Research Individual Assessment on TPG Telecom Ltd

Research Individual
Assessment

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Summary of operation of company.............................................................................................3
Identification of key audit matters..............................................................................................3
Relating the audit matters to financial reporting issue................................................................5
Audit matters affecting the audit risk..........................................................................................6
Potential response to the audit matters and formulating audit strategy......................................7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Auditing is being referred to as the on- site verification of the business and its accounting
process in order to ensure proper compliance with all the requirement. For the business it is very
crucial that proper auditing is being done so that its efficiency can be measured. The present
report will be based on TPG TELECOM LTD is the second largest telecommunication company
listed on Australian Securities Exchange. The current report will outline the operations of
company along with the key audit matters faced by the company. along with this, the analysis
will be outlined relating to audit matter affecting the financial reporting. In the end the discussion
will lead to audit matter affecting the risk of audit and development of some audit strategy for
solving the audit matters.
MAIN BODY
Summary of operation of company
The company TPG TELECOM LTD was formerly known as Vodafone Hutchison
Australia Pty limited and was renamed after merger with TPG. The company deals in the
telecommunication industry and was founded in 2001 and headquartered in New South Wales in
Australia. The company offers a wide range of product and services like fibre network access,
mobile plans, telephony services, networking solution, mobile broadband and many other related
services. The major area where the company operates is between Guam and Australia. Along
with this he company has many city Wi- Fi network in various cities like Bendigo, Ballarat,
Adelaide, Allarat, Canberra, Melbourne, Mildura and many other different cities. Along with
this, the company also provides for a wide range of communication services to all the residential
used, different large corporate companies, SME that is small and medium enterprises and many
other different consumers. Moreover, with help of good corporate culture the company has set
the industry standard relating to innovation and value and supplying services to the users.
Identification of key audit matters
Auditing is very important for the company in order to ensure that all the accounting
process is being followed by complying with the standards and other guidance. The reason
underlying this fact is that in case auditing is not being undertaken in proper manner then there
might be some issues in the accounting process (Schmitz and Leoni, 2019). Auditing is very
important for the reason that it ensures that all the regulations and requirements are being