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Accounting Assignment Question
Write a report which provides an analysis of Metcash Ltd.’s internal and external environment, operations, strategies and annual reports with the objective to identify possible audit risks.
Accounting Assignment Solution
Preliminary Audit Investigation Report
Name of the Audit Firm:
Address of the Audit firm:
Subject: A Preliminary report of an audit for discussion in the meeting of auditors.
Dear Audit Partners and Audit Manager,
As our team has been appointed as an auditor for Metcash Ltd for 2017 and I was assigned the responsibility to perform preliminary engagement activities (as per Auditing Standard ASA 300), so here are the findings of my investigation:
Metcash Ltd is for Profit Company incorporated in Australia and predominately operates in Australia only. The various areas in which Metcash Ltd. Conducts its operations are
- Food and Grocery Segment: This segment comprises of distribution of dry grocery, perishable and general merchandise suppliers to retail outlets.
- Liquor Segment: It comprises the distribution of liquor products to retail outlets and hotels.
- Hardware Segment: It comprises the distribution of hardware products to retail outlets and trade customers.
Through its distribution network, Metcash Ltd. delivers products to more than 10000 retail premises and further 95000 wholesale customers across food, grocery, liquor and hardware markets (Julie Hutton, 2016). The Company has distribution centers in each of the major cities as well as nine smaller distribution centers in regional areas (Murray, 2016).
Metcash’s operations require compliance with various regulatory requirements including OH&S, food safety, environmental, workplace industrial relations, public liability, privacy & security, financial and legal (Morrice, 2016). Five laws and regulations which have an impact upon the operations of Metcash Ltd are as below
- Occupational Health and Safety Amendment Act 2006 (Australian Government, 2007) sets out key principles, duties, and rights in relation to occupational health and safety. Its various regulations prescribe procedural or administrative matters to support the Act, such as requiring licenses for specific activities, keeping records, or notifying certain matters.
- Food Standards Australia New Zealand Act 1991 (Australian Government, 2016) : As per this act, Metcash Ltd has to produce the food that is safe and suitable to eat. This act also contains health and hygiene obligations for food handlers and aims to lower the incidence of food-borne illness.
- EPBC 2013 Act provides a legal framework to protect and manage nationally and internationally important flora, fauna, ecological communities and heritage places defined in the Act as matters of national environmental significance (Australian Government, 2013). Metcash Ltd complies with these regulations and conducts its operations in a manner that does no harm to the environment.
- Workplace Relations Amendment Act 2007 (Australian Government, 2007) aims at creating better economic conditions for the business, individuals (like employees, customers, and suppliers, etc.) and the nation as a whole.
- The Privacy Amendment Act 2012 (Privacy Act) provides regulations to handle personal information. It defines personal information as information or an opinion, whether true or not, whether recorded in a material form or not, about an identified individual, or an individual who is reasonably identifiable. (Australian government, 2015).