Audit Report: Identifying and Assessing Risks at Woolworths Limited

This assignment is an audit report analyzing Woolworths Limited, a major Australian retail organization. It begins with an executive summary and an introduction outlining the report's objectives. The report delves into understanding the nature of Woolworths, its industry, including size, growth, supply chain, major players, market shares, critical success factors, and major threats. It also examines the legal environment and external environmental factors through PEST, SWOT, and Porter's Five Forces analyses. Furthermore, the report assesses Woolworths' objectives, strategies, and business risks, including industry developments, new products, expansion, and regulatory requirements. Analytical procedures, such as liquidity, profitability, efficiency, capital structure, and market performance ratio analyses, are conducted to understand the entity's financial performance. The report concludes with an examination of management and governance aspects, including integrity, competence, organizational structure, and human resource policies. References and appendices are included to support the analysis.

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Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its
Environment

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Executive Summary
Woolworths Limited is a leading retail organization in Australia with extensive interest throughout
New Zealand and Australia. Its business operations include activities like general merchandise, food,
liquor, petrol and electronic goods. The diversity in the geographical location and environment of
Australia provides many advantages for the industry. Woolworth’s market share has declined from a
peak of $34.4billion in the year in comparison to September 2014. The biggest threat to Woolworths is
the growth of cut-price supermarkets such as Aldi. The large business in Australia and New Zealand
has attained growth due to the Australia – New Zealand Closer Economic Relations Trade Agreement
(ANZCERTA). Woolworths has a financial stability which can be developed from ratio analysis.
Woolworths is one of the largest retail industries in the country and focus on the retention of
customers.

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Contents
Introduction...........................................................................................................................................................5
Part 1 –Understanding Nature of the entity..........................................................................................................5
Part 2 -Understanding the Industry.......................................................................................................................6
a) Industry size...................................................................................................................................................6
b) Industry growth.............................................................................................................................................6
c) Industry supply chain.....................................................................................................................................6
d) Major players................................................................................................................................................7
e) Market shares of Industry players.................................................................................................................7
f) Critical success factors....................................................................................................................................7
g) Major threats.................................................................................................................................................7
Part 3 –Understanding the legal environment......................................................................................................8
Part 4 – Understanding external environmental factors.......................................................................................9
a) PEST analysis..................................................................................................................................................9
b) SWOT analysis.............................................................................................................................................10
c) Porter’s five forces analysis..........................................................................................................................11
d) Other external factors affecting the entity that you may consider include the general economic
conditions, interest rates and availability of financing, and inflation or currency revaluation........................12
Part 5 –Understand objectives, strategies and Assessing Business Risks.............................................................12
a) Industry developments................................................................................................................................12
b) New products and services..........................................................................................................................12
c) Expansion of the business............................................................................................................................13
d) New accounting requirements....................................................................................................................13
e) Regulatory requirements.............................................................................................................................13
f) Current and prospective financing requirements.........................................................................................13
g) Use of IT.......................................................................................................................................................14
h) The effects of implementing a strategy.......................................................................................................14
Part 6 –Performing Analytical Procedures to understand Entity’s Performance.................................................14
Analysis of Liquidity Ratio................................................................................................................................14
Analysis of Profitability Ratio (Fridson and Alvarez, 2011)..............................................................................15
Analysis of Efficiency Ratio..............................................................................................................................15
Analysis of Capital Structure ratio (Daly, 2011)...............................................................................................16
Analysis of Market Performance ratio.............................................................................................................17

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Part 7 –Understand management and Governance............................................................................................17
a) Communication and enforcement of integrity and ethical values...............................................................17
b) Commitment to competence......................................................................................................................17
c) Participation by those charged with governance.........................................................................................18
d) Management’s philosophy and operating style..........................................................................................18
e) Organizational structure..............................................................................................................................19
f) Assignment of authority and responsibility..................................................................................................19
g) Human resource policies and practices.......................................................................................................19
Conclusion...........................................................................................................................................................20
References:..........................................................................................................................................................21
Appendices:.........................................................................................................................................................24

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Introduction
This assignment helps in understanding nature and industry of Woolworths. The organization business
operations can be divided into major five segments and they are Supermarkets, General Merchandise,
Hotels, Consumer Electronics and Wholesale. Pest, SWOT and Porter’s five forces analysis is carried
in order to develop an understanding about Woolworths. Woolworth’s objectives, strategies and
Business Risks are also assessed in the organization. Ratio analysis is also undertaken to develop an
understanding on the financial stability of the organization. The discussion on management and
governance of the organization is also undertaken.
Part 1 –Understanding Nature of the entity
Woolworths Limited is a leading retail organization in Australia with extensive interest throughout
New Zealand and Australia. Its business operations include activities like general merchandise, food,
liquor, petrol and electronic goods. Woolworths carries its business operations through retailing, chain
store operations and also through hotel and other entertainment options. The organization business
operations can be divided into major five segments and they are Supermarkets, General Merchandise,
Hotels, Consumer Electronics and Wholesale. Woolworth’s business operations have set standards
which directly have impact upon stakeholders, customers and various supply chain management.
Woolworth’s business operations are recognizing for their quality goods and services in the world.
Woolworths has remained at top position or near the position of top since the past years.
The organization has opened various supermarkets in order to expand its business operations and
attract new customers. Woolworths currently sets its capital structure for enhancing shareholder value
through optimizing its weighted average cost of capital while retaining flexibility to pursue growth and
undertake capital management initiatives. Woolworths has targeted, achieved and maintained its strong
credit ratings. Woolworths has historically accessed a diverse range of debt funding sources, including

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bank facilities (and this is all included in the financial reporting. The organization follows all the
standards in the financial reporting and all the investing and financing activities of the organization are
stated in the cash flow statements with the notes as required (Alexander et. al., 2010). All the capital
expenditure of the organization is shown in the investing activities of the organization.
Part 2 -Understanding the Industry
a) Industry size
The food industry in Australia is complex. The diversity in the geographical location and environment
of Australia provides many advantages for the industry. The country has developed new technologies
in order to modernize breeding programs and management of farm. The food industry has 15% of
Australia’s total employment. The food industry also contributes majorly in gross domestic product
(GDP). Supermarkets and grocery stores have a growth rate at 62%. The retail sector of the country is
the second major sector which provides employment to 400 000 employees in 2010 – 2011
b) Industry growth
Woolworths registered an underlying net profit of $1.42 billion in 2016/17. Instead of difficult
conditions South Africa and Australia, The business of Woolworths remain ahead in comparison to its
competitors. Woolworth’s sales have increased by 8.6% throughout the period. The lower food
inflation in the country leads the Woolworths towards increase in volume growth as they focus on
quality.
c) Industry supply chain
To manage its supply chain, Woolworths largest retailer of the country, has chosen TradeStone’s
Merchandise Lifecycle Management platform in order to manage its supply chain. Woolworths works
collaboratively in all the departments in order to get a single product development system. This will

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bring ease and consistency in supply chain management (Smith et. al., 2010). Woolworths has a world
class approach in order to manage local and international supply chain and sourcing.
d) Major players
Dominant retail giants in the country are Wesfarmers and Woolworths which hold a 70% of market
share of Australia’s fresh food grocery market. In the retail sector of the country Aldi will continue to
dominate as it steals the growth of Wesfarmers and Woolworths.
e) Market shares of Industry players
Woolworth’s market share has declined from a peak of $34.4billion in the year in comparison to
September 2014. Coles has shown $1.1billion more than the year before. Coles’ gained 0.9 percentage
points in market share of the country. Aldi claimed 0.5 percentage points of the market.
f) Critical success factors
Woolworths shows its attractive performance in the retail industry of the country. There are various
factors which are contributing to the success of the organization. Maintaining supply chain
management helps the organization to manage its business effectively and the organization also has
very effective IT systems in order to regulate the customers properly (Coe, 2011).
g) Major threats
The biggest threat to Woolworths is the growth of cut-price supermarkets such as Aldi. The potential
entry of other large international rivals, such as fellow German retailer Lidl is also a threat to the
organization. Slowing growth in the country and market discounting are the other threats (Jie et. al.,
2013).

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Part 3 –Understanding the legal environment
Woolworths has included sustainability report in the annual financial report as it enables its
stakeholders to get a clear view of all the financial and non-financial issues in order to show its long-
term stability and value. The organization knows the importance of independent assurance and
verification thus moves towards this objective, within the framework of the organization and shows it
in financial reporting. Woolworths has a proper constitution which shows the policies to be followed
by the organization. The organization follows a code of conduct and has a shareholder communication
policy. These policies of the organization made the employees to comply with law. The large business
in Australia and New Zealand has attained growth due to the Australia – New Zealand Closer
Economic Relations Trade Agreement (ANZCERTA). The political stability in the organization helps
the organization to regulate its business operations (Jie et. al., 2013). The Combined Assurance
Management Framework ensures that assurance over the effectiveness of risk mitigations is also
included in the framework of the organization.
Woolworths looks after the legislation and regulation that majorly impact upon the operations of the
organization. Woolworths also includes direct activities regarding supervision in order to maintain
proper regulation in the organization. The organization is following proper taxation policies prevailing
in the country. There are various political factors which affect the business of organization.
Government policies of the country are affecting the functionality of the organization. It includes
monetary, foreign exchange controls, financial schemes, fiscal, various tariffs and other trade
restriction practices. There are various environmental related requirements which are also affecting the
business. ASA 250 requires some legal and regulatory framework requirement to be fulfilled which is
applicable to the entity and the industry in which the organization is carrying out its business.

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Part 4 – Understanding external environmental factors
a) PEST analysis
Political Factors
Woolworth got advantage from the Australia-New Zealand Closer Economic Relations Trade
Agreement (ANZCERTA). This trading cooperation brings the two countries together where
Woolworth is operating into a single economy and earning huge profits. Woolworth and its
shareholders are secured as the organization is carried out its business in political stable environment.
Economic Factors
Woolworth operates in an economically sound environment. Australia and New Zealand have a
relatively high standard of living compared to the rest of the world. Woolworths has its business
operations with more efficiency because of the stability of Australian market.
Social Factors
Woolworths is following the trend of green lifestyle and incorporates sustainability strategy.
Woolworths also addresses the requirements of customers according to the changes in weather and
provides a convenient shopping to their customers (Smith et. al., 2010).
Technological Factors
Woolworths has collaborated with the innovations of information communication technology to
improve the efficiency of their service in order to satisfy their customers. The organization has a SOA
(Service Oriented Architecture) software is a real time software that monitors its business activity and
reduce costs of the business.

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b) SWOT analysis
Strengths
Woolworths is one of the oldest and reputed brands in the retail industry in the country. The
organization has a strong branding in the country and popularly known as Woolies. The organization
has around 931 supermarkets in 2014 which depicts its huge market share in the country. The
organization has a wider choice of products for its customers ranging from food products to petrol and
also covers insurance sector (Juan Ding et. al., 2014). The organization has a strong commitment
towards long term sustainability. With the long term of sustainability practices, the organization is able
to achieve competitive advantage over the competitors.
Weaknesses
The organization shows a little presence at international level when compared to competitors like Wal-
Mart. The organization has its operations limited to only Australia and New Zealand. The lack of
experience in cross culture has led the organization towards shut down of its outlets in Nigeria and the
organization has faced losses. The organization entry in the online platform was quite late which lead
back it in comparison to its competitors.
Opportunities
There is a promising growth in the retail sector after recession. Better promotions of the products will
help the organization to attract the customers. Retail is a booming sector in South East Asia which
provides excellent opportunity and the increasing use of social media platform is also an opportunity
for the organization in order to increase its revenue (Bailey et. al., 2015).
Threats

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The competition from other retail players is a threat to organization and due to this the organization
has also incurred losses. Woolworths has lost its customers because of its competitors. The expansion
of Aldi is a bigger threat to the organization as the market share of the organization has made a
reduction.
c) Porter’s five forces analysis
Bargaining power of suppliers
Woolworths has low dependence on the suppliers and thus has weak bargaining power of suppliers
because there is a considerable amount of retailing market is sold by the organization in the country.
Bargaining power of customers
The organization has individual buyers which have strong bargaining power. To meet the requirements
of the customer, the organization strategy is to serve the quality product at a reasonable price and to
offer seasonal discounts.
Threat of new retailers
The organization has various stores in the country which are running successfully so the threat of new
retailers in to significant as very high startup capital will be required for the same (Donnelly and
Harrison, 2010).
Threat of substitute products and services
Woolworths is dealing in the retail industry and thus faces a high competition because the other
substitute products are offered by other major supermarkets in the country.
Rivalry among competitors

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There are various strong competitors prevailing in the country like Aldi and Coles which generates the
requirement of effective strategies for the organization to capture the market.
d) Other external factors affecting the entity that you may consider include the
general economic conditions, interest rates and availability of financing, and
inflation or currency revaluation
The AUD has multiple impacts on Woolworths' business. Some are positive others are negative. On
balance a lower AUD is seen as an advantage for Woolworths – the lower margin on directly sourced
products is likely to offset any upturn in sales growth from higher imported food inflation.
Supermarkets are running on the huge fixed costs and distribution costs (Woolworthsgroup, 2017). So,
when volume declines the organization profits also reduces. Changes in Interest rates in the country
also affect the business of the organization.
Part 5 –Understand objectives, strategies and Assessing Business Risks
a) Industry developments
Woolworths believes that the retail sector in Australia is highly competitive and serves various
requirements of the customers. Woolworths has however ongoing concerns and risks about the
implications of excessive and inefficient regulation by the government on the retail sector industry.
Woolworths also stated that regulations in the country may lead towards inequality between the
organizations.
b) New products and services
Woolworths requires investing more in grocery prices and in-store labor and should stop opening of
new stores and tries to maintain and manage existing supermarkets in order to bring more customer

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satisfaction in order to regain market share and goodwill. Launching of new products and services has
increased product liability on the organization (Trading Economics, 2017).
c) Expansion of the business
Woolworth’s growth strategy is to leverage its experience into new retail categories like home
improvements. Expansion of the business requires an investment of financial and management
resources and generally faces strong competition from the competitors. Expansion of home
improvement line has failed to produce expected results and thus had an adverse impact on the
business of Woolworths.
d) New accounting requirements
Woolworths is facing inherent risk of increased cost due to implementation of new systems in the
organization in order to fulfill the new accounting requirements guidelines provided by the
government in the country. More cost will be incurred to organization for the process of recruitment of
professionals who has the knowledge of new accounting methods.
e) Regulatory requirements
The regulatory requirements are complex and are subject to change according to the policies of the
government and time. Compliance with these regulatory laws, the organization has an inherent risk of
adverse affect on the financial condition of business of the Woolworths and loss of certain licenses
may also impact the organization (McTaggart et. a., 2012).
f) Current and prospective financing requirements
There is an inherent risk for the organization that the deferral of the interest payment may have an
negative impact upon the market price of the notes of the organization and can made them more
volatile in comparison to the prices prevailing in the market of the other debt securities.

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g) Use of IT
The ongoing performance of the operations of the organizations are majorly depends upon IT and
reliability on IT is inherent risk for the organization. There arises a risk if unexpected interruptions
caused in the systems and which may cause disruptions and may increase the cost for the organization.
h) The effects of implementing a strategy
Incomplete or improper implementation of strategy may impact upon reputation and can adversely
impact upon the brand recognition of Woolworths. It could also result in harmful for the various
customer engagement programs and could affect the business of organization adversely. Incomplete or
improper implementation can also adversely impact the financial and operational conditions of the
organization (Dos Santos et. al., 2013).
Part 6 –Performing Analytical Procedures to understand Entity’s
Performance
Analysis of Liquidity Ratio
Name
of the
ratio
Formula 2017-06
(In$)
2016-06
(In$)
2015-06
(In$)
Current
ratio
current assets
current liabilities
6,994.2
8,824.2
=.79
7,427.0
8,992.7
=.83
7,660.9
9,168.6
=.84
Current assets 6,994.2 7,427.0 7,660.9
Current liabilities 8,824.2 8,992.7 9,168.6
Acid
Test
current asset −inventories
current liabilities
6,994.2−4,080.4
8,824.2
7,427.0−4,558.5
8,992.7
7,660.9−4,872.2
9,168.6

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ratio =.33 =.32 =.30
Current assets 6,994.2 7,427.0 7,660.9
Inventory 4,080.4 4,558.5 4,872.2
Analysis of Profitability Ratio (Fridson and Alvarez, 2011)
Name of the
ratio
Formula 2017-06
(In$)
2016-06
(In$)
2015-06
(In$)
Gross Profit
margin
gross profit
sales revenue ×100 15,928.9
55,475.0 ×100
=28.71%
15,164.6
53,473.9 ×100
=28.36%
16,215.4
58,812.0 × 100
=27.57%
Gross Profit 15,928.9 15,164.6 16,215.4
Sales Revenue 55,475.0 53,473.9 58,812.0
Gross profit
mark up
gross profit
cogs × 100 15,928.9
39,546.1 ×100
=40.27%
15,164.6
38,309.3 ×100
=39.58%
16,215.4
42,596.6 × 100
=38.06%
Gross profit 15,928.9 15,164.6 16,215.4
cogs 39,546.1 38,309.3 42,596.6
Analysis of Efficiency Ratio
Name of the
ratio
Formula 2017-06
(In$)
2016-06
(In$)
2015-06
(In$)
Inventory
turnover
ratio
inventory
costofsales × 365 4,080.4
39,546.1 ×365
=37days
4,558.5
38,309.3 ×365
=43 days
4872.2
42,596.6 × 365
=42 days

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Inventory 4080.4 4,558.5 4,872.2
Cost of sales 39,546.1 38,309.3 42,596.6
Trade
receivable
turnover
traderrecievable
revenue ×365 744.7
55,475.0 ×365
=5days
763.9
53,473.9 ×365
=5days
885.2
58,812.0 ×365
=5days
trade receivable 744.7 763.9 885.2
Revenue 55,475.0 53,473.9 58,812.0
Analysis of Capital Structure ratio (Daly, 2011)
Name of the
ratio
Formula 2017-06
(In$)
2016-06
(In$)
2015-06
(In$)
Debt to
equity ratio
total liabilities
total equity
13,039.7
9,876.1
=1.32
14,720.3
8,781.9
=1.67
14,204.8
11,132.0
=1.27
Total liabilities 13,039.7 14,720.3 14,204.8
Total equity 9,876.1 8781.9 11,132.0
Equity ratio total equity
total assets
9,876.1
22,915.8
=.43
8781.9
23,502.2
=.37
11,132.0
25,336.8
==.43
Total equity 9,876.1 8781.9 11,132.0
Total assets 22,915.8 23,502.2 25,336.8
Analysis of Market Performance ratio
Name of the
ratio
Formula 2017-06
(In$)
2016-06
(In$)
2015-06
(In$)

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Earnings
per share
earningsavailable
no . of equity shares
=110.8 =116.8 =203.9
Pay Out
Ratio = 70.74% = 70.44% = 71.67%
Part 7 –Understand management and Governance
a) Communication and enforcement of integrity and ethical values
Woolworths has enforced effective communication in the organization in order to enhance ethical
values and integrity. There are some essential features of the organization that affect the administration
and monitoring of controls and they are discussed in this part. Employees are required to behave
according to the values of the organization whether at the workplace, or any business trips. Employees
are not allowed to make unauthorized statements in the public and cannot use the information of the
company in an inappropriate manner. The employees are not allowed to breach the policies and law of
the country (Reuvid, 2010). For the better administration in the organization, the employees had to
follow the policies of the organization in a consistent way.
b) Commitment to competence
Woolworths is committed to the development of required skills in the employees of the organization
with the help of various business and operations need and skills and development programs run by
government. The organization considers employee skills and development as investment which is quite
important for the growth of business and also for growth of employee as an individual. This will help
the organization in achieving the competence level for required jobs. The organization has increased its
focus on training program in the organization and there is a better management of skills plan in the

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organization which translates into required skills (Stavrulaki and Davis, 2010). The organization has
increased number of their employees for learning skills.
c) Participation by those charged with governance
Woolworths has independent assurance providers which are different from management in order to
assess the effectiveness of the organization. Woolworths simplify the business and thus create more
accountable reporting lines in order to make its business more responsive to the changes incurring in
outside world. The internal audit function engages with the management in order to derive meaningful
information for the effectiveness of the organization (Klettner et. al., 2014). The organization liaises
with internal audit and external audit in order to understand the scope and importance of their work for
the final assessment. The organization continues its interaction with the internal and external auditors
in order to move towards a control based approach of audit.
d) Management’s philosophy and operating style
The organization has adopted the risk based approach in order to identify and assess the risk factors
associated. The organization has also adopted top down approach in the audit in order to identify the
business risk and through this the associated inherent risk for the organization can also be identified.
The director’s approach of Woolworths has ramifications on the financials of the organization in order
to have control. The auditors in the organization gain an understanding of director’s attitudes and
actions towards financial reporting in order to make a judgment on the extent of reliance and the
auditors in the organization carries out their duties to the appropriate level (Fitzroy et. al., 2012).
Woolworths has various aspects of accounting functions that are linked with specific aspects of
information systems of the organization in order to ensure that accounting information process systems
are fit for the organization.

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e) Organizational structure
The organization structure can be defined as the framework in which the organization carries out its
business activities. The organization has a positive correlation between the size of the operations of
organization and the risk associated with it. The organization has a structure where the responsibility,
authority and the reporting lines meet the objective of efficiency and effectiveness in the organization.
f) Assignment of authority and responsibility
Woolworths has a huge scale of operations which requires larger size of the workforce and thus the
organization requires larger amount of assignment of responsibility and authority in order to manage
the workforce. Woolworths ensure that levels of authority and responsibility are assigned to competent
and qualified professionals. The organization also verifies that there should be proper hierarchies and
reporting relationships (Dos Santos et. al., 2013). The employees in the organization are made fully
aware with their responsibilities and the resources in order to accelerate the growth of the organization.
g) Human resource policies and practices
Woolworths ensure that only qualified and competent employees are hired by the organization. The
procedure for interview in the organization ensures that all the criteria for hiring should be fulfilled.
Training, support are provided to the employees in order to assign responsibilities to the employees.
The organization has a formal appraisal system in order to identify the needs for development of
employees. The organization has a comprehensive and transparent redressed procedure for employees
in order to provide impartiality (Du Plessis and Grobler, 2014). The termination procedure in the
organization incorporates exit interview for employees in order to make all the settlements and the
organization has an equitable disciplinary procedures for the employees.

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Conclusion
From the above study it can be concluded that Woolworth’s business operations are recognizing for
their quality goods and services in the world. Woolworths has remained at top position or near the
position of top since the past years. From the porter five force analysis it can be analyzed that the
organization does not have any threat from the new entrants. The study states that Woolworths ensure
that levels of authority and responsibility are assigned to competent and qualified professionals. The
organization is a reputed name in Australia and serves its customer good quality products at a
reasonable price.

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References:
Alexander, N., Doherty, A.M., Carpenter, J.M. and Moore, M. (2010) Consumer receptiveness to
international retail market entry. International Journal of Retail & Distribution Management, 38(3),
pp.160-172.
Bailey, J., Price, R., Pyman, A. and Parker, J. (2015) Union power in retail: contrasting cases in
Australia and New Zealand. New Zealand Journal of Employment Relations (Online), 40(1), p.1.
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Du Plessis, N. and Grobler, A.F. (2014) Achieving sustainability through strategically driven CSR in
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management: The challenge of creating value. UK: Routledge.
Fridson, M. and Alvarez, F. (2011) Financial Statement Analysis: A Practitioner's Guide.4th edn.
USA: John Wiley & Sons.

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Jie, F., Parton, K.A. and Cox, R.J. (2013) Linking supply chain practices to competitive advantage: An
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Juan Ding, M., Jie, F., A. Parton, K. and J. Matanda, M. (2014) Relationships between quality of
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Trading Economics (2017) Australia GDP Growth Rate. [Online]. Available at:
http://www.tradingeconomics.com/australia/gdp-growth (Accessed: 5 September 2017).

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Woolworthsgroup (2017) Annual Report. [Online]. Available at:
https://www.woolworthsgroup.com.au/page/investors/our-performance/reports/Reports/
Annual_Reports (Accessed: 5 September 2017).

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Appendices: