Premium Essay


In: Business and Management

Submitted By Arden1991
Words 1371
Pages 6
Part A

1. Blackmores Limited is a company primarily involved in the development and marketing of health products. Their product includes vitamins, herbal, mineral and nutritional. Apart from operating in Australia, they also operate in Malaysia, Thailand, Taiwan and others parts of Asia.

2. The auditing from, Deloitte will inspect Blackmore’s accounts and they have the responsibility to ensure the validity and reliability of information. They will also express their opinions on the financial report based on their audit. Deloitte should conduct their audit which must be in line with Australian Auditing Standards. The auditors are required to comply with the ethical requirements and give a true and fair view.

3. It is under Note 2 that deals with Significant Account Policies. The method of depreciation adopted by Blackmores Limited to depreciate property, plant and equipment is the straight line basis. The underlying assumption is that each asset would have a useful life and a residual value at the end of its useful life. The straight line method would write off net cost of each asset over its useful life and estimated residual value. Each year the depreciated value would be the same.

4. Some of the reports include the Income Statement, Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Statement of Cash Flows.

5. The chairman of the board of directors ins Marcus C Blackmore Am. He has 4,479,278 fully paid ordinary shares.

6. There are several purposes of the external auditor report. The external audit performed by a third party and an independent organization and is suppose to provide a true and fair view. A requirement of the Corporation Act 2001 is the auditor independence with regards to the audit. External auditing must conduct its audit in accordance with specific laws and...

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