Group Assignment of The Warehouse - 图文

Zealand Preface: paragraph 10, as ?the term used to describe the basis on which general purpose financial statements are normally prepared?. Also a specific set of rules, practices, and procedures, relating to a particular circumstance, with a broad concept and the principles of general application.

Auditors must indicates an opinion whether the financial statement conformity with Generally Accepted Accounting Principles when they serve for a legal entity.

1. Generally, the use of Accounting Principles must be accepted. 2. Appropriate circumstance of Accounting Principle.

3. Understanding and interpreting of financial statement in preparation.

4. Auditor needs to summarize and describe the information correctly in the financial statements.

5. All the records of transactions of financial statement must have the connection with financial position cash flows and balance sheet.

Meanwhile, the warehouse director provided a true and fair view of the financial statement which they relate and for such internal controls. True and Fair view According to the Securities Commission (1989, page.26) defined:

? ..as the true and fair view is following statutory hendiadys, requiring one rather than two criteria. Thus, the phase need to explain as a true view of the state of affairs and the profit or loss determined on a fair basis.?

As well true and fair views keep a basic requirement of financial reporting and auditing judgment to the financial statement. Auditors? report?s Explanation bring a true and fair view of the financial statement by the risk they taking to asses some information about Warehouse?s financial statement. For instance, preparation of financial statements that present fairly: financial position, performance and cash flows according to the IAS 1.

Forth, Auditor had their own responsibility when they are auditing the warehouse financial statement and annual report. Auditor need to follow international Standards on Auditing (New Zealand) and International Standards on Auditing. These standards require that auditors comply with relevant ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial Statements.

As a auditor, they need to disclose their audit evidence about financial statement when they are performing their auditing. Auditors? judgment included the assessment of the risks of material misstatement of the financial statements.

Moreover, the auditor needs to consider a true and fair view that relates the warehouse financial statement, because the internal control and the warehouse financial statement are relevant.

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Auditor must evaluate the overall accounting estimation and financial statement reasonable. The auditor stated that the audit evidence they obtained is sufficient and appropriate to provide a basis for their audit opinion. The most important things are the auditor could not take any interest in the warehouse which did not make any overstatement for the warehouse financial statement.

In the auditor?s opinion section, auditor explained that Warehouse Financial statements comply with generally accepted accounting practice and International Financial Reporting Standards in New Zealand.

In the Report on Other Legal and Regulatory Requirements, auditor adopt Sections 16(1)(d) and 16(1)(e) of the Financial Reporting Act 1993 which all the information and explanations that we have required to the audit of the financial statements for the 52 week period.

In the final part of Restriction on Distribution or Use, the auditors? work has been undertaken, therefore we might state to the Company?s shareholders those matters which we are required to state to them in an auditors? report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company?s shareholders.

Conclusion

According to the analysis the tasks from above, we can see The Warehouse Group has made benefit at the financial year from 2010 to 2011 from the financial report. But according to the cash flow statement, we can see the net cash that company holding was decrease. However, the company also growth up and became stronger. Because The Warehouse has a good manage team. From The Warehouse?s financial statements, we can see all financial statement has been prepared with following the standards of the acts, also they disclosed the statement to their shareholders and other users.

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Bibliography

Office, N. Z. (2012, 08). Companies Act 1993. Retrieved 08 10, 2012, from New Zealand Legislation: http://www.legislation.govt.nz/act/public/1993/0105/latest/DLM319570.html

Office, N. Z. (2012, 08). Financial Reporting Act 1993. Retrieved 08 10, 2012, from New Zealand Legislation: http://www.legislation.govt.nz/act/public/1993/0106/latest/DLM323598.html

Office, N. Z. (2012, 08). New Zealand Stock Exchange (Conduct Rules, Control Limit, and Restructuring Day) Order 2002. Retrieved 08 10, 2012, from New Zealand legislation: http://www.legislation.govt.nz/regulation/public/2002/0377/7.0/whole.html

Warwhouse, T. (2012, 08). Comapany report. Retrieved 08 10, 2012, from The Warehouse: http://www.thewarehouse.co.nz/red/content/homepage/investor-centre/company-reports

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Appendix

Appendix 1

Financial Reporting Act 1993

10 Obligations to prepare financial statements ? (1) The directors of every reporting entity must ensure that, within 5 months after the balance date of the entity or, where the entity is required by any other Act to prepare financial statements or accounts within a shorter period after the end of its financial year or balance date, within that period, financial statements that comply with section 11 of this Act are—

o (a) Completed in relation to the entity and that balance date; and o (b) Dated and signed on behalf of the directors by 2 directors of the entity, or, if the entity has only 1 director, by that director. 11 Content of financial statements of reporting entities ?

(1) The financial statements of a reporting entity must comply with generally accepted accounting practice.

(2) If, in complying with generally accepted accounting practice, the financial statements do not give a true and fair view of the matters to which they relate, the directors of the reporting entity must add such information and explanations as will give a true and fair view of those matters.

13 Obligation to prepare group financial statements ?

(1) Subject to subsection (2) of this section, the directors of a reporting entity that has, on the balance date of the entity, one or more subsidiaries, must, in addition to complying with section 10 of this Act, ensure that, within 5 months after that balance date or, where the entity is required by any other Act to prepare group financial statements or group accounts within a shorter period after the end of its financial year or balance date, within that period, group financial statements that comply with section 14 of this Act are—

o (a) Completed in relation to that group and that balance date; and o (b) Dated and signed on behalf of the directors by 2 directors of the entity, or, if the entity has only 1 director, by that director .

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