................................21REFERENCES..............................................................................................................................23Appendix........................................................................................................................................263
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EXECUTIVE SUMMARYRisk analysis is one of the most important aspects required to be focused upon by anorganisation. Analysis of the risk helps the organisations in gathering information related with allthe aspects which could have a huge impact on the progress of it. Oil Search Limited is a largestoil and gas exploration and development company incorporated in Papua New Guinea which wasfounded in 1929. Company is working on a huge level in which it is required that the sameshould work towards to gather proper set of information related with the risk factors which couldhave a huge impact on the progress and the position of the company in a market. Hence, a reportis developed which will include information related with the risk factors which could occur innear future and will include information related with why it is required to evaluate all the riskfactors for an organisation. 4
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INTRODUCTIONAuditing is the aspect which helps in evaluating the key performance indicators of anorganisation. For every organisation working in a competitive market it is required that a properfocus should be developed towards the risk factors which could have a huge impact on thebusiness processes (De Marco and Mangano, 2017). It is required that a business should worktowards to gather appropriate set of information related with all the aspects which could affect itin near future. Gathering relevant set of information will help in developing the strategies withthe effect of which smooth functioning of the business could be guaranteed. Hence, a report isdeveloped which will help Oil Search Limited in gaining relevant set of information related withthe internal as well as external risk factors which could affect the business processes. The reportwill also include analysis of the external as well as internal environmental analysis so that indepth information related with all the risk factors could be availed (Banumathy and Azhagaiah,2015). Internal analysis will include SWOT analysis whereas external environmental analysiswill include PESTEL analysis. Internal and external environmental analysis of the business willbe followed by various risk factors which could affect the progress of the business and strategieswill be developed so as to mitigate the risk factors and to ensure that the business could attainsuccess in managing all the internal as well as external work related process and could manageits success in the market. 5
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PART 1 UNDERSTANDING NATURE OF ENTITYBusiness OperationsOil Search Limited is one of the largest oil and gas exploration and development companieswhich are incorporated in Papua New Guinea. Company was founded in 1929 and is one of thelargest companies in Papua. Oil Search Limited is indulged in the business of developing andexploring oil and gas and prefers to supply the same in the market (Bianconi and Yoshino, 2014).Sales and distribution of oil and gas and various other related products is being done. Companyis working in the international market and handles many of the operations with the effect ofwhich it could generate effective set of revenue and remain stable in the market. Hence,managing the production of oil and gas and handling all the operations related with its sale in thedomestic as well as international market is a tough task. It is necessary that all the risk factorsrelated with the operations of the company should be focused upon by the company and finaldecision related with the same should be made (Burgherr and Hirschberg, 2014). 6
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