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This assignment is based on the UK store that is Windermere. This store started its operation in 1919 across the cities and states of the UK. The audit risk of the store and the problems that are related to the purchase and payment system of Windermere will be discussed in brief. This will also include the implementations that are going to help the stores in the development and improvement of the stores. This assignment will evaluate the implementations of the quality development of the stores.
PART A
Discuss the Audit Risks associated with accepting and undertaking this new Audit Engagement
The audit risk is the risk of danger in the financial statements that begins to be inaccurate at that period up to when the opinion of the audit did not view and work on the financial result of the organization. The audit risks are also involved with the acceptance of the new audit in an organization that is related to each of the organizations and for the development in the effort of the organizations.
Inherent risk
This risk is a type of risk that is involved and stated as a misstatement that can occur in an organization due to the engagement of a new audit. As per the opinion of McCarthy (2022), states that this can also make the susceptibility of the assertions that are related to the transactions while maintaining the financial balances of the organization. This will not aggregate any other misstatements that have been considered in the audit of the organizations.
Control risk
This risk is also involved in the existing audit risk of the organization that can be mistaken on the financial transactions of the organization. This risk develops the materials and the inheritance of the organization and their existence in the organization. This works in the development that is involved and aggregated on the misstatement of the organizational efforts of the audit. As per the viewpoint of Lawrence et al. (2018), develop for the existence and in the further developments that are also involved for the existence of the audits that are considered as the developments in the organizations states that this also involves the maintenance that can also.
Detection risk
This is the type of audit risk that is involved and developed in the development of the audit risk that is also considered for the development of the internal and involvement of the new audit in the organizations. This also produces accountability for the risks that are developed and considered in the development of the organization. This risk reduces the acceptability that is involved in the development of the organization. As per the viewpoint of Bosch et al. (2018), states that this risk helps to shorten the risk that is involved in the existence of the organization. This risk can help to develop the inheritance of the organization that is involved in the existence of the risk of the organization.
Governance Risk
Governance risks another risk that can be arising on audit activity. Auditor need to do right things on right time otherwise audit can be submitted in delay. They need to collect various audit evidence for audit reporting due to lack governance in audit team. They may fail to collect those documents from client and it can make negative impact on audit result. In addition, inappropriate auditing governance can create trouble on management regarding file of audit within time.
Acceptable Audit Risk
Acceptable audit risk refer the risk that audit team can take for realise unqualified opinion on financial stamen. Based on auditing acceptable risk auditors can give five opinion about audit such as unqualified, disqualified, qualified opinion. .
PART B
Weaknesses in the purchase and payment system of Windermere
The store of Windermere is having issues that are related to the purchase system of the organization. The store purchases their inventories for their stores in bulk and faces the issues regarding their purchasing system in their stores.
The issues that are regarded in the stores are also considered as the purchasing power of the organization.
The main reason behind the purchasing power issues that are fencing by the stores is due to the purchasing of their inventories in bulk.
Another problems that is regarded for the development and arranging of the inventories that are considered and collected for the development of the stores. As per the opinion of Carteni et al. (2020), states that the stores have to manage and differentiate the models that are regarded and developed for the stores.
Remedies to overcome the weakness
The store of Windermere can overcome the problems that are creating the issues in the organization regarding their purchase and payments system of the store. The remedies that they can follow in their store by developing and arranging more numbers of staff in the store who are able to organize the inventories in the stores and develop the management in the stores. As per the opinion of Niebergall (2020), states that the stores can also manage the inventories and make the sale by arranging the stocks. In addition, they can use effective software based purchasing method in the organization and provide required skills to inventory management that can help to manage the organizational development.
PART C
(1) Identification of the audit committee of a public limited company
According to the UK Corporate Governance Code 2018 board of directors are responsible for direct the company and facilities effective relationship between openness and debate in company (frc.org.uk, 2022). Audit committee need to identify whether this principle is following on the company or not. The audit committee is involved in the development of the stores and in the development of the organizations that are also involved in the organizational benefits of the stores. The audit committee of the store of Windermere is regarded and considered based on the development and on the organizational benefits that are regarded for the development of the organization. This also includes the organizational benefits and is regarded for the development and the internal store of the organization. As per the viewpoint of Harris and Williams (2020), state that this makes the development and the organizational benefits for the development of the store and their benefits that make the development and for the growth of the organization.
This also makes the development in the organizational structure that can be involved and can maintain the benefits that are regarded and concluded for the development of the organization. The shareholders of the stores of Windermere can also be managed and developed on the basis of the requirements that can be very much organisable and concluded as the effort of the organization. As per the opinion Windermere et al. (2018), states this can also help the organization to conclude the development and the requirements that can be considered for the betterment of the store and the development of the stores of the organization.
(2)Evaluation of the structure and working of audit committee
The evaluation can be considered based on the requirements that are also considered for the development of the organization. According to the UK Corporate Governance Code 2018 structure of the company should be combination of executive and non executive committee along with gropu individual who has role in organisation (frc.org.uk, 2022). The structures of organization also maintain the requirements of the organization and can be able to focus on the development of the effort of the organization. The working structure of the organization can be also developed based on the requirements that can also consider the valuation and the benefits of the organization. As per the opinion of Et al.(2019), states that the stores of Windermere can also maintain and develop the effort by developing the structure of its organization at a range where they are able to maintain the organization.
(3) Effectiveness in discharging its responsibilities
According to the UK Corporate Governance Code 2018 Non-executive director has their role in organisation and their roles in store can help to understand responsibilities on purchasing decision in store (frc.org.uk, 2022). The store can also discharge its responsibilities that can also make development based on the requirements that are required in the organization and for the development of the effort of the organization. According to (consequently amendments) (EU Exit ) regulations 2020 the main effects that can help to conclude in discharging their responsibilities that are also can be considered for the requirements in the effort of the organization.
PART D
Discussion of implications of providing non-audit services
The implications that can make an effect on the organization by developing the non-audit services of the organization and for the development that is considered in the further developments in the stores. The store can also make the development that can also be considered in the development and for the betterment of the organizations. This also helps in the betterment of the organization and can help to develop the requirements that are considered in the organization for the development of the effort of the organization. As per the opinion of Beardsley et al. (2018), this can also help in the further development and for the organizational effort of the organizations.
The implementations can also maintain the profitability of the organization and can also help in the development of the effort of the organization as well as their effort that can help to maintain the profitability of the organization by the development of the effort of the organization and its development in the organization.
PART E
The quality and usefulness of the External Audit of Windermere’s
The store of Windermere's is developed for the betterment of the organization that needs to develop the organization in the effort of the organization and is required to develop the main status of the organization. It can berelated to developing the organizational effort that can be developed for the audit of the organization and is related in the effort that can help the status in the status of the organization (supreme court.uk, 2022). The external audit has its usefulness that is included in the development and is related to the development that is caused and for the independent review of the financial status that can cause in the development and for the requirements of the stores. As per the opinion of Maruyama et al. (2020), states that an independent review of the financial statements can provide the transparency and provide the suggestions to the shareholders of the company or the organization and the company that can be able to run the business at a range of huge interest can be provided to the organizations.
Swenson v Lowick Rose (high court, 2014)states that the account of a company has the right to manage and give advice to the directors of the organization for the development of the organization (Dacbeachcroft.com, 2022). This context has been considered in the store for the development of the organization. This can also provide compensation to the organizations as they can provide the interest to the organization that can be very much beneficial for the organization and for the development in the effort of the organization. The store can also be effective by making the use of external audits that can be organized and evaluate the benefits of the organization and the development that can be managed in the further development of the organization. As per the opinion of Savova and Bachev (2019), states that the development can happen and can be concluded for the further developments and for the requirements that can put the focus on the organization and in the development in the effort of the organization(mondaq.com, 2022). The main organizational benefits of being able to focus and for the development can also make and bring the interest of the company that can also make the development in the effort of the stores. (Barclays bank V Grant Thorton( high court,2015) states that loan facilities of the organization can help to claim the loss that can result in negligence for the production of the organization (Casemine.com, 2022). This has also been stated for the further development in the store for the development of the organization.
Recommendation
The store can manage the development in the organizations that can help the organization to provide the development and to make the focus in the effort of the organization of the store.
The store is facing the issue regarding their sales and the payments that can help the organization for the further development and for them; they can help to develop the status of the organization.
The store can also manage and develop the organizational status that can help in the organizational status of the company. This makes in the development that can help to develop the status that can also be able to maintain the organizational status that is also needed to develop the organizations that can need to develop the status and need to conclude the status the organization for the development of the organization.
Conclusion
The above assessment has been developed for the development of the organization that is concluded for developing the efforts that are required and concluded for the development of the organization. This states that the organization also needs to consider the developments that are required in the organization for the developments in the organization. The store needs to consider the evaluation in the process of the organization and is required for the further developments that need to conclude the areas and the status and are also regarded for the developments and for the benefits that are required.
Reference list
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