Do the Financial Statements Give a True and Fair View?

Swire Pacific, Ltd., based in Hong Kong, is one of the largest companies in the world. The primary operations of the company are in the region of Hong Kong, China, and Taiwan where it has operated for over 125 years. Swire operates Cathay Pacific Airways and has extensive real estate holdings in Hong Kong. The 2005 auditor’s report (prepared by PricewaterhouseCoopers) for Swire Pacific, dated March 9, 2006, read as follows (in part):

An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the accounts. It also includes an assessment of the significant estimates and judgments made by the Directors in the preparation of the accounts, and of whether the accounting policies are appropriate to the circumstances of the Company and the group consistently applied and adequately disclosed….

In our opinion the accounts give a true and fair view of the state of affairs of the company and of the group as at 31st December 2005….

Although the concept of a “true and fair view” is not part of the auditor’s terminology in the United States, it is used by auditors all over the world and is also discussed as part of International Accounting Standards (IAS). The “true and fair view” concept states that an auditor must make sure that the financial statements give an honest representation of the economic status of the company, even if the company violates generally accepted accounting principles in order to do so.

1. Review the opinion language in the auditor’s report for Wal-Mart (see Appendix A). Does the audit report state unconditionally that Wal-Mart’s financial statements are a fair representation of the economic status of the company?

2. Auditors in the United States concentrate on performing audits to ensure that financial statements are prepared in accordance with generally accepted accounting principles. What economic and legal realities in the United States would make it difficult for U.S. auditors to apply the “true and fair view” concept?

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1. Please devise a hedging strategy for Hilditch:

a. What position should it take if Hilditch wants to use crude oil futures to hedge the exposure? (300 words)

b. What is the optimal hedge ratio?

c. What is the optimal number of futures contracts with tailing of the hedge?

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Choose a topic from the list provided on UTSOnline
• Conduct a literature search using the appropriate databases (e.g. PubMed) and keywords to
find current, relevant, peer-reviewed scientific articles on your topic.
• Critically read these scientific articles. Use the points below to help guide what kind of
content should be in the article. Other high-quality content relevant to your article will be
rewarded.
1. The significance and impact of the microorganism(s) in human or animal health, industry or to
the environment e.g. value and/or cost to society, value to industry or value to the environment
(e.g. nutrient cycling). Use this to focus your article on an angle that relates to a broad
audience.
2. If your microorganism(s) is:
a. a pathogen – information on its disease process, transmission and control methods
b. an industrially relevant microorganism(s) – commercial products that are made, the
industrial processes used to produce these product(s) and the physical parameters that
are required to allow the microorganism(s) to thrive (e.g. temperature)
c. an environmentally-relevant microorganism(s) – environmental process(es) the
microorganism(s) is involved in and the physical parameters that are required to allow
the microorganism(s) to thrive (e.g. temperature)
3. Other information might include:
a. a full taxonomic classification of the microorganism(s)
b. the microorganism(s) natural host(s) and/or environments
c. the methods of identification or detection of the microorganism(s)

Attachments:

Magazine-Styl….pdf

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Magazine-Styl….pdf

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Example-1.pdf

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Answer the questions listed below. Your response to each question should be at least one page in length and provide strong examples and details.

1. What were the causes of the Cold War?

2. How did the Soviets try to reform society, and what were the consequences of the anticommunist revolutions of 1989?

3. How did Western Europe recover so successfully after World War II, and how did Economic decline in the 1970s and 1980s affect society?

4. How did Japan recover so quickly after its total defeat in World War II and become an Economic superpower?

5. What contributed to the social and political transformation of the United States in the second half of the twentieth century?

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