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Oil Search Limited - Audit Information - Case Study Example

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The paper "Oil Search Limited - Audit Information" is a perfect example of a business case study. Some of the new standards that were adopted by the company in the financial year ended 2013 include; IFRS 10, 11, 12 and 13 as well such amendments as IAS 27 that deals in separate financial statements, 28; investments in associates and joint ventures, 19; employee benefits, 7…
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COMPANY ANALYSIS: OIL SEARCH LIMITED (OSH) By Student’s Name Code + Course Name Professor’s Name University Cite, State Date 1. Key Management Information Some of the notable company’s management team includes the following; I) Peter Botten; company’s Managing Director II) Gerea Aopi; Company’s executive manager, External and Government Affairs and Sustainability III) Phillip Caldwell, Executive General Manager, Business Systems Development IV) Paul Cholakos, Executive General Manager, PNG Operations V) Glenn Darnley-Stuart, Executive General Manager, Project Development VI) Julian Fowles, Executive General Manager, Exploration and Business Development VII) Ian Muniro, Executive General Manager, Gas Business Development VIII) Stephen Gardiner, Chief Financial Officer and Group Secretary IX) Michael Herrett, Executive General Manager, Human Resource-Health and Administration X) Matt Kay, Executive General Manager, Strategy and Commercial Company’s Management Team Remuneration Structure (2013 Report) Executives Salaries and allowances Non-monetary benefits Short-term incentives Superannuation Long-service leave accrual Performance Rights Restricted Shares Totals P. Botten (MD) 2,087,827 11,763 847,362 16,527 124,079 1,074,582 608,330 4,770,470 G. Aopi 475,074 213,744 221,475 77,998 48,281 227,438 299,882 1,563,892 P. Caldwell 621,732 242,717 20,027 24,814 259,145 170,021 1,338,456 P. Cholakos 651,359 228,439 16,585 231,305 299,761 1,427,449 GDarnley Stuart 593,462 225,521 16,585 9,955 143,185 988,708 J. Fowles 652,981 232,818 16,585 138,541 90,287 1,131,212 S. Gardiner 637,096 221,790 16,585 17,019 197,485 148,817 1,238,792 M. Herrett 547,797 191,527 16,585 47,253 35,509 838,671 I Muniro 241,183 78,871 8,608 328,662 2. Shareholder Information I) National Nominees Limited II) HSBC Custody Nominees Limited III) JP Morgan Nominees Australia Limited IV) Citicorp Nominees Pty Limited V) UBS Nominees Pty Ltd VI) Citicorp Nominees Pty Ltd VII) BNP Paribas Noms Pty Ltd VIII) JP Morgan Nominee Australia Limited IX) Australian Foundation Investment Company Ltd X) AMP Life Limited XI) The Independent state of Papua New Guinea XII) UBS Nominees Pty Ltd XIII) RBC Investor Services Australia Nominees Pty Limited XIV) HSBC Custody Nominees Australia Limited XV) Warbont Nominess Pty Ltd XVI) National Superannuation Fund Limited XVII) UBS Wealth Management Australia Nominees Pty Ltd XVIII) Djerriwarrh Investments Limited XIX) HSBC Custody Nominees (Australia) Limited XX) DR Kwok Ching Chow and Mrs. Chan Pik Yun Peggy Chow OSH Share Price Graph against All Ordinaries Index (2013) (Source: http://www.oilsearch.com/Investor-Centre/Share-Price.html) 3. Accounting Information Some of the new standards that were adopted by the company in the financial year ended 2013 include; IFRS 10, 11, 12 and 13 as well such amendments as IAS 27 that deals in separate financial statements, 28; investments in associates and joint ventures, 19; employee benefits, 7; financial instruments pertaining the disclosures on asset and liability offsetting, 1; presentation of items other comprehensive income. Due to the significant change to the IFRS 11, the company has seen its accounting policies altered. In the new accounting standard settings, investments in joint arrangement are categorized as either being joint operations or ventures. This largely depends on the contractual rights and obligations that each and every existing investor enjoys for that matter. Significantly, using the aforementioned alterations, the firm has been able to analyze the immediate nature of its joint’s arrangements and thereby determined that they are comprised of investments set in joint operations. The company’s property, plant and equipment are recognized in regards to their immediate cost less their underlying accumulated depreciation and impairment values. For the case of either a gain or loss in the course of asset disposal, this value is established between their immediate carrying value of the asset at the exact time of disposal and the resultant disposal proceeds, which is later included within the results of the group within the underlying year of the disposal (Oil Search Limited, 2013,p.94). The underlying amount of income tax expensed by the company stands at $174,148,000 while the amount of income tax paid within the same financial year, which ends in 2013, is stated at $149,836,000 (Oil Search Limited, 2013). It should be understood that the current underlying taxes payable are focused on the overall taxable profit for the entire operational year. A provision is formulated in order to provide clear guidelines on the differences that exist between taxable profits and net profits. The group’s liability or asset base that is subjected under the current tax provisions is computed using given tax rates that have been formulated or thereby enacted for the period covering the reporting date. Notwithstanding, the company’s deferred taxes are accounted using the balance sheet liability approach. This is to say that deferred tax liabilities are recognized for entire taxable temporary differences. It is further noted that both the deferred tax assets and liabilities are measured at their respective tax rates that are expected to be applicable in the period for which the asset is realized or in the other scenario when the liability is fully settled. In regards to lease disclosures, the underlying operating lease payments of the company, in the case where the lesser is mandated with the task of retaining both all of the risks involved as well as benefits of ownership, are involved in the establishment of the overall operating profit that is subsequently postulated on a straight-line basis over the underlying lease term at hand. The company exercises employee entitlements and superannuation commitments where provisional amounts are allowed for employees in regards to such items as entitlements as well as annual leaves and long-service leave accruals that are set in accordance with the statutory obligations within Australia. These amounts are paid in full in the normal continual of a business operation in cases where leave is taken or employment is terminated in cognizant. The firm’s employees also enjoy performance rights plan as well as restricted share plan. 4. Audit Information The company financial statements and operations were audited by Deloitte Touché Tohmatsu whose opinion stipulates that Oil Search Limited did not engage in any form of contraventions for any code of professional requirements that also involves; the “ Accounting Professional & Ethical Standards Boards(APESB) Code of Ethics for Professional Accountants(APES 110)”. The auditor’s fee for the year ending 2013 is stated at AUD 121,501,000 for the parent company and AUD 478,074,000 for the consolidated group (Oil Search Limited. 2013, p. 117). Thus, the total for the parent company constituted; AUD 121,501,000 as fees for auditing the group’s financial report while for the consolidated, the total figure was divided between AUD 360,319,000 as fees for auditing the group’s financial report and a subsequent AUD 117,755 as fees for other services. References List Oil Search Limited. 2013. Annual report. Retrieved on May 28, 2014 from http://www.oilsearch.com/Investor-Centre/ASX-Releases/Annual-Reports.html, Read More
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