The auditor and his partner performed the audit services for three years in the company and their financial reporting implications are as under: I examined the audit report 2009 of the firm because this is the last year of the Mark & Co. as an auditor with its partner NA Calder. In this report they examined concise financial statement first, according to them concise financial statement has been prepared in accordance with Accounting Standards AASB 1039: Concise Financial Report, and the Corporation Act 20012. They also acknowledge that the financial report of the company and controlled entities comply with all Australian equivalents to International Financial Reporting Standards (AIFRS) and the currency presentation used in the reports is Australian dollars. Auditor and its partner report that company’s financial statements have been prepared under going concern concept, which excogitate the routine business activities and realization of assets and the settlement of obligations in the normal way of business. Further, revenue for the current year is declined by 22%3 as compared to previous year due to decline in production, on-going pump issues and oil price declining trend via global uncertainty. Company wants to enhance its revenue; in this regard they formed joint ventures with Kakadu/Didgeridoo and Ash Creek for the development work and well testing to increase revenues with based on production. As per depreciation policy, Oil and gas properties, plant and equipment, other than freehold land are depreciated on a unit of production basis. The remaining assets are depreciated under the diminishing balance method. As per auditor’s findings company already spend $4,122,903 on the extensive work program with The Grieve Oil Field, the result of this work are expected by the end of the current year and the present work is unsuccessful. In this way, company has to impair this amount because financial statement doesn’t reflect any adjustment yet. In 2010 PKF appointed was the auditor with Bruce Gorden as a partner. I examined their report as well and found the following implications in their report. They examined the company’s financial statement and acknowledge that company maintained its financial statements in accordance with Accounting Standard AASB 101 Presentation of Financial Statements, that compliance with Australian Equivalents to International Financial Reporting Standards and in accordance with Corporation Act 20014. They mentioned that group incurred a net loss $3,264,663 for the year and had net cash outflows of $2,111,538. As per their opinion group didn’t maintain its appropriate levels of funding and have a doubt about the group’s ability to continue as going concern because they are unable to realize its assets and discharge its liabilities in the normal course of business. As per financial report, it didn’t include any adjustment regarding the recoverability and classification of recorded assets and liabilities. As per the auditor, it is necessary if the company does not continue as a going concern. These are the above findings have been observed due to the auditor’s changing during the year. iii. Note any non-audit services and their relative value provided by the auditor and comment on the implications for auditor-independence In 2009 the board of directors was satisfied that the provision of non audit services, which was
Financial Accounting Assignment (BUS256) Submitted by: Submitted to: 27th April 2012 i. Identify any changes in the CEO during the past three years. In ELK Petroleum Mr. Andrew Rig was the CEO during 2007 till 2009. In 2010 Mr. Robert Cook was appointed as a CEO of the company and he is still serving in the company on the same position…
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The auditor and his partner performed the audit services for three years in the company and their financial reporting implications are as under:
I examined the audit report 2009 of the firm because this is the last year of the Mark &
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