Risk Assessment for Woolworths Limited

Running head: RISK ASSESSMENT
INDIVIDUAL TASK COVER SHEET
Student
Please sign, date and attach cover sheet to front of written assessment task OR
Submit as a separate document for non-written assessment task.
A cover sheet is to be completed for each assessment task.
SUBJECT CODE LB5230
STUDENT FAMILY NAME Student Given Name JCU Student Number
Kalra Chirag 1 3 3 0 7 3 9 6
ASSESSMENT TITLE Managing Strategic Resources and Operations
DUE DATE 27-04-2018
LECTURER NAME Dr. Max Boudan
TUTOR NAME Dwight K.Lemke
Student Declaration
1. This assignment is my original work and no part has been copied/ reproduced from any other person’s work or from any other
source, except where acknowledgement has been made (see Learning, Teaching and Assessment Policy 5.1).
2. This work has not been submitted for any other course/subject (see Learning, Teaching and Assessment Policy 5.9).
3. This assignment has not been written for me by anyone or by any organisation.
4. I hold a copy of this assignment and can produce a copy if requested.
5. This work may be used for the purposes of moderation and identifying plagiarism.
6. I give permission for a copy of this marked assignment to be retained by the College for benchmarking and course review and
accreditation purposes.

1RISK ASSESSMENT
Learning, Teaching and Assessment Policy 5.1. A student who submits work containing plagiarised material for assessment
will be subject to the provisions of the Student Academic Misconduct Requirements.
Note definition of plagiarism and self-plagiarism in Learning, Teaching and Assessment Policy:
Plagiarism: reproduction without acknowledgement of another person’s words, work or expressed thoughts from any source. The
definition of words, works and thoughts includes such representations as diagrams, drawings, sketches, pictures, objects, text, lecture hand-
outs, artistic works and other such expressions of ideas, but hereafter the term ‘work’ is used to embrace all of these. Plagiarism comprises
not only direct copying of aspects of another person’s work but also the reproduction, even if slightly rewritten or adapted, of someone
else’s ideas. In both cases, someone else’s work is presented as the student’s own. Under the Australian Copyright Act 1968 a copyright
owner can take legal action in the courts against a party who has infringed their copyright.
Self-Plagiarism: theuse of one’s own previously assessed material being resubmitted without acknowledgement or citing of the original.
Student Signature
Chirag KalraSubmission date 27 / 04/ 2018

2RISK ASSESSMENT
Table of Contents
Introduction................................................................................................................................................3
Brief overview of the company..................................................................................................................3
The significant Risks in business...............................................................................................................4
Analytical procedures................................................................................................................................4
The significant audit risk of the organisation.............................................................................................5
Going concern............................................................................................................................................5
Audit risk model........................................................................................................................................5
Impact of audit testing................................................................................................................................7
Implications of Inherent risk and Control Risk for planning.....................................................................7
Reference...................................................................................................................................................8
Appendices.................................................................................................................................................9

3RISK ASSESSMENT
Introduction
In the recent time of fast-moving and interdependent world, the various organizations are
increasingly facing by several risks that can be in nature complex and has a worldwide consequence.
Such kinds of risks are very difficult to anticipate and deal with, even for the large business entities.
The Businesses all over have set their priorities on the basis of their own position as compared with the
related business in the market. The businesses primarily focus on the areas that the organisations expect
to have more risk in business (Hall, Mikes & Millo, 2015). However, the process may or may not be
so well structured and at times business risks are not efficiently understood or visualised. This is
because of the lack of formality and understanding of the same. There is also exists a risk of not
realising what are the greatest risks and which of them are needed to be focused upon by the particular
organisation. For improving the business decision making, the process of efficient risk management is
rapidly gaining acceptance and is aiding the organisations to manage their businesses more effectively.
Brief overview of the company
Woolworths is the largest Australian shopping that deals with food products and beverages in
Australia and New Zeeland. The company has also diversified its offerings by investing in gaming
poker. Woolworth’s financial goals, budget policies, and business policies are at the center of the
management. The company has succeeded in implementing its business policies and key performance
indicators by building a strong team of staff. The company has invested heavily in improving safety
governance to improve safety of staff (Born & Pfeifer, 2014). The main competitor of the organization
is Wesfarmers which is the largest retail industry firm in the current market.
The company of Woolworths Limited has been committed to the various ongoing strategic
developments and uses a consistent enterprise-wide approach for the management of risk by a culture
that is risk-aware. The risk management Policy applies to all the indivituals who works for Woolworths
Limited in, New Zealand, Australia and abroad.