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A central bank is a governmental agency responsible for administering a nation’s or a consortium of nations’ currency and regulating the money supply in circulation. The primary purpose of central banking is to ensure price stability. In several nations, legislation mandates that central banks take measures to promote full employment.
Premier Investments Limited is an Australian firm engaged in the specialty retail fashion sector throughout Australia, New Zealand, Asia, and Europe. It is a publicly listed corporation on the Australian Securities Exchange, designated by the code PMV for its securities.
It indicates an improvement in PMV's gross margin from 60.98% in 2020 to 64.30% in 2021, attributed to consistent growth in sales revenue. It signifies PMV's efficacy in delivering services using direct labor and supplies. The net profit ratio has risen to 18.84% from 11.33%, indicating PMV's enhanced capacity to convert sales into profit. The substantial rise in return on assets from 6.94% to 12.13% indicates the company's excellent use of its assets to create profit (Miransyah and Dempo 2021). PMV has a robust profitability stance.
This report pertains to Premier Investments Limited and adopts the perspective of a senior auditor tasked with auditing the firm for the financial year ending on 30 June 2021. This report, as instructed by the engagement partner, aims to collect pertinent background information on the client as part of the audit processes to get a comprehensive knowledge of the company and its surroundings.
1. Financial and non-financial decisions may be made with the assistance of analytical procedures. An analytical method is crucial for both the auditor and management overall. This analysis is performed for DIPL Ltd to illuminate its performance and provide an accurate representation. This approach is very beneficial for identifying errors in financial statements and deterring fraudulent activity.
Westpac Bank was established in 1817 in Sydney, where its headquarters are located. It is regarded as one of the four main banks in Australia. The bank's portfolio is extensively diversified throughout numerous financial services, categorized into institutional and consumer categories. The bank's offering includes wealth management and consulting services. The Bank has established an esteemed name not only in Australia but also has a secondary position in New Zealand.
The National Australia Bank (NAB) was established in 1982 after the merger of two financial institutions. It is now among the highest-rated firms addressing financial matters and market capitalization in Australia. It is a multinational corporation with a substantial clientele and workforce. NAB is ranked as the 21st biggest bank globally by market capitalization and the 41st largest by total assets. The firm operates many branches throughout numerous nations and cities in Australia.
1. The following scenarios may or may not violate the ethical standards of APES 110. You must indicate if they constitute a violation of the ethical standards of APES110, and if so, specify which ethical principle has been violated.
(a)The Mortdale Accounting business conducted many audits of public firms in the last year. It has now sent the working papers to the Penshurst Accountants, who are doing a peer review of Mortdale Accounting's audits. The Mortdale Accounting business does not inform its customers about these evaluations.
You will provide an overview of this organization and specify its marketing attitude. You must also evaluate and analyze the context and settings in which this organization functions, including its industry and the macro-environmental factors influencing that industry.
Offer a concise overview of this organization and the sector in which it operates. Consider include any mission statements, value statements, or slogans that the organization use to convey its purpose in this description. In characterizing this organization, please delineate its marketing orientation and include pertinent, precise, and factual information to verify your identification of this particular orientation.
Inquiry (1)
You hold the position of audit manager at Clarke & Johnson (CJI). CJ has served as the auditor for Luxury Travel Holidays LTD (LTH), a travel firm, for many years. Geoff, the audit partner, has requested that you reach out to Chris, LTH’s CEO, about the potential re-engagement of CJ as the auditor for the forthcoming audit of the 30 June 2015 financial report.
