Australian Auditing Standards and Accounting Standard Boards provide some basic rules for every organization to examinee companies’ accounts, bank statements, and taxes issues. Every company has examinee there annual accounts issues by an auditor. An auditor tries to finds out where the unreliable is? Maintaining all rules and regulation and abide by taxes procedures is a tough challenge for the companies. So, companies are elected some auditors to find out the several problems of the organization annual accounts. An auditor has successfully handled all the data based on information and regulation and it is managed with the current data and information. Companies always developed few departments to maintain internal rules by Australian Auditing Standards and Accounting Standards Boards (James Root, 2012).
Project Objectives: 4
Project Scope: 5
Literature Review: 6
Auditing states that are related to evaluating the organization all expense, income, and profit statements. An auditor evaluates organization all transaction to find out any problems which are not matching with the circumstance. The responsibilities of an auditor to evaluate organizational internal transaction. Any external transaction like as shareholders profits, taxes or others expense is not related. The auditors are evaluating financial records. There is some transaction like as profit-loss, cash flow, and outflow, monetary budget, suppliers expense etc. those transaction evaluated because of to find out the irregular transaction and extra expense will be valued by each transaction. In this report will impact on organization different sources of the transaction which is measured by auditors. This current report is evaluated by Australian Auditing Standards and Accounting Standard Boards auditors. The report is based on the one of the popular company Apple.
The business research objective is to establish an opinion or theory based on the vision and mission of an organization. Every organization set their own methodology based on their resources. The project objectives are given below-
Project Objectives 1: To evaluate the process based on Australian Auditing Standards and Accounting Standard Boards standards. Organizational objectives rules and regulation measured with the AASP standards.
Project Objectives 2: Different between auditing and measurements in Australia and others countries. Auditors can vary organizational transaction measured AASB and other countries organization rules and regulation.
Projects Objectives 3: Finding out the scope and limitation of the organization based on corporate laws and AASB, organizational scope and limitation that examined by the auditor is found out the problem. To improve the weak points, auditors developed the financial statements and transactions (Jacky Chen, 2006).
Project Objective-4: To analyze the different issues that are related to the auditing. These issues are – profit-loss, cash flow, and outflow, monetary budget, suppliers expense etc.
Project Objective 5: To provide all information and data to the auditors based on annual budget research methodology (Roodson, 2011).
According to AASB, their process their rules and regulation for the corporate auditing process. The auditors are evaluating all the financial reports statements and annual transaction with the standards. The AASB provides application and materials based on reports and analysis of the organization management auditing results (Pearson, 2011). The Australian Govt. also provides a standards format for keeping the transaction and financial statement of an organization. The AASB maintain three rules-
- Evaluate all the transaction of the organization.
- Develop the financial statements and established the standard process with the Australian economy.
- Develop the financial reports and statements based on the global standards with CAF.
A lot of country in the world adopts a standard method to vary the organization auditing process. The Australian Govt. changes their AASB methodology based on other countries financial and organization auditing standards results so that a similar methodology can be adopted with other countries. The Australian govt. also begins a new department that is Internal Securities and Investment Commission that’s protects the consumer’s rights, CSR, investors, creditors, importer and exporters (Barnard, 2014).
The scope of this project related to the norms and values, system, rules and regulation which is already applied on the Apple. Apple is represented all rules and methodology by AASB. The taxes and monetary budgeting issues are applied to AASB. But other departments are also applied to the AASB standards format. But here is the main scope which Apple is not maintaining properly. This problem is discussed briefly on literature parts. This report contains many scope and limitation on different departments of the Apple. The various financial problems and scope are measured with accounting and auditing standard on the AASB are discussed the literature parts (Ben Jems, 2011).
Apple is the world-wide mobile band. It’s established with some objectives to provide the best quality of Smartphones and introduced with the manufacturing electrical devices like TV, Mobile, Watch, Mac etc. The company is popular from to new developing contents and innovative ideas to the young generation. They innovate and recycle the mostly used things like as hardware, software’s, mobile phone etc. The main strategy of the Apple to bring the best for the customer’s users. When Apple launch in the market, they take a different strategy to reach the consumers. One time consumers believe that Apple is the best smartphone in the market. They compare Apple with the others companies. Apple is the first company in Australia to earned more than 50 percent revenue. In, 2017 the Australian annual economy published their journal. This journal included that Apple gained profit 52% more than other companies. This company measured their annual income reports by Australian Auditing Standards and Accounting Standard Boards (AASB) which evaluate some basic rules for Apple Corporation to examinee companies’ accounts, bank statements and taxes issues. According to the AASB annual reports the auditors are evaluating financial record like as profit-loss, cash flow, and outflow, monetary budget, suppliers expense etc. those transaction evaluated because of to find out an irregular transaction and extra expense will be valued by each transaction (Chatterjee, 2011). In 2009 Ernst and Young LLP are the main distributors on the Apple which is introduced to the Australian with the Apple series. The auditor evaluates the financial statement of the Apple. The other annual transaction is profit-loss, cash flow and outflow, monetary budget, suppliers’ expense etc. is also measured with the annual balance sheet. The cash flow statement states that how much net income and expense will have happened within the annual years. Apple must abide by all procedures by AASB because they know their development and the financial statements are varied on the standard process with the Australian economy. So the govt. defined how much tax will be provided by Apple to the govt. The AASP developed the conceptual overall framework based on the organization which is followed all the companies. The literature review highlights the all department scope and limitations on the Apple Corporation. The scope of this project related to the norms and values, system, rules and regulation which is already applied on the Apple. Apple is represented all rules and methodology by AASB. The taxes and monetary budgeting issues are applied to AASB. But other departments are also applied to the AASB standards format. But here is the main scope which Apple is not maintaining properly. We know different countries and different auditing bodies are following the different structure. So to reliable with the others countries the Australian govt. takes to necessary steps to maintain the standards. We know tax issues are creating problems. In 2017, Apple balance sheet evaluates by auditors, finding more than 80% tax due is based on the structures. More than $3.15 million profits are earned by Apple in 2016. In 2015, more than 120 million dollars in profits earned by Apple corporation in Australia. The paid tax amount is 48% higher than the previous years. To exports, the Apple a product in other countries, some charges are also provided by taxes. In 2015-2016 fiscal years Apple paid more than 15 million dollars taxes to export their products in others countries. But in Ireland, the govt. filed a case against Apple that their products are not supplied legally. So the Court also fined more than $10 million dollars to the Apple Corporation (Aemstrong, 2010).
The Australian govt. also begins a new department that is Internal Securities and Investment Commission that’s protects the consumer’s rights, CSR, investors, creditors, importer, and exporters. This section is always noticed about the consumer’s rights, products rights, employees’ rights, and company social responsibilities. Internal Securities and Investment Commission provides all kinds of information under the corporation act. This section monitoring the market consumer’s satisfaction with the products and reviews. Internal Securities and Investment Commissions is helped to the ASSB to providing reliable all kinds information of the Apple shareholders rights. The Apple abides by International Financial Reporting Standards (IFRS) as like as other companies. This is the best standard formation of the accounting in the world. Besides on Apple many companies adopted International Financial Reporting Standards (IFRS) rules and regulation and their auditing methodology and values. Australia has adopted IFRS standard methods that impact revenues but also the company’s values, loans, financial requirements etc. It’s developed mainly the financial statements which are related with others financial transaction (Robertson, 2011). Apple is popular for the consumers because of their innovative ideas and technological advantages. To hold on the current revenue based on the current profits, its ensure to the sustainability of the Apple products. Many companies adopted the IFRS because it is the common and easiest language for them. It provides a proper guidance rather than flaw statements. Besides Australia, USA adopted different formation which is introduced as Generally Accepted Accounting Principles (GAAP). Its main theme is that to collection the accounting reports and information data based on industries specific rules. In the USA, Internal Securities and Investment Commission is a part of the Generally Accepted Accounting Principles (GAAP). Companies have now adopted that methodology that impacts on their auditing reports. USA companies are auditing their organization financial statement is hard to process. So, besides on competitive markets, Apple gets some benefits because here they consume smooth rules and regulation which is easy for them to hold their position. Apple gained good profits which are offers a potential consumers market (David Morries, 2011).
It is said that Apple operates a successful company with various auditing and accounting process. We see that Apple follow standards formation to ensure their all transaction without any problems. They face several problems with the taxes issues. But the ASSB auditors successfully find out the problems. Apple has been facing several challenges to providing the data information with the reliable sources. The auditors find out the solution and Apple will be solved their problems on the current positions.
Aemstrong, M., 2010. Public Sector of Accounting. Oxford Works Press.
Barnard, A., 2014. Contemporary Accounting Research. Adventure Works Press.
Ben Jems, J.R., 2011. Australian Accounting Review. Sage Publishers.
Chatterjee, D.K., 2011. The Apple Corportation. R. K. Publishers.
David Morries, P.K., 2011. Journal Of International Accounting Research. Wiley Publishers.
Jacky Chen, R.H., 2006. Independent Audit Report. Students Publishers.
James Root, M.G.H., 2012. Telecommunication And Corporation. Sage Publishers.
Pearson, M.P., 2011. Apple Scope and Limitation. Wiley Work Press.
Robertson, D.R.K., 2011. Financial Report of the Apple. Oreintal Publishers.
Roodson, D., 2011. Research Methodology. Harvard Publishers.