Topic for Reflective report
Topic on the Reflective report: Earning Management (Lecture 4 topic)Download and examine the 2017 annual report of any companies except (bank companies or Airlines industry) in Australia from the www.asx.com.au. Or visit the respective company’s website you decide to select by googling.
Your Task: Review the Corporate governance statement and other parts of the report and evaluate how successful you think the board structure is to minimise earning manipulations. In particular, consider the board size, independence, and committees in places. Please comment on whether any indications of earning manipulations you feel the company is likely to undertake in future. Prepare a reflective report of your findings by following guidelines in your unit outline.
Reflective Report weighting = (4%): The report is to be submitted on week 9 (10th April 2019). (My apologies Typo mistake in the unit outline and two different dates are stated for deadline) You must submit a soft copy of your report via the Assignment Drop Box on the Canvas site by the due date. The assessment is to be done individually. The word limit is 400 words maximum
The primary purpose of the paper is to provide a critical evaluation of the annual report of Woolworths Group Limited for understanding the business process and the corporate governance activity of the firm. The paper will also discuss the success of the business with the help of the annual report.
The organisation Woolworths Limited is the Australian retail company which was founded in the year 1924. This is the second largest company within the country according to the revenue of the firm. The annual report of the firm for the year 2017 effectively shows that the business is rapidly growing within the market. In this year they have gained almost 55 billion dollars from their sales and their total group profit for this year is considered to be 1534 million dollars (Annual Report 2017, 2019). The organisation each year present the corporate governance statement that shows the governance framework generally adopted by the Board as well as the detail work regarding the past financial year. It is clear from the corporate governance statement of the firm that the board members have effective responsibilities for performing their activity within the firm (Sullivan, & Gouldson, 2017). Some of the vital responsibilities carried on by the board members are the formation of the effective strategy than the financial reporting, sustainability and even the monitoring of the policies as well as practice within the firm.
The firm maintains its core values and their business process effectively by maintaining the stakeholder along with the shareholder of the business (Parkinson, 2018). In this system, the business also effectively maintains the code of conduct that is highly suitable for developing the business process and the working function of the firm. The organisation is in the process of delivering gender equity within their work that will eventually help to develop the value and the skill of the people. It is the fact that the business has increased their revenue and their profit by maintaining the activity and the effective, valuable process within the field (Devin, & Richards, 2016). The value along with the working function of the entire management team has provided a valuable business process within the market.
The paper concludes that the entire business process and the working function of the firm maintain valuable products formation within the field for the betterment of business growth. The annual report of the firm effectively shows its business growth and its corporate governance activity within the market.