Analysis of Annual Report: Clive Peeters Limited

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ANALYSIS OF THE ANNUAL REPORT: CLIVE PEETERS LIMITED

Introduction

This report aims to analyse Clive Peeter Limited’s annual report 2009 and identify the Company’s compliance and non-compliance with Australian Stock Exchange (ASX) Corporate Governance Principles and Recommendations and identify relevant areas for audit, such as related parties, going concern, and subsequent events of the Company.

Clive Peeters Limited is a retailer of electrical and gas appliances, bathroom ware and computer products with a strong brand image in Victoria, Queensland, Tasmania and Western Australia. The Company is committed to providing an extensive range of products to customers at competitive pricing and with exceptional customer service.…show more content…
Furthermore, external auditors need to maintain good working relationships with the audit committee who has an important role in ensuring the Company’s compliance with relevant regulations and best practice guidelines (Leung et all. 2009).

Related parties

Definition of Related Parties
Australian auditing standard ASA 550 (Related Parties) defines related parties as a party that directly or indirectly has power over the entity or is influenced by the entity, an associate or a member of key management personnel of the entity, and a close member of the family of related parties (para 8a). Thus, related party transaction refers to any transactions, in the form of either goods or services between related parties (para 8b).

Related Parties of the Company
In the Related Parties disclosure section, the Company states that the Parent entity (Clive Peeters Limited) has equity interests in 8 subsidiaries (Appendix 3). They disclose the compensations, shareholdings and share options of the key management personnel and any transactions made with key management personnel (Appendix 4). On other transactions with key management personnel of the
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