Modeling and simulation (M&S)
Added on 2021-05-30
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Task 2AONLY FILL IN THE Chosen Entity COLUMNCSL LIMITEDRAMANDEEP KAURLakesideCompany(12ed)Insert the url (link) to the entity annual report site/location:http://annualreport.csl.com.au/docs/802/1/CSL_AR17%20(secured).pdfN/AFictionalEntity (casestudy)1. Balance date(year-end)30 JUNE 201731 December20112. Date of the audit report15 August 2017February 22,2012 (basedon A&Cengagementletter p.24)3. Name of the auditor (firm) signing the reportErnst & Young,Rodney Piltz William King,partner King&Company(for the Dec2011 audit)4. To whom the audit report is addressedShareholdersShareholders (or Stockholders)of Lakeside Company5. Type of audit opinion expressed in the audit report(NOT the wording)UN-MODIFIEDModified -Qualified6. Explanation(s) for any modification(what was the reason for any modification)N/ADisagreementwithmanagementon asset(Store)valuation;material butnot pervasive
7. Which ASA does the audit report comply with?Corporations Act of the year 2001ASA 705For EACH ofthe remainingitems pleaseshow the amounts(indicating theapplicablecurrency IF NOT$A)8. Assurance (audit) feesUS$ 4,203,240 Based on theengagement letter(p.23)for the 2012 audit estimate (no separate disclosure for 2011 audit fee)$US60,000 (estimate)9. Non-assurance (non-audit) feesNOTE: for 8 & 9, make the effort to show any breakdown showing what the fees were forand who they were paid to.US$ 1,035,630Not Required(notdisclosed)10. The industry (or industries) the chosen entity operates inBiotechnology companyRetail & distribution (wholesale) of consumer electronics11. Operating revenueUSD6,922.8 million as reported (p.81)$US10,754,000
(called “Net Sales” p.27)12. Operating profit before taxUSD 1,6989.8 million$US408,000(called “Income before IncomeTaxes” p.27)13. Operating profit after taxUSD 1,337.4 million$US244,000(called “Net Income” p.27)14. EquityUSD3,163.8 million (p.82)$US924,000(called “Total Stockholders’ Equity” p.28)15. Total assets9122.7 million$US3,628,000(p.28)16. Total liabilities5,958.9 million$US2,704,000(p.28)
NAME of your Entity >>>Don't forget the name ... in auditing it is normal practice to identify the client on our workpapersDISCUSSIONFACTORLOWAs per ASA200.13(n)(i) inherent risk can be considered as a specific dimension of the propensity of material misstatement before taking into account any kind of internal controls.MODERATEHIGHNature of client’s businessCSL is a publicly traded biotechnology corporation that researches, produces, manufactures as well as markets products for treating and preventing human medical conditions. There are three different profiles of business namely, -CSL Behring-Seqirus &-Research and Development (Annualreports.com 2018)The financial statement of the corporation takes in the financial assertions for particularly consolidated business entity comprising of CSL as well as its subsidiaries. x
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