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Star Clothes” has entered into a contract with a company in the United Kingdom to distribute its products abroad. They hired a very expensive lawyer to draft the contract and are concerned about potential disputes with the foreign company. Their lawyer advised them of the following.

a. Mediation would be the best approach for dispute resolution because it is binding on all sides.

b. arbitration is risky because you would have no choice over who decides the case and which law/rules they would apply in coming to a decision.

c. The courts are the easiest and least risky approach to use in deciding international disputes.

D. arbitration is a good approach because you have input over who decides the case and which law/rules they would apply in coming to a decision.

E. both B & C

F. both A & D
 
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You work for a consulting company where the majority of the company bills out their hours to make revenue including profit for the company. Your role in this medium sized company is in human resources, employee relations as human resources coordinator specializing in performance management. There have been complaints amongst the direct billable staff that the performance management system is inconsistent and unfair. Specifically, staff feedback is that there are no clear metrics for performance, career advancement or understanding of the link from performance to compensation. Managers who execute the performance reviews with your help, say that the process is difficult to follow and often abandon the process halfway through. In exit interviews, there have been several comments that part of the reason for their leaving is due to poor performance reviews.â€Â

Outline what your performance review process would look like, include a self-assessment for employees. Your process can be in a numbered list. List key elements to the success of performance reviews. Use between 500 and 750 words for your answer

 
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Consider a two-stage plant-retailer supply chain. Lead time for orders is two weeks. Safety stock is equal to one week’s demand, and future demand is estimated by the average of the past two weeks.

a) Develop production planning model (equations) for the retailer that states the order-up-to rule, and order quantities as a function of time.

b) Using a table format (Columns are Week, Starting retail inventory, On order, Order-up-to target, Order quantity, and Demand) track performance of the retailer for eight weeks if demand suddenly shifts from 100 units per week to 110 units per week starting in period 3 and stays at 110 to the end.

 
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It is March 2020 and the World Health Organisation declared a global pandemic. Overnight global listed companies took a big hit, some losing market capitalisation value on average of 30%.

You are the audit manager and will provide reasonable assurance for Planes Catering Ltd at financial year end. They are a Perth based company that sells commercial grade restaurant catering equipment. Up until now the majority of sales have been in cash but after Covid the CEO is looking to upgrade their EFT systems especially since he is planning an expansion to Melbourne and Sydney at the end of the financial year, 31 December 2020.

In order to fund the expansion and given interest rates dropped so much due to Covid, the CEO is applying for a loan. Before granting the loan, the bank requires audited financial statements. The unaudited figures of the current year suggest revenue has increased significantly by 30% from last year while gross profit increased by 5%. Your firm has been auditing Planes Catering for the last two years, in fact the acquisition of the client is due to you as you went to uni with the CEO and even managed to negotiate an audit fee 20% higher than what the client paid their previous auditor.

The audit partner previously questioned the integrity of the CFO who has a reputation for adopting aggressive accounting practices but during discussions with the CEO you declared to the partner everything is ok and above board.

Required in the LMS Space, type answers to the following. Clearly label your answers as Question 1, Question 2, Question 3, Question 4:

1) Discuss any independence issues that should be considered when planning. (5 marks)

2) Discuss any remedies that can be implemented to reduce issues with auditor independence identified in 1). (10 marks)

3) Discuss the main audit risks and provide reasons as to why you believe they are risks. (5 marks)

4) Identify the groups of accounts that could be impacted by the internal and external factors and design effective audit procedures to test the assertions relating to the accounts. (10 marks)

 
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