Motivation Problems in the Workplace Essays - 1101 Words

Motivational Problems in the Workplace In order for an organization to be successful they must find creative ways to keep employees motivated. This also means that the organization should clearly understand how and what motivates the employees and how to go about achieving the task to keep the employees motivated. Managers have many forms motivational theories that they can use. An option I feel is appropriate for my current working environment is the Adams Equity Theory. This theory notes that employees need balance and fairness of their input and output to be content at their place of employment. The Equity Theory is based on the notion that people want to be treated with equality and fairness in comparison†¦show more content†¦This make the employees feel inadequate and unappreciated by the organization. The employees complain that the organization is providing favoritism, unfair and unjust treatment to persons that are psychology majors. Our current reading, identifies the employees are having â€Å"feelings of inequity that revolves around their person’s evaluation of whether he or he receives adequate rewards to compensate for his or her contributive inputs.† (Kinicki, A., Kreitner, R. 2009) Employees with the psychology degree believes that although the job is rewarding and the benefits are great they are stuck with no room to growth, they complain that the organization has shown discrimination against and worker with the psychology degrees and favoritism for social worker. This has caused the employees to have low morale and become less motivating. This also brings negative interactions among staff or what some call staff splitting. Use a theory of motivation to explain the problem. Adams’ Equity Theory identifies the employee needs to have a fair balance of their input (efforts, trust in superior ,commitment and support of their employer, ECT ) and their outputs (Job security , Sense of achieve ment, sense of advancements, ECT ) The theory suggest that the fair balance results in the employees remaining content, motivated and productive at their place of employment. The theory alsoShow MoreRelatedMotivation, Stress, and Communication1713 Words   |  7 Pagesï » ¿Motivation, Stress and Communication: As part of analyzing motivation, stress, and communication in the workplace, I have selected the position of human service manager in United Way of Central Indiana. The company is located in Indianapolis and focuses on helping to sustain significant services for people in need of help and preventing the occurrence of such needs for future generations. United Way of Central Indiana has two major priorities that are centered on providing important human servicesRead MoreThe Relationship Between Motivation And Performance Of Workers Essay1320 Words   |  6 Pages Abstract Motivation derived from Latin word† Movere†, it is the drive which motivates to perform better. There is a link between motivation and performance. It is already resulted from previous studies that the motivated employees give more positive outcomes. To further investigate the relation among motivation and performance of workers. The research statement is designed to evaluate the relationship between motivation and employee’s performance. To evaluate the relationship, the quantitative researchRead MoreMotivation and Conflict Resolution Essay753 Words   |  4 Pages Motivation and Conflict Resolution Conflict in the workplace is detrimental to employee motivation. An essential part of motivating employees is fostering trust and providing job satisfaction. Effectively resolving conflict is critical to the success of the organization, but is only one aspect of employee motivation. There are motivational theories that help organizations understand workplace relationships, organizational behavior, and their effects on employee motivation. ImprovedRead More Motivation and Conflict Management Essay1023 Words   |  5 PagesMotivation and Conflict Management Organizations strive for creative ways to enhance employee motivation and resolve conflicts with the desire to have employees perform better within the workplace. To motivate one has to be motivated. Motivation within the workplace has to be constant and requiring a goal. Motivation, if not repeated will not last. Therefore, learning to determine how different organizations apply motivation theories to motivate employees, analyzing conflict management strategiesRead MorePersonality Profile Reflection Paper1743 Words   |  7 Pagesactions have on performance in the workplace. To provide a personal perspective of personality characteristics, the International Personality Item Pool (IPIP) assessment was used to measure aspects of my personality and how these traits relate to working with others and life within an organization. Key observations provide specific insight into how these are applied to workplace behavior and interactions with others. Personal self-reflection related to workplace behavior is offered, including lessonsRead MoreQuestions and Answer About Bullying, Types of Justice and Motivation1484 Words   |  6 PagesQuestion 1. Workplace bullying demonstrates a lack of which one of the three types of organizational justice? Question 2 What aspects of motivation might workplace bullying reduce? For example, are there likely to be effects on an employee’s self-efficacy? If so, what might those effects be? Workplace bullying demonstrates a lack of which one of the three types of organizational justice? According to Jerald Greenberg, organizational justice is refers to an employee’s perception of theirRead MoreOrganizational Leadership as Correlate of Absenteeism at Work Station1724 Words   |  7 Pageswere essential for industrial growth of an organization. The study of work and workers problem is a prominent field of inquiry in respect of modern industrial organization. Studies have demonstrated a lot of dimensions of absenteeism nature of work, bureaucratic set up, relationship between various branches within industry, working environment, family and social background of the workers. The study of the problems of industrial workers in of great importance so far as the recent development of industrializationRead MoreEssay about Issues with Job Status Rewards996 Words   |  4 Pagesevaluation methods. Job evaluations analyze the performance of an individual in the workplace. Typically, evaluations distribute more credit to jobs that demand a higher level of effort and responsibility. Job status rewards contribute to employee motivation in the workplace. A major function of leaders is to support the motivation of associates. Constructive feedback should be given when leaders are encouraging motivation. Individuals have different motivators, for example, by more money, promotionsRead MoreCase Incident 2 Bullying Bosses1423 Words   |  6 Pagesforced to quit. â€Å"I feel like I got freedom back and can breathe again,† she said. II. Case Problem 1. Workplace bullying demonstrated a lack of which one of the three types of organizational justice? 2. What aspects of motivation might workplace bullying reduce? For example, are there likely to be effects on an employee’s self-efficacy? If so, what might those effects be? 3. If you were a victim of workplace bullying, what steps would you take to try to reduce its occurrence? What strategies wouldRead MoreThe Theory And Integrated Control Theory976 Words   |  4 PagesThe second motivation theory is the Integrated Control Theory. The Integrated Control Theory offers a design for analyzing and processing work motivation and organizational problem solving. It allows individuals to develop expectations, plan and execute actions, receive environmental feedback, compare feedback to expectations and adjust behavior accordingly (Klein, 1989). Klein chose the name control theory because it is a compilation of various overlapping theories of motivation. The theory also

Strategic Analysis Of Disney s The Strategic Actions...

Assessment 1:RESEARCH ESSAY MKT 220- BUYER BEHAVIOUR Student Name: SYED AZHAR QUADERY ID No: 14074858B Stream: B Date: 13.05.2015 Tutor Name: ANIKA VATS PART-A 1. The strategic actions Disney took in terms of consumer focused initiative are discussed as follows:- Firstly, referring to the case Disneyland which is a joint venture between Walt Disney Co. And the Hong Kong Special Administrative Region government has focused on its customers or visitors, they have managed to sort out what is the main needs of its consumers. Like for example when they inaugurated there new outlet in Paris ‘Euro Disney received negative publicity and headlines such as ‘Disney is cultural Chernobyl’, they observed that people had reacted sensitively towards the issues like language, alcohol consumption and price of ticket. The senior analysts of Disney realised that they need to keep the culture of the hosting country in mind. Some small actions like focusing on friendly cast, better training in terms of strategy, and in terms of culture they removed alcohol ban, renamed the park to Paris Disney, decreased ticket, hotels and food prices, empowerment of employees in order to regain its goodwill. Secondly, while launching its additional branch in Hong Kong having learnt a lesson from its previous mistake, it made sure that it followed or kept the Chinese culture in mind so that no further losses needs to be incurred. Which included Feng Shui to be followed in their interior and exteriorShow MoreRelatedWalt Disney s Objectives Of The World s Leading Producers And Providers Of Entertainment Essay1397 Words   |  6 PagesMission â€Å"The purpose of the company Walt Disney is to be one of the world s leading producers and providers of entertainment and information using its portfolio of brands to differentiate its content, services and consumer goods. The primary financial objectives of the company are to maximize profits and cash flow, and allocate capital to initiatives the development of long-term shareholder value.† Organizational Structure Disney operates using a strategic business organizational structure of theRead MoreDisney Hong Kong856 Words   |  4 Pagesis the Disney Difference and how will it affect the company’s corporate, competitive and functional strategies? The Disney differences are â€Å"high-quality creative content, backed up by a clear strategy for maximizing that content`s value across platforms and markets†. Not only that, it also it is the undisputed long-lasting champion of all vacation destinations in general, and theme parks in particular. That reason is that they do it all right, and no one else comes close. For sure, Disney Difference  willRead MoreStrategic Planning : Walt Disney1592 Words   |  7 PagesMGT411 Strategic Planning Walt Disney Company Strategic Analysis Patten University Disney, Yesterday and Today The Walt Disney Company was formed in 1923 as the Disney Brother Cartoon Studio with Walt and Roy Disney. With the start of Alice Wonderland series, Walt Disney would start a company that would go on to become legend. A staple for all things animation and the standard in which the industry models itself the Disney Company went on to create ground breaking milestones in animation and allRead MoreOrganizational Profile Of Walt Disney Company2296 Words   |  10 PagesOrganizational Profile of the Walt Disney Company: Beyond the Disney?s Magical Experience Pedro E. Cruzfeliciano University of Louisville Dr. Carpenter ELFH 490: Leadership and Management May 29, 2015 1 Running Head: ORGANIZATIONAL PROFILE Introduction In this paper, we will explore the magical experience of Walt Disney Company through the structure and symbolic frames based on the Bolman and Deal?s individual lens. The structuralRead MoreExecutive Summary : Walt Disney Company5985 Words   |  24 PagesExecutive Summary The case is related with a decision regarding The walt Disney Company’s relation with Pixar. Though, history defined their collaboration and success. Pixar’s CEO Mr. Steve Jobs has tried to negotiate the contract but with no success because The Walt Disney Company wants to stay with previous terms. This pushed Steve Jobs to find for partnership with others. This search is a big threat for The Walt Disney Company and it has to decide whether to acquire Pixar or not. Through definingRead MoreWalt Disney s Merger With Capital Cities1620 Words   |  7 Pagesanywhere these days without seeing an advertisment, or something relating to The Walt Disney Company (Disney). Perhaps you are seeing this advertised using a cable network like ABC or ESPN, or possibly on one of the newspaper companies that used to belong to Capital Cities/ ABC Inc. (ABC). In 1995, it was time for Disney to improve on their media outlook. In 1996 at its New York Shareholder meeting, The Walt Disney Company s merger with Capital Cities Inc. created one of the biggest and most prominent mediaRead MoreA Strategic Management Case Study on the Walt Disney Company8543 Words   |  35 PagesA Strategic Management Case Study on Erika Erro | Mimilanie M. Mabanta | Javi Mendezona | Clara Poblador Tour 198 Prof. Emma Lina F. Lopez Introduction Company Background When brothers Walt and Roy Disney moved to Los Angeles in 1923, they went there to sell their cartoons and animated shorts. One could only  dream  that their name would one day be synonymous with entertainment worldwide. But then again, that is how The Walt Disney Company has made their fortunes over the last severalRead MoreWalt Disney1491 Words   |  6 PagesThe Walt Disney Company: The Entertainment King Case Analysis The Walt Disney Company is one of the largest media and entertainment corporations in the world. Disney is able to create sustainable profits due to its heterogeneity, inimitability, co-specialization and immense foresight. It also successfully uses synergy to create value across its many business units. After its founder Walter Disney s death, the company started to lose its ground and performance declined. Michael Eisner became CEORead MoreCase Study : Walt Disney Company5336 Words   |  22 Pages1 – Chapter One 1.1 – Case Study Background: The Walt Disney Company was founded on October 16, 1923 when Mr. Walt Disney signed a contract with Mr. Winkler for producing a series of Alice Comedy. Then the company never stop. Its first cartoon Trolley Troubles was released in 1927 whereas, very first â€Å"Mickey Mouse† cartoon was released in 1928 and it was also the first appearance of â€Å"Minnie Mouse† on screen. Moreover, the first full-colour cartoon Flowers and Trees was released in 1932 whichRead MoreMovie Analysis : Snow White And The Seven Dwarfs1697 Words   |  7 PagesThrough Disney animations Walt Disney has cultivated a society driven by stereotypes on gender roles that have restricted the liberties of young girls and boys alike to explore their own individuality. Disney s brilliance transcended beyond his ability to captivate an audience, his true talent resided within his ability to leave a direct impact on his viewers. As the prominent academic Jack Zipes puts it, The power of Disney s fairytal e films does not reside in the uniqueness or novelty of the

Logistics and Operation Management ARGOS

Question: Identify the component activities for an organisation 'ARGOS' then evaluate the performance objectives used by each and critically examine and suggest ways in which the performance could be improved? Answer: Introduction With the involvement of people, there are companies like Argos which has been found by the retail groups to manage and sell products under the distinctive way to the different retailing brands. As per the organisational management, one can see there is an opening which is reviewed to analyse the performance benchmarks and trying to award a better responsibility which will upgrade and help in achieving successive accomplishments in the company. Argos has tries to progressively meet the golden bands with a successive and successful investment to the companies which have a better retailing growth. The funds which are raised in the business try to successfully manage and try to gain all the slots which could lead to development in the department. (Lam et al., 2015). Argos organisation try to look forward how the management I being organised so that there is a flourishing flow leading to the management of the cost of labour with a sufficient attempt, according to what they deserve. Performance Objectives In order to improve the performance to work in the organisation, it is important for Argos to take care of some of the basic features: Quality It is important the product should have a better quality which could be helpful for improving the technology to a great extent. (Liu et al., 2015). For the better service, it becomes important that there are specifications which conform mainly to some of the points: Argos should focus on how to improve the quality and for this there needs to be certain procurement procedures which will help in analysing the responsibilities and performing a routine program to withhold and support better compliance throughout. The agreement needs to be developed and make it possible for the suppliers and the departments to develop all the solutions which could improvement the QA management system of the company. The conflict that the operations generally are affected because of the better quality is correct mainly as the customers who are consuming them want to have it at its best. For this, Argos should take care that there is a foundations of non-profitable organisation which will help in satisfying the approach and settling down the revenue cost to manage the quality of the product. (Guajardo Rnnqvist, 2015). The quality generally focuses on how to improve the speed and maintain the cost and cut down all the dependability on alternatives which could be harmfu l for the consumers. Speed As per the response of the customers, it is possible to analyse the quality of the product and the services that are being provided to the people. The company always tries to supply chains to challenge the performance objectives and so it try to improve the speed and saving time. The reduction in the number of the trailers, significantly lead to a reduction in the traffic which is generally noticed at the backdoor of RDCs. With certain positive and negatives, we come up with certain inflicts: There are external problems when the customer are responded to their issues. Speedy solving of the same with let a downfall to the services and the name so it is important to manage the organisation and try to incorporate all the service charges for delivering that product, properly. The effects in Argos certainly have problem with cost. Some of the areas are inventories as well as risk reduction wherein the manufacturing generally applies to the cost reduction. Dependability For the organisation to manage properly, it is important to work on time and try to help the customers to give assurance that the product will have in-time delivery and they can easily rely on the company if they want to order anything. The external factors generally try to focus on how to increase the chain supply management and trying to improve the dependency of the customers on Argos. With the UPS as a reputed company, the people have started opting for it as they are able to give speedy submission of the product. This shows their efficient management skills which are important for bringing a hike in the supply. (Startdler, 2015). The internal dependency in Argos generally comes when they are able to save enough time by delivering the product to the right customer properly, thereby, maintaining stability. This will surely improve the reliability and the customers will have speedy orders from such organisation. Think before promising any customer rather than just ignoring and looking for orders without knowing that you have enough capability to do it or not. (Kolinski Sliwczynski, 2015). Flexibility With more reliability, there comes a flexibility which is helpful to approach to bring a change in the operations and trying to uphold the volume and the delivery of the product to an extent that Argos is completely able to satisfy his customers. The company tries to attain flexibility by attaining a better supply chain solution which will be able to validate and receive the best consignment in time. The consolidation with the orders and the delivery system are able to bring in a change as the goods are delivered in time and properly. The Argos generally try to direct to a wider variety to develop a better product, thereby,, incorporating certain ideas which will be helpful to make the services proper to a better and large extent. (Barratt et al., 2011).The internal matters are mainly which affect the objective of the performance mainly the speed and the response which will have dependability on the various operations. Cost The cost is generally set as per the structural development of the organisation. (Akkerman et al., 2010). Keeping in mind the cost and the performance, there is a relevance to manage the operations and handling all the above factors in Argos with proper rewards and appreciation for the loyalty of the workers. Analysis Evaluation Approach has been made leading mainly to decentralisation which will have the organisational management done in a proper manner. The procedure of the development generally tries to improve the product and its delivery services so that there are no disappointing feedbacks for the same. There are certain pay-offs in a hierarchical manner which successively depend on dealing with keeping the chain for maintaining the work of the management and the system properly, with all the attributes intact. (Pienaar Vogt,2012). The centralisation for goods which are important generally have an automation which could lead to freeing all the resources, thereby, leading to the efficient operational cost and trying to improve the productivity which will have an overall availability in the product, thereby, trying to emphasise more on how to reach for a better centralisation. Accordingly to the analysis, it has been seen that the management growth has been set-up more on a communicative basis which is able to maintain the hierarchy to manage the communication, thereby, setting up altruistic approach for setting up the company properly. With a proper distribution which generally leads to a proper implementation and management in the real time monitoring scheme. The tracking and the increment in the reliability generally has the major control over the key features which try to evaluate and change the control over the distribution. The e-commerce modelling and retailing has a wider approach to satisfy the customers , thereby, trying to save in the time and the cost which will improve the efficiency and the effectiveness with which the group of the people are involved for a better display. The feature on phone is easy to operate and could be regulated anywhere and by any group which will be convenient too. (Fry et al., 2015). Analysing what is more important for the areas, there are some training schemes which mainly have a belief that the staffing policies look forward towards a more determined status which could help them achieving skills that would help them in work commitment. With the contest and every event, there is always a chance to flourish in a better way and try to come up to the public. (Chandes Pach, 2010). One should aim high to publish catalogues which will help in improvement of the technologies and reduction of wastage of time. There will be more flexibilities and easy real time updation in the production sale channel which is trying to be more efficient. The efficiency to operate and direct put in all the sales is at its best in Argos along with notification for assistance in the stock of the product at the stores. This will certainly help in collaborating and managing all the products and other operations of the business along with a leading growth. Ideas for better performance Through the use of internet, one can be sure how to bring collaboration in work along with managing better tactics for the companies to elaborate the productivity plans. Some of the communities are interested in sharing plans which can focus more on how to manage with challenges that come in their way. (Dekker et al., 2012). For better marketing, Argos generally direct to the Manhattan Management which will have a better system to the organisation. The increment in the efficiency and the reduction in the cost are the best way to improve the company and try to meet the real time approach for better inventory and activities. The gain through which the competition could be incremented always lead to the efficiency, where the people are involved in the same and look forward to have a lot of scope where they can decide what is best for them. (Nahmias Ohlsen, 2015). People Involved in Operations To improve the quality of work, there are certain people involved to manage the roles in the organisation and bringing it to a success: Customer: The most important person who is responsible for putting in the efforts and trying to highlight that it is the customer who makes all the impact on the people. Suppliers: The operations are generally made to prosper in the organisation when they are effectively able to manage the give and take policy on time. (Urgen Forslund, 2015). Shareholders: The people who try to take the operations of the goods and services have to take care about their business and make sure that there are able to prosper with a better record and lead to major benefits. Employees: The Company is liable to the changes in the future and it is the responsibility of each and every employee to make better relations with the customers to bring their sales to a better extent. (Jacobs et al., 2010). Society: Argos try to focus on the responsibility laid on with regard to the environmental changes so that there is a better impact on how the operations could behave properly and have a large change to the organisation. Conclusion With the advent of different technologies being emerging, one could see that there are times and work which generally tend for misbalance in the organisation and setting up towards a better leading environment. There are some who try to destruct the organisation and so for them it becomes impossible that there is a possibility of growth and knowledge. As per the knowledge schemes, it has been seen that some teams try to come up for working and implementing more on the welfare of the customers. (Sharda Vo, 2015). Some areas of supervision claim to constitute some ranges which prefer to lay off a better approach and analysing what is better to be put up for implementing the innovative efforts in the company. Reference Jacobs, F. R., Chase, R. B., Chase, R. (2010).Operations and supply chain management. McGraw-Hill/Irwin. Chandes, J., Pach, G. (2010). Investigating humanitarian logistics issues: from operations management to strategic action.Journal of Manufacturing Technology Management,21(3), 320-340. Pienaar, W. J., Vogt, J. J. (2012).Business Logistics Management: A value chain perspective. Oxford University Press. Sheu, J. B. (2010). Dynamic relief-demand management for emergency logistics operations under large-scale disasters.Transportation Research Part E: Logistics and Transportation Review,46(1), 1-17. Dekker, R., Bloemhof, J., Mallidis, I. (2012). Operations Research for green logisticsAn overview of aspects, issues, contributions and challenges.European Journal of Operational Research,219(3), 671-679. Akkerman, R., Farahani, P., Grunow, M. (2010). Quality, safety and sustainability in food distribution: a review of quantitative operations management approaches and challenges.Or Spectrum,32(4), 863-904. Barratt, M., Choi, T. Y., Li, M. (2011). Qualitative case studies in operations management: Trends, research outcomes, and future research implications.Journal of Operations Management,29(4), 329-342. Sharda, R., Vo, S. (2015). Operations Research/Computer Science Interfaces Series. Stadtler, H. (2015).Supply chain management: An overview(pp. 3-28). Springer Berlin Heidelberg. Fry, T. D., Donohue, J. M., Saladin, B. A., Shang, G. (2015). The internationalisation of operations management research.International Journal of Production Research, (ahead-of-print), 1-31. Guajardo, M., Rnnqvist, M. (2015). Operations research models for coalition structure in collaborative logistics.European Journal of Operational Research,240(1), 147-159. Lam, H. Y., Choy, K. L., Ho, G. T. S. (2015). A knowledge-based logistics Operations planning system for mitigating risk in warehouse order fulfillment.International Journal of Production Economics. Liu, C., Huo, B., Liu, S., Zhao, X. (2015). Effect of information sharing and process coordination on logistics outsourcing.Industrial Management Data Systems,115(1). Kolinski, A., Sliwczynski, B. (2015). IT Support of Production Efficiency Analysis in Ecological Aspect. InTechnology Management for Sustainable Production and Logistics(pp. 205-219). Springer Berlin Heidelberg. Nahmias, S., Olsen, T. L. (2015).Production and operations Analysis. Waveland Press. lgen, V. S., Forslund, H. (2015). Logistics performance management in textiles supply chains: best-practice and barriers.International Journal of Productivity and Performance Management,64(1).

Auditing and assurance service in Australia - Myassignmenthelp.Com

Question: Discuss about the Auditing and assurance service in Australia. Answer: Introduction The study helps in illustrating about ASA 701 auditing directive, which suggests about the advices regarding communication of key audit matters predominantly in the independent report of the auditors. The auditing standard ASA701 Communicating Key Audit Matters in the Independent Auditors Report is developed at the backdrop of the international fiscal crisis (Vallabhaneni 2013). The current segment evaluates the monetary crisis, where all the relevant problems faced by the organisation during the period is evaluated. The times of diverse monetary unsteadiness can essentially help in comprehension of different concepts of crisis. There is manifestation of diverse challenges particularly from the economic, political plus social environment. As rightly indicated by the worldwide financial crisis, relevant tensions during the period, disorder along with critical examination has manifested in the financial sector of the world. Thus, economic crisis can be regarded as a distrust in the fin ancial structure, a substantial decrease in transactions of stock exchange and a disorder of market transactions. This mainly occur due to the negative impact of financial sector on performance of the company in generating higher rate of return. The government and international institutions such as Woolworths Limited can attempt to rise above the adverse impacts of the financial crisis by directing the method of worldwide financial reform (William Jr et al. 2016). ASA 701 auditing measure institutes diverse necessities and carries along with explanatory materials about communication of Key Matters of Audit (KAM) in essentially the independent report of the auditors. This standard can be applied to the process of audit of financial declaration of Woolworths Limited for a specific financial year or else assessment of financial report for half year as per Corporations Act of the year 2001. Audit of financial assertion of Woolworths Limited otherwise a complete set of financial declarations for other reasons can use ASA 701 for pecuniary reporting of business entity on and after December 15, 2016 (Arenset al, 2012). This directive can hereby help in dealing with accountabilities of the auditors of the corporation Woolworths Limited to correspond properly key audit matters. However, in carrying out the process, the assessor has the need to take into consideration diverse areas of high examined risk of mainly material misstatement else wise other considerable risks detected in financial statements of Woolworths Limited as per ASA 315 (as mentioned in paragraph A 19 to A 22). This process of determination also includes considerable auditor judgements associated to areas in the financial assertions that include important management judgement, counting diverse estimates of accounting detected as high estimation uncertainty. The impact of audit of significance incidents or else transactions happened during specific time. Essentially, the evaluator also has the need to ascertain matters that were mentioned according to paragraph 9.In addition, the auditing standard depicts the financial declaration of current period and thus can be identified as the key audit matters (as mentioned in the paragraph: A 9 to A 11 and A 27 to A 30). The financial assertions of the firm Woolworths Limited states that both the consolidated as well as individual annual financial assertions have been presented as per the International Financial Reporting Standards- IFRS by the International Accounting Standards Board also simply referred to as (IASB), pecuniary declarations as mentioned by particularly Financial Reporting Standards Council, varied requirements stipulated under Companies Act of particularly South Africa, South African Institute of Chartered Accountants abbreviated as SAICA, necessities of the Companies Act stipulated under South Africa together with the JSE Limited Listing Requirements. In addition to this, the group also combines different subsidiaries. These matters can help investors in observing maintenance of adherence to regulations regarding financial presentation, auditing, and assurance. Accounting policies: The annual report of the corporation Woolworths Limited presents the accounting policies that can subsequently be used by investors for comprehending the pecuniary condition of the corporation. The basis of preparation used for preparation of consolidated along with the separate annual financial assertions of the firm Woolworths Limited are necessarily presented utilizing both the historical cost as well as bases of going concern. Thus, this can help in understanding diverse modified opinion as per regulations of ASA 570 or else material uncertainty related to diverse incidents otherwise state of affairs that might perhaps shed uncertainty on ability of business entity to carry on as a going concern as per regulations specified as per ASA 570. Therefore, the key audit matters mainly need to provide all the relevant information, where auditors can report relevant information to help them understand capability of the firm to continue its operations. Analysing annual report of Woolworths Limited The auditors report in the financial statement mainly reflect that according to viewpoints of the auditors, consolidated as well as individual financial statement essentially presents fair view. Importance of assessing the risk of audit The reasons for issuance of the auditing standard ASA 315by the Auditing and Assurance Standards Board (AUASB) helps in recognizing and analysing the material misstatement risk by comprehending specific entity and organisational environment. According to the regulation ASA 315, Woolworths Limiteds auditors have the need to understand the business risk that essentially indicates towards the risk resulting from important conditions, incidents, state of affairs else wise inactions that cam adversely affect potential of an entity to attain its objectives and implement its stratagems (Messier et al.2014). It is important to assess the risk of audit processes for obtaining clear understanding of the business entity along with the environment, counting the internal control of the entity to recognize as well as evaluate the risks of particularly material misstatement, whether owing to fraud or else error (intentional or unintentional) in the annual report together with levels of assertion. The methods that can be associated with the accounting statement pronouncements of Woolworths Limited The regulatory procedures that ASA 315 (Reference: Paragraph A 105 A108) includes, gives an overview into the identification and assessment of the risks associated with materiality that have been included in the different segments of the annual report. The risks associated with the material misstatement at the particular level of assertion for diverse classes of transaction, balances of account as well as disclosures of the corporation to deliver a foundation for chiefly designing and performing processes related to audit can be linked with it (Messier et al. 2014). The auditor will be able analyse the risks that have been detected, and analyse whether they associate more to financial report. From the overall evaluation of annual report relevant material misstatement of the organisation could be identified. The auditors report has mainly depicted the financial statement, where material misstatement of the company could be identified. In addition, both auditors and directors report mainly states that no material misstatement is currently present within the organisation. The auditors mainly state that no material misstatement in currently present within the operations of the organisation. The company has mainly generated from the Accounting Standard AASB 101, which is used in preparing the financial statement. The companys financial report is mainly free from any kind of material misstatement, which is depicted in the annual report. In addition, the financial report prepared by the company is ethically viable, as it helps in depicting financial performance of the company. The annual report is mainly designed for depicting performance of the company. The auditors report has mainly complied with Australian Auditing Standards, while evaluating the financial annual report of Woolworths. The viable method of preparing the financial report could eventually allow the company to depict its financial performance to its stakeholders. Therefore, the preparation of the annual report is relatively considered a positive attribute of the company, where no material misstatements are present. Significant business risks that are common to the planning process of audit In view of high profile scandals of accounting in current times, the role as well as accountabilities of assessors can be questioned. The auditors of the corporation Woolworths need to have understanding regarding the corporation; risks together with the areas where the corporation is exposed, causing them to reduce the impacts of extreme practices related to accounting (Messier et al. 2014). It is for these kinds of accounting scandals that the top down approach has been accepted and is even stressed which involves the auditor advances to gain an explanation of the corporate entity, business surroundings in regards to the operations of the business firm, important business risks and the conversion of these risks into audit risks. Procedures that can be performed by an evaluator to analyse the risk The procedures that can be followed by an evaluator to analyse the risk include the following: Identification of risks of business pertinent to objectives of financial reporting of the firm (Kend 2015) Approximating the importance of risks Evaluating the overall likelihood of the occurrence Deciding regarding activities to address the identified risks As per AUS A24.1 of ASA 315, ownership as well as governance arrangement also need to be there. The directors of the organization and the executives delegated with the responsibility of corporate governance can determine policies for the determination of the levels of risk (Kend 2015). The senior management can design, implement and monitor effectual risk management systems to execute policies that have been advised by the directors of the organization. Again, the non-executive directors present on the higher-level management as well as independent compensation commission will be able to review diverse plans, counting commissions, bonuses that are discretionary in nature, service contracts of executives and sharing of profits. The strength of specifically internal audit operation and audit committee and their role can help in independent appraisal function. Appreciation of significance of internal control to a specific entity and to the independent auditors As per (Ref: paragraph A 36 to A41) the auditor can acquire an understanding regarding pertinent industry divisions, regulatory as well as other external facets along with the applicable framework financial reporting. The auditor can also acquire a comprehensive understanding as regards the internal control pertinent to the work of audit. Even though, majority of the controls applicable to the process of audit can probably be related to the process of financial reporting (Vera-Muoz et al. 2014). However, not all kinds of controls that relate to financial reporting are applicable to audit. Essentially, according to regulation stipulated under (ASA 315, ref paragraph, A42 to A65), this pertains to professional judgement of the assessor whether a specific control, singly or in combination with different others is pertinent to the process of audit. Essentially, the assessor can think about comprehending the control environment by acquiring clear understanding by evaluating whether admini stration with the oversight of the ones charged with governance has generated and maintained culture of honesty as well as ethical behaviour (Arenset al. 2012). Risk of material misstatement: Risk of material misstatement can be regarded as risk that the financial assertions of a corporation have been improperly stated to a certain degree of materiality. However, the risk might be evaluated by the assessors at two different levels, including inherent risk as well as control risk at the level of assertion. As rightly indicated by Knechel and Salterio (2016), inherent risk refers to a susceptibility of the management of the organizations financial assertion in regards to misstatement that pertains to error or else fraud that should be considered in regards to diversified controls. On the other hand, control risk related to the material risk mandatorily has to be considered or else recognized by auditing controls implemented within an organization. Auditing standard have the need to comply with the International Standard on Auditing Standard ISA 260 that refers to the need for communicating the ones associated with governance practices issued by particularly International Auditing as well as Assurance Standards Board. As rightly indicated by Gay and Simnett (2014), the entire board is responsible for the system/process of internal control for the entire group. It is important to declare the result of the risk management practices, alongside actions of autonomous assurance provider. This helps in controlling, counting financial controlling and can be considered to be important audit matters (Louwerset al. 2015). Woolworths Limiteds financial report reveals the fact that the directors have evaluated the Groups annual budget along with the financial forecast in regards to the inflow of cash during the financial year of 2017 and overview into the insurance arrangements of the entire group. However, based on the review as well as on the basis of the settings of the present financial condition and present debt facilities, the board of directors of the organization are content that the specific group is an appropriate going concern and have sustained to presuppose going concern based in the course of preparing and presenting Annual Financial Statements. This process of communicating key audit matters thus helps management to arrive at appropriate judgements and preparation as well as presentation of the financial statements (Cohen and Simnett 2014). Going concern considerations As per Auditing Standard ASA 570 (indicating towards going concern), there is requirement for mentioning risk related assessment procedure as well related activities, evaluation of administrations assessment, phase beyond assessment of the supplementary inspection procedures and management when events or else conditions have been detected (Junior et al. 2014). The requirement of the standard ASA 570 also includes communication with entities charged with governance accountability (Hayes et al. 2014). However, analysis of financial assertion of the firm Woolworths Limited reveals the fact that group treasury committee was instituted in the firm that necessarily can oversee specific actions in regards to the treasury of the entire group. This group was responsible to make it certain that there is appropriate regulation of diverse crucial function/operation (Kendet al. 2014). The audit committee delivers diverse duties that have been oversighted from the viewpoint of the entire management and from the perspective of mainly Companies Act of particularly South Africa. This mainly can be associated to auditors, specific governance controls as well as pecuniary assertions of the corporation and the extent to which it complies with the pertinent legislation, directives as well as governance exercises. The committee properly regulated all these affairs as established in terms of reference that are assessed as well as approved by the board on a yearly basis, aligned to the regulatory neces sities of the committee. This helps users of accounting statements to understand whether the company is fulfilling the requirements to become a going concern (Vanstraelen and Schelleman 2017). The working group analysed the appraisal of entire going concern position in regards to the whole group and recommended to the management that the total group will be able to convert into a going concern for the approximated future. This report suggests that it is solvent and can give out projected dividend (Earley 2015). This disclosure by the management of the company can also be considered to be an important audit matter that essentially has the need for communication of the comprehensive financial condition of Woolworths Limited. Comprehending business entities and business environment The assessors also have the requirement to have appropriate comprehension of the business concern and the business atmosphere in which the business functions. In addition to this, the auditors also feel the necessity to focus on particular areas of accounting statements for recognition of firms material misstatements (Soh et al. 2015). The assessor also has the requirement for special considerations for diverse areas of financial reporting that comprises of adjustments in accounting, impairments of diverse registered value of asset, alterations in share capital along with debt preparations among loads of others (Carson et al. 2016). Recommendations and conclusions In the end, it can be concluded that the assessors need to outline stratagems and subsequently gather substantiation to support different kinds of management. The numerous financial declarations are accurate within the restrictions of materiality. As a result, for expressing this kind of viewpoints, the assessor needs to assess all the existing evidences to wrap up the financial assertions would be maintained. Essentially, professional scepticism in the accounting statements of Woolworths Limited can constrain the judgement of the assessors regarding the substantiation that are necessary to achieve the state. Again, principles in regards to accounting have been fundamentally prescriptive in addition to perfunctory in nature as well as characteristics. Conversely, the auditing regulations should mandatorily have the features as the examinations and methods are descriptive and rely exclusively on the judgements of the assessors. The assessors are expected to be autonomous and regulate different clients. Therefore, it is highly recommended that the auditors should maintain an objective overview and should mandatorily look out for audit substantiation. 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