Acct2060 Accounting for Organisations and Society

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Economic Sustainability:
ACCT2060 Accounting for Organisations and Society
Individual Assignment Semester 1, 2014

Tan Aik Khuan

Royal Melbourne Institute of Technology

March 22, 2014

Question 1(a)
ALS Ltd. was previously known as Campbell Brothers Limited and on 1 August 2012, the Company changed its name to ALS Limited following shareholder approval at the 2012 AGM (Annual Report, 2013). The reason for the name change is to reflect the emergence of the company from a diversified laboratory services and chemical solutions business to a predominately global provider of testing and analytical laboratory services (Annual Report, 2013). ALS Ltd operates in four main global business divisions which is Minerals which includes geochemistry, metallurgy, mine site and inspection; Life Sciences which includes environmental, food & pharmaceutical, animal health and electronics; Energy which includes coal and oil & gas; and Industrial which include asset care and tribology (Annual Report, 2013).

Question 2(b)
External audit report is a written statement to ensure that the financial status and operating performance of entity is properly presented and disclosed and is free from misstatement whether due to fraud or error (Business Dictionary, n.d). ALS Limited has approached KPMG to perform the external audit (Annual Report, 2013). The lead Auditor of KMPG has signed a Lead Auditor Independence Declaration to provide ALS Limited with a written declaration that the auditor has complied with the auditor independence requirements of the Corporations Act and any applicable codes of professional conduct (Investopedia, n.d). This mandates against certain conflict of interest relationships and situations, and requires individual auditors and audit firms to continually monitor professional relationships and circumstances to identify conflicts (Investopedia,…...

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