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Identify any Changes in the CEO during the Past Three Years
Finance & Accounting
Pages 4 (1004 words)
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.
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. ...
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