Auditing

Scenario Two: (800 Words) Coles Metro Ltd is a listed company in the Australian Securities Exchange. The main business of Coles is to offer all kinds of organic food and drink for local people. Coles board consisted of five directors; three of them are non-executive directors, one CEO and one CFO. None of the board members expertise in business expansion and retail marketing strategy. With positive estimation for the next five years’ economy, Coles metro has opened more than three hundred branches both within Australia and New Zealand over the past five years. The expansion was conducted with substantial loans from different banks and capital raising from both local and foreign markets. However, after reviewing the current accounting system, board members have expressed concerns on the expansion as the operated accounting system is unable to consolidate the company’s financial performance across different subsidiaries.

You are required to answer the following question, Identify at least four inherent risk factors for Coles Metro Ltd and clarify their influences on the financial statement

Solution:

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