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BBAC601 Auditing And Assurance

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BBAC601 Auditing And Assurance

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BBAC601 Auditing And Assurance

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Course Code: BBAC601
University: University Of New South Wales

MyAssignmentHelp.com is not sponsored or endorsed by this college or university

Country: Australia

Questions:

1. Discuss the potential impact of those identified on the future audit work2. Provide at least 5 ratios (using formulas provided by the text book or lecture notes) for the current and the prior year. Of the three ratios, three below are compulsory: current ratio, quick asset ratio, debt to equity.3. Identify the objectives or strategies (any plan to develop new products or services, or to expand the business locations, use of information technology) 4. Identify the related business risks (the risk that that an entity’s business objectives will not be attained as a result of external and internal forces brought to bear on an entity) 

Answer:
Accounting Policies

Property Plant and Equipment – The accounting policy has been described under four headings – recognition and initial measurement, subsequent costs, subsequent measurement and depreciation. Initially the items are recognized at cost and then amount of depreciation and the impairment is deducted. The expenditure if any subsequently incurred are capitalized if there is the probability of having future economic benefits otherwise transferred to statement of profit and loss.
Inventory – There are no inventories kept at the end of the year under reporting.
Account Receivables – It includes lease receivables and amounts receivables from financial instrument. These are stated at the price to be received and include the amount of the goods and service tax.
Financial Instruments – There are four categories under which the bank classifies its financial instruments. These are financial assets held for trading, available for sale, receivables which are due from the other financial institutions and other derivative financial instruments. Bank has recorded the financial assets for trading at fair value (Al, 2016).  
Intangible Assets – Intangible assets are recorded at cost less the amount of the amortization and the impairment. In case any intangible asset is internally generated then the expenditure is transferred to the statement of the profit and loss. In case any subsequent expenditure is incurred then it is capitalized if there are future economic benefits and for the impairment the intangibles are checked for impairment at the end of each year.
Revenue Recognition – The amount of premiums are recognized on the date when the risks are attached in relation to the life insurance contract. Some premium amounts are deferred in case of future premiums or policy charges.  
Others – Employee benefits includes superannuation commitments and share based payment.  Superannuation contributions are calculated on the basis of various percentages of the salaries of the employees.   

Related parties and Transactions with related parties

Controlled Entities – The bank has fifty plus controlled entities with zero percent portion of the share of non controlling entities. It includes Alliance Premium Funding Pty Limited, bank of Queensland Limited Trust, BOQ Covered Bond Trust, BOQ Credit Pty Limited and many others.  
Non Controlled Entities – There is no non controlling entities.
Other Related Parties – It includes key managerial personal, directors and executives of the company (Lubbe, 2014).
Transaction in the financial year – During the year the company has incurred the amount of 15,896,947 dollars for the key managerial personnel who include employee benefits and administrative expenses. Apart from this, the company has acquired the BOQF Cash flow Finance Pty Limited for amount of 21.4 million dollars. 

References
Al Attar, (2016), “Measuring the Conservatism Level in the Accounting Policies and Its Effect on the Financial Information Disclosure Quality in the Jordanian Commercial Banks”. J. Mgmt. & Sustainability, 6, p.91. 
Lubbe, I, (2014), “Financial accounting GAAP principle”, Accounting Review, 201, p.21-30 

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