Q2 As we all know Woolworths is one of Australia’s largest supermarket operators. Woolworths supermarkets are everywhere in Australia. Is no exaggeration to say that more than half of Australian’s daily life cannot be separated from Woolworths. Every day people buy a lot of goods from Woolworths, such as food and other daily necessities. Woolworths is committed to providing better goods and services to consumers. Nevertheless, the customer still needs some other protective. Therefore I think the Australia consumer law should be applicable to the Woolworths.
Just as I said Woolworths is committed to providing better goods and services to consumers. However food accounted for most of the commodities. The food is our daily essential, at the same time food directly related to people’s health. Therefore the safety of food and fresh is essential. In my opinion the Australia food safety standards is necessary for Woolworths group. Of course the safety of other goods is same important. But the food safety is most important. On the other hand, Woolworths supermarket usually located in a shopping center or a separate building.
Every day there are a lot of people stays in these buildings for long time. Not only customer stand in Woolworths, but also staff. We know that public places are usually easy exist security risks. Such as fire disaster and other natural disasters. Therefore Woolworths needs to be established appropriate emergency measures accordance with the relevant regulations. Woolworths need comply with aAustralia fire safety regulation or Work Health and Safety Regulation act. Last but not least, although Woolworths adhering to the customer is God.
However the Woolworths still cannot ignore their employees. Woolworths provides quality goods and services to customer. At the same time Woolworths need to preserve the power of the staff. Therefore I think the Australian Labor law should be application. Q3 Account receivable Through view the annual report of Woolworths I found few problems of some accounts. There are some accounts susceptible to misappropriation. Especial is accounting receivable from Woolworths’s balance sheet. As a large supermarket chain, the Woolworths daily sales are very considerable.
But it also caused the Woolworths accounts have many risks. These risks have potential sources of man-made causes; there may be other causes for that. There are some specific risks. The people who work in Woolworths may forge checks received and altering credit card receipts. Also they can grant credit for merchandise not returned and stealing cash. At the same time the received on the accounts may written off. Collusion between buyer and seller to process refunds for goods not returned. That’s all the risks can be making account receivable to misappropriation. Net asset
On the other hand there are some accounts susceptible to fraudulent financial reporting. The Net asset is susceptible to fraudulent financial reporting. Woolworths owns many kinds of asset. In the ordinary course of operations Assets may be diverted or stolen. Misappropriation of assets can be accomplished in a variety of ways. Misappropriation of assets often accompanied by false or misleading records or documents in order to conceal the fact that the assets are missing, indirectly causing accounting irregularities in financial report.
On the other hand, there is another possibility here is deliberately deceive. mployees may artificially improving the appearance of the financials include: overstating revenues by recording future expected sales, understating expenses through such means as capitalizing operating expenses, inflating assets’ net worth by knowingly failing to apply an appropriate depreciation schedule, hiding obligations off of the company’s balance sheet and incorrect disclosure of related party transactions and structured finance deals Q4 Through visit the website of Woolworths, I think the level of the reliance in Woolworths is very high.
We can found the Corporate Governance of Woolworths from website. There are very perfect internal control system operate in Woolworths. Woolworths is committed to ensuring that its policies and practices in the critical areas of financial reporting, remuneration reporting and corporate governance meet high levels of disclosure and compliance. The Constitution outlines the rules and principles for governing Woolworths’s business. The Code of Conduct outlines how employees can meet the highest standards through their everyday behaviors and choices in day-to-day work.
Securities Dealing Policy in accordance with the law summarize the transaction Ordinance. And use this Ordinance to restrict the transaction object. Shareholder Communications Policy indicates information is communicated regularly to shareholders and other stakeholders through a range of forums and publications . Continuous Disclosure Policy create a disclosed a framework for the Woolworths. Woolworths can timely and effective disclosure their performance to shareholders . While enhancing the confidence of shareholders. Risk Management is key factor of Woolworths’s internal control.
Woolworths has a sound system of risk management and internal control which, together with its governance structure, is designed to ensure that the material risks of conducting business are effectively managed it can timely identify risks and provide practical solutions. Finally the committees monitor the entire system of internal controls and make a decision. Through a set of internal control system Woolworths can make risks to minimum, and to reduce the losses caused by the risks. Therefore I believe the level of the reliance in Woolworths is very high.
Courtney from Study Moose
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