Auditing and Assurance Business Research Opportunity

Question: Describe aout the Auditing and Assurance for Business Research Opportunity. Answer: Introduction This study deals with company named as Wesfarmers Limited listed in Australian Stock Exchange. In this particular assignment, emphasis has been given for understanding the audit engagement report for the year 2017. The present study gather information as well as preparation of report for meeting audit collaborates as well as audit managers. The first question explains the operational aspects of Wesfarmers Limited in areas like retail, liquor as well as home improvement and department stores. Then, Wesfarmers Limited faces some of the issues with auditing activities following related laws as well as regulations (Simnett, Carson and Vanstraelen 2016). It further gives information on understanding major and minor competitors of Wesfarmers Limited. Therefore, at the end, strength and weakness are explained for Wesfarmers Limited. 1. Wesfarmers Audit Engagement 2017 Part A Areas in which Wesfarmers conduct its operations Wesfarmers Limited is an Australian-listed company based in Australia. This particular organization conducts its business operations in areas such as supermarkets, hotels, home improvements, department stores as well as liquor and convenience stores. It is one of the largest private sector employing around 220000 staff members and shareholder base of 530000 on approximate basis (Redmayne 2013). The main objective of Wesfarmers Limited is providing satisfactory return to potential stakeholders. Part B Identification of laws and regulations Wesfarmers Limited is committed towards compiling with laws as well as regulations for countries operating its business in ethical way. This particular company is consistent with principles of honesty, fairness as well as respect and integrity (Moroney et al. 2014). Bribery as well as other related improper refers in the policy considers as criminal offenses for company and individuals at the same time. This is presented as inconsistent in aligning with Wesfarmers Values. There are various laws prohibiting with improper payments covering in the policy in applicable for all countries. Wesfarmers Limited who engages in trading activities operates these activities. Some of the Laws and Regulations are as follows: Australian Criminal Code US Foreign Corrupt Practices Act UK Bribery Act Competition and Consumer Act in Australia Anti-bribery policy The main purpose of this policy brings out the responsibilities of Wesfarmers Limited personnel in observing as well as upholding the prohibition on bribery and other related improper conduct (Junior, Best and Cotter 2014). On the contrary, Wesfarmers Limited provides information as well as guidance in recognizing and dealing with instances on areas such as bribery and corruption at the same time. This policy is applicable to Wesfarmers Limited for all Directors as well as employees. It is given in diversified nature for Wesfarmers Limited operating in and across Australia. Wesfarmers Limited adopts own anti-bribery policies in related with operational aspects in the most appropriate way. Wesfarmers Limited Personnel understands as well as complies with given policies. Wesfarmers Limited does not encourage accepting or requesting bribes, payment facilitation as well as money laundering and secret commission activities (Hay, Stewart and Botica Redmayne 2016). Wesfarmers Limited does not approve in requesting for irregular payment for winning for making business decisions in an effective way. Wesfarmers Limited complies with reporting as well as approval process in areas such as gifts as well as entertainment and hospitality. Wesfarmers Limited does not offer or receive any type of gift by relevant Anti-bribery Officer (Simnett, Carson and Vanstraelen 2016). Part C Primary Competitors in retail sector Wesfarmers Limited mainly starts its farmer cooperation in and around Western Australia few centuries ago. In the recent world, Wesfarmers Limited is the most diverse companies and largest retailers that aim at acquisition of food and liquid retailing activities under Coles Group. Wesfarmers Limited shows interest in far-ranging business involving general merchandise (Kmart and Target), Home improvement as Burnings as well as office products retailing. Wesfarmers Limited also engages its operations in coal mining, fertilizers production as well as gas processing and safety products (Hardidge et al. 2013). Wesfarmers Limited believes in providing agricultural merchandise as well as services for future analysis purpose Two Major Competitor of Wesfarmers Limited Woolworths Limited- Woolworths Limited is major competitor of Wesfarmers Limited as both operate its activities in retail sector (Simnett, Carson and Vanstraelen 2016). Both the companies are listed in Australian Stock Exchange. Woolworth Limited operates in Australia as well as New Zealand involving more than 1000 supermarkets. Addition to that, Woolworths Limited sells gasoline as well as leverages in form of distribution network. Therefore, Woolworths Limited provides wholesale merchandise especially for third-party supermarkets in the most appropriate way (Carson, Fargher and Zhang 2016). Metcash Limited- Metcash Limited is one of the wholesale grocery suppliers as well as liquor distribution in and around Australia. This particular business organization has distribution units serving more than 2500 grocery stores. This company operates as Australian Liquid Marketers supplying for more than 13000 liquid stores. Two Minor Competitor of Wesfarmers Limited Caltex Australia Limited- Caltex Australia Limited occupies the topmost position in oil refining as well as marketing company with around 30% share especially in retail fuel market (Simnett, Carson and Vanstraelen 2016). This particular business organization engages in refining as well as marketing of fuels and lubricants in and across the country with network of more than 2000 brand gas stations. Caltex Australia Limited owns as well as operates 11 coastal storage terminals as well as petroleum products and lubricant blending plants. In the year 2015, Chevron mainly sold its stake of 50% to Caltex Australia Limited (Botica?Redmayne 2013). Myer- Myer Limited is one of minor competitors of Wesfarmers Limited operating in retail sector. Myer Limited segments into price conscious group targeting to departmental stores. Myer Limited targets middle class as well as upper middle class individuals. Myer Limited positions its products in styles as well as quality in the most appropriate way. Myer Limited is an Australian chain for upscale of operations from high range of departmental stores (Moroney et al. 2014). Myer Limited has stores in the Australian States as well as Australian Capital Territory. Myer Limited offers large variety of brands at affordable prices for rendering consumers. Myer Limited has strong brand presence as well as reputation in and around Australia. 2. SWOT analysis for Wesfarmers Strengths Weakness Wesfarmers Limited established in the year 1914 depicting as powerful brands legacy Wesfarmers Limited emphasis majorly upon community development initiatives Wesfarmers Limited delivers convenience as well as customer services (Moroney et al. 2014) Wesfarmers Limited has major key importance in quality as well as performance Wesfarmers Limited has many stores as well as strong workforce of more than 200000 staff members (Moroney et al. 2014) Wesfarmers Limited aims at providing special offers as well as discounts for attracting customers as far as possible Wesfarmers Limited sales with the help of online formats Wesfarmers Limited renders variety of suits in price points. Wesfarmers Limited is a market leader in retail sector and this is the reason that this company remains under scrutiny for undertaking any critical decisions Wesfarmers Limited has low geographical presence. Conclusion At the end of the study, it is concluded that Wesfarmers occupies the topmost position in the retail sector. This particular business organization follows core principles and code of conduct for meeting the objectives in the near future. It has strong brand presence in and across Australia. Laws and regulations are explained above with proper justification. Wesfarmers Limited obtains requires approvals especially for donations as well as sponsorship. In other words, Wesfarmers Limited maintains accurate records for dealing with third party. Wesfarmers Limited should be vigilant in reporting any breach of contract for any type of suspicious behavior in relation with policy. Reference List Botica?Redmayne, N., 2013. Auditing and Assurance Services in Australia: An Integrated Approach. Pacific Accounting Review. Carson, E., Fargher, N. and Zhang, Y., 2016. Trends in Auditor Reporting in Australia: A Synthesis and Opportunities for Research. Australian Accounting Review, 26(3), pp.226-242. Hardidge, D., Abeysekera, I., Chew, T.G., De Santi, R., Egan, T., Ghandar, A., Jakubicki, P., Lee, A., Luckins, J., Ridley, C. and Shying, M., 2013. A guide to understanding auditing and assurance: listed companies. Hay, D., Stewart, J. and Botica Redmayne, N., 2016. The Role of Auditing in Corporate Governance in Australia and New Zealand: A Research Synthesis. Available at SSRN 2838066. Junior, R.M., Best, P.J. and Cotter, J., 2014. Sustainability reporting and assurance: a historical analysis on a world-wide phenomenon. Journal of Business Ethics, 120(1), pp.1-11. Moroney, R., Campbell, F., Hamilton, J. and Warren, V., 2014. Auditing: A Practical Approach. Wiley Global Education. Redmayne, N.B., 2013. Auditing and Assurance Services and Ethics in Australia: An Integrated Approach. Journal of Accounting Organizational Change. Simnett, R., Carson, E. and Vanstraelen, A., 2016. International Archival Auditing and Assurance Research: Trends, Methodological Issues and Opportunities. Auditing: A Journal of Practice and Theory.