ACC102 Financial Accounting Individual Assignment (2026)

Assessment Context

Gateway Business College, Bachelor of Business (Accounting). ACC102 Financial Accounting, Semester 2, 2026. Individual assignment, weighting 30%. Due Week 11, Friday 9 October 2026, 11:59 pm. Submission via Moodle in MS Word format, double-spaced, 12-point Times New Roman. Maximum similarity 30%. Late submission attracts penalty under GBC policy. This assignment tests the application of financial statement analysis, internal control evaluation, and the accounting cycle to a real-world listed company and a simulated entity.

Task Description

The assignment contains three questions. Answer all parts. Use the most recent Wesfarmers Limited annual report available on the company website for Question 1. Use the case material provided for Question 2. Use the trial balance and transactions supplied for Question 3. Round all monetary amounts to the nearest whole dollar where required. Show all workings. Reference all sources using Harvard or APA 7th edition.

Question 1: Financial Statement Analysis (10 marks)

Obtain the Wesfarmers Limited annual report from the investor centre. Locate the consolidated financial statements.

Required:

1. State the company’s net income for each of the last three reporting years.
2. State total assets at the end of the most recent year.
3. State retained earnings at the end of the most recent year.
4. For the most recent year, state cash flow from operating activities, cash flow from investing activities, and cash flow from financing activities.
5. Explain the ratio method of analysis. Discuss how ratio analysis generates relevant information for different users, objectives, decisions, and outcomes. Calculate four ratios of your choice using data from the financial statements. Interpret each result. State the limitations of the ratio method in the context of the ratios you selected.

Question 2: Critical Analysis of Internal Control (5 marks)

Read the case of Jemma Swanson at Blue Trust Bank. Swanson performed teller duties, recorded transactions, worked without leave, and refused vacation. The audit by Aron and Sarah uncovered missing cash, unauthorised credit memorandums, late postings, and unsupported office expense payments exceeding $100,000.

Required: Prepare a written memo to the bank president. Outline the internal control weaknesses that allowed the loss. Recommend specific procedures to prevent recurrence. Address segregation of duties, mandatory leave, independent reconciliations, authorisation limits, and audit trails. Use professional memo format.

Question 3: Accounting Cycle Application (15 marks)

The trial balance of Ripple Security Services Ltd as of 1 January Year 12 is provided below. Record the transactions for Year 12, post to T-accounts, prepare a trial balance, prepare an income statement, balance sheet, and statement of cash flows, close the temporary accounts, and prepare a post-closing trial balance.

Trial balance (normal balances):

• Cash $113,718; Petty cash $100; Accounts receivable $39,390; Allowance for doubtful accounts $4,662; Supplies $210; Merchandise inventory (48 units @ $300) $14,400; Equipment $9,000; Van $27,000; Building $125,000; Accumulated depreciation $28,075; Land $25,000.
• Sales tax payable $390; Employee income tax payable $1,000; FICA Social Security tax payable $840; FICA Medicare tax payable $210; Warranty payable $918; Unemployment tax payable $945; Notes payable—Building $92,762; Bonds payable $50,000; Discount on bonds payable $800; Common stock $50,000; Retained earnings $124,816.

Year 12 transactions:

1. Paid the sales tax payable from Year 11.
2. Paid the Year 11 payroll liabilities (federal income tax, FICA taxes, unemployment taxes).
3. Issued 5,000 additional shares of $5 par common stock for $8 per share. Issued 1,000 shares of $50 stated value, 5% cumulative preferred stock for $52 per share.
4. Purchased $500 of supplies on account.
5. Purchased 190 alarm systems at $310 each for cash.
6. Wrote off $3,670 of uncollectible accounts receivable.
7. Sold 210 alarm systems for $600 each plus 5% sales tax on account. Use FIFO for cost of goods sold.
8. Billed $125,000 of monitoring services. Credit card sales $58,000 subject to a 4% fee. Remaining $67,000 on account. No sales tax on services.
9. Replenished petty cash on 30 June. Fund held $10 cash, receipts for yard mowing $75 and office supplies $15.
10. Collected the amount due from the credit card company.
11. Paid sales tax collected on $105,000 of alarm sales.
12. Collected $198,000 of accounts receivable.
13. Paid salaries of $96,000. Social Security tax 6%, Medicare tax 1.5%, federal income tax withheld $10,600. No employee exceeded $127,200. Net salaries paid in cash.
14. On 1 October, declared the preferred dividend and a $1 per share dividend on common stock. Record date 15 October. Payment date 1 November Year 12.
15. Paid $1,625 warranty repairs.
16. Paid declared dividends on 1 November.
17. Paid advertising $18,500.
18. Paid utilities $6,100.
19. Paid payroll liabilities: employee withholdings plus employer Social Security and Medicare on $88,000 of salaries. Paid $9,200 federal income tax withheld.
20. Paid accounts payable.
21. Paid bond interest and amortised the discount. Bond issued in Year 11, 6% coupon.
22. Paid annual instalment of $14,238 on the amortised note. Interest rate 7%.

Adjustments:

23. Supplies on hand at year-end $190.
24. Recognise uncollectible accounts expense. Estimate 1% of sales on account will not be collected.
25. Depreciate equipment, van, and building. Equipment: 5-year life, $2,000 salvage, straight-line. Van: 4-year life, $6,000 salvage, fully depreciated. Building: 40-year life, $10,000 salvage, straight-line.
26. Alarm systems sold in transaction 7 carry a one-year warranty. Estimate warranty cost at 2% of alarm sales.
27. Record accrued unemployment tax on salaries. Rate 4.5%. Gross wages exceeded $7,000 per employee.
28. Record employer Social Security and Medicare tax not yet paid on $8,000 of salaries expense.

Required:

1. Record the transactions in general journal form. Round to the nearest dollar.
2. Post to T-accounts.
3. Prepare a trial balance.
4. Prepare an income statement, balance sheet, and statement of cash flows.
5. Close temporary accounts to retained earnings.
6. Post closing entries and prepare a post-closing trial balance.

Marking Rubric

Criterion	Weight	High Distinction (85–100)	Distinction (75–84)	Credit (65–74)	Pass (50–64)
Knowledge and understanding of financial statement elements	20%	Accurate extraction of all required figures. Correct identification of net income, assets, retained earnings, and cash flow categories.	Minor errors in extraction but overall correct.	Some figures incorrect or missing.	Significant errors that undermine analysis.
Application and interpretation of ratio analysis	25%	Four appropriate ratios calculated correctly. Interpretation links to user decisions and outcomes. Limitations critically discussed with reference to the selected ratios.	Ratios mostly correct. Interpretation sound but limited. Limitations mentioned generally.	Ratios contain errors. Interpretation superficial. Limitations not linked to ratios.	Ratios incorrect or irrelevant. No meaningful interpretation.
Critical analysis of internal control weaknesses and recommendations	20%	Memo identifies all key weaknesses (segregation, mandatory leave, independent checks, authorisation). Recommendations specific, feasible, and linked to fraud prevention literature.	Most weaknesses identified. Recommendations reasonable but some generic.	Some weaknesses identified. Recommendations lack specificity.	Few weaknesses identified. Recommendations absent or unworkable.
Accounting cycle accuracy (journal entries, postings, financial statements, closing)	25%	All entries correct. T-accounts balanced. Financial statements articulate. Closing entries and post-closing trial balance accurate.	Minor errors that do not affect the overall cycle.	Several errors in entries or postings. Statements contain inconsistencies.	Major errors that prevent the cycle from balancing.
Communication, structure, and referencing	10%	Professional presentation. Clear structure. Harvard or APA referencing consistent and complete.	Minor formatting or referencing issues.	Noticeable formatting or referencing errors.	Poor presentation. Referencing absent or incorrect.

Sample Answer Extract: Ratio Analysis of Wesfarmers

Wesfarmers reported net profit after tax of $2,926 million in FY2025, up from $2,557 million in FY2024 and $2,465 million in FY2023. Total assets at 30 June 2025 were $27,981 million, and retained earnings stood at approximately $1.8 billion. Operating cash flow was $4,568 million, investing cash flow was negative $1,122 million, and financing cash flow was negative $4,100 million, reflecting strong operating cash generation offset by capital expenditure and shareholder distributions. The ratio method converts these absolute figures into relative measures that allow comparison across time, across segments, and against competitors. Return on assets, calculated as net profit divided by total assets, is 10.5% for FY2025. Net profit margin is 6.4%, indicating that Wesfarmers retains $6.40 of every $100 of revenue after all expenses. The current ratio, derived from current assets and current liabilities disclosed in the balance sheet, signals short-term liquidity. Debt-to-equity, measured as total liabilities divided by total equity, shows the extent of financial leverage. Each ratio serves a different user: a lender monitors solvency, an equity investor monitors profitability, and a supplier monitors liquidity. Research on accounting education confirms that working with real-world financial statements strengthens students’ analytical reasoning and their ability to connect ratio outputs to business decisions. The limitation is that ratios derived from historical-cost statements may not reflect current market values, and management discretion over accounting policies can distort comparability.

Sample Answer Extract: Internal Control Memo

The Blue Trust Bank loss occurred because one employee controlled incompatible functions. Swanson received cash, recorded receivables, posted transactions, and reconciled accounts. No mandatory vacation or rotation policy forced her work to be reviewed by another person. Credit memorandums were issued without independent authorisation, and cash payments for office expenses lacked supporting documentation and supervisory approval. These are textbook control failures. The Committee of Sponsoring Organizations framework identifies segregation of duties, authorisation, independent verification, and monitoring as core control activities. Forensic accounting research shows that banks with weak internal controls face higher fraud incidence and that data analytics can strengthen anomaly detection in transaction streams. The memo should recommend five procedures. First, separate custody of cash from record-keeping and reconciliation. Second, enforce mandatory annual leave and rotate duties so that no single employee controls a transaction from initiation to posting. Third, require dual authorisation for credit memorandums and expense payments above a threshold. Fourth, perform independent bank reconciliations monthly by someone outside the cash function. Fifth, install an audit trail that flags unusual journal entries and late postings. These procedures reduce opportunity, which is one element of the fraud triangle. They also create detection mechanisms that do not depend on employee self-reporting. The bank president should treat the audit findings as a control redesign project, not as an isolated personnel problem.

Ratio Analysis and the Fraud Triangle: Follow-Up Analysis

Ratio analysis gains interpretive power when students connect it to the fraud triangle and to governance quality. A company that reports rising revenue but deteriorating receivables turnover or declining cash conversion may be using aggressive revenue recognition to mask weak underlying performance. The fraud triangle explains why pressure, opportunity, and rationalisation interact: a manager facing debt covenant pressure may exploit weak controls to accelerate revenue, and may rationalise the action as temporary. Teaching cases on financial statement analysis increasingly incorporate fraud risk indicators alongside traditional profitability ratios because ratio patterns can signal earnings management. Students who calculate ratios without asking why the numbers moved miss the analytical purpose of the exercise. A stronger answer links each ratio to a plausible business narrative, identifies the user who would care most about that ratio, and states what decision the ratio would inform. That approach moves the assignment from calculation to judgement, which is the intended learning outcome for ACC102.

Segment Reporting and Comparability: A Related Question Students Ask

Students often ask whether consolidated ratios are sufficient when a company operates across diverse segments. Wesfarmers reports separate segments including Bunnings, Kmart Group, WesCEF, Officeworks, Industrial and Safety, and Health. Consolidated return on assets can obscure a high-performing segment subsidising a low-performing one. A student who disaggregates segment revenue, earnings, and assets produces a more diagnostic analysis. Segment disclosure also reveals concentration risk and capital allocation patterns that consolidated totals hide. The limitation is that segment assets are not always disclosed at the same level of detail as consolidated assets, which restricts ratio calculation at the segment level. A sophisticated answer acknowledges this constraint and uses segment revenue and earnings trends to supplement, rather than replace, consolidated ratios. This is the kind of analysis that distinguishes a credit answer from a distinction answer.

Why Internal Control Recommendations Must Be Specific

A common weakness in student memos is the recommendation to “improve internal controls” without specifying which control, who performs it, and how frequently. The bank president needs procedures that can be implemented and audited. Specific recommendations include: a policy requiring every employee to take at least five consecutive working days of leave each year, with another employee performing their duties during that period; a rule that no single employee may both create a credit memorandum and post it to a customer account; and a monthly reconciliation of the general ledger cash account to bank statements performed by the finance manager, not by the teller. Research on bank fraud shows that employee-perpetrated losses often continue for years because no one outside the employee’s immediate function reviews the transaction trail. The memo should state who is responsible for each control, what evidence demonstrates the control operated, and what happens when an exception is detected. Controls without monitoring are not controls. A memo that lists generic principles without operational detail will score in the pass range. A memo that translates principles into auditable procedures will score in the distinction or high distinction range.

Conclusion

This assignment asks you to do three things that professional accountants do routinely: extract meaning from published financial statements, diagnose control failures, and process a full accounting cycle. The Wesfarmers analysis rewards students who go beyond calculation and ask what the ratios reveal about the company’s strategy and risk. The Blue Trust Bank memo rewards students who translate control principles into specific, auditable procedures. The Ripple Security Services problem rewards accuracy and persistence across the accounting cycle. Start with the annual report and the trial balance. Build the schedules. Check that debits equal credits. Write the interpretations in plain language. Reference every source you use. The marking rubric rewards accuracy, interpretation, and structure. A technically correct answer with no interpretation will not reach the higher grades.

References

Akinbowale, O. E., Klingelhöfer, H. E., & Zerihun, M. F. (2023). The integration of forensic accounting and big data technology frameworks for internal fraud mitigation in the banking industry. Cogent Business & Management, 10(1), 2163560. https://doi.org/10.1080/23311975.2022.2163560

Douglas, S. (2024). Accounting Streams Unit 16 case: Beyond the numbers. Accounting Streams. https://accounting-streams.org/principles-of-accounting/16.html

Hassan, S., & Sharif, Z. (2025). Teaching excellence in financial accounting: Enhancing student learning through real-world financial ratio analysis. SSRN. https://doi.org/10.2139/ssrn.5606050

Malik, B. F., Du, N., & Lin, H. (2025). Incorporating visualization into introductory accounting courses to increase students’ interests in accounting. Accounting Education. https://doi.org/10.1080/09639284.2025.2592149

Wesfarmers Limited. (2025). 2025 annual report. https://www.wesfarmers.com.au/investors/annual-reports

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Financial Statement Analysis, Internal Control Evaluation and Accounting Cycle Application

Course: ACC102 Financial Accounting
Institution: Gateway Business College
Programme: Bachelor of Business (Accounting)
Semester: 2, 2026
Referencing: APA 7th edition

Introduction

Financial accounting provides information that helps investors, creditors and managers assess business performance, financial position and operational accountability. However, financial statements become useful only when readers interpret the figures in relation to business decisions and financial risks. Internal controls also play an important role because accurate reporting depends on reliable transaction records and effective supervision. The accounting cycle supports this process by converting individual transactions into financial statements that communicate an organisation’s results. These principles guide the analysis of Wesfarmers Limited, the examination of the Blue Trust Bank fraud case and the accounting procedures required for Ripple Security Services Ltd.

Question 1: Financial Statement Analysis of Wesfarmers Limited

Financial performance and position

Wesfarmers Limited operates across several business sectors, including retail, industrial and chemical operations. Its consolidated financial statements provide an overview of the group’s financial performance and position. The company’s 2026 annual report, published on 27 August 2026, is the latest report available at the time of this analysis (Wesfarmers Limited, 2026).

The reported net profit after tax (NPAT) shows the following results:

Profit increased by approximately 14.4% in 2025 before declining by 1.8% in 2026. Although the latest result represents a small reduction, Wesfarmers continued to generate substantial earnings. The difference between statutory NPAT and adjusted NPAT also matters when assessing performance. For example, the 2025 result included significant disposal-related gains, which increased reported profit (Wesfarmers Limited, 2026).

At 30 June 2026, Wesfarmers reported total assets of $28,884 million and retained earnings of $1,868 million. These figures indicate the scale of the group’s resources and the accumulated profits retained within the business. Retained earnings should not be confused with cash reserves because the balance represents accumulated profits after distributions and other relevant adjustments.

The 2026 financial statements also report net operating cash flow of $4,272 million. The company generated substantial cash from its ordinary operations, although this amount was lower than the $4,568 million reported in 2025. Cash flow analysis therefore adds information that profit figures alone cannot provide.

Cash flow summary: The 2026 annual report reports operating cash inflows of $4,272 million. The investing and financing cash flow totals should be transcribed from the respective consolidated cash flow statement lines before submission; the available extracted report material does not establish both complete totals reliably.

The ratio method of analysis

Ratio analysis expresses relationships between financial statement figures as percentages, proportions or multiples. It helps users compare business performance across reporting periods and assess financial conditions that absolute monetary amounts may conceal. Investors use profitability ratios to evaluate returns, whereas lenders examine liquidity and solvency when considering credit risk. Suppliers may also use liquidity ratios to assess whether a business can meet its short-term obligations.

Four ratios provide useful information about Wesfarmers’ financial position and performance.

Return on assets (ROA)

Wesfarmers generated approximately 10.11 cents of net profit for every dollar of average assets. The result indicates that the company uses its asset base to generate earnings. However, the calculation does not account for differences in asset productivity between individual business divisions.

Net profit margin

The company retained approximately $6.08 in net profit for every $100 of revenue. Investors can use this measure to assess how effectively management controls expenses relative to sales. Changes in product costs, wages and other operating expenses may affect the margin.

Current ratio

Wesfarmers held approximately $1.12 in current assets for every dollar of current liabilities. The ratio indicates that current assets exceeded short-term obligations at the reporting date. Nevertheless, inventory represents a substantial part of current assets, and inventory may take time to convert into cash.

Debt-to-equity ratio

Total liabilities represented approximately $2.62 for every dollar of shareholders’ equity. This measure indicates significant reliance on liabilities to finance the group’s assets. However, it includes operating liabilities and lease obligations, so it should not be interpreted as a direct measure of interest-bearing debt alone.

Ratio analysis has limitations. Historical financial statements may not reflect current market values, while different accounting policies can reduce comparability between companies. Seasonal trading patterns may also affect balance sheet figures at reporting dates. Consequently, users should interpret ratios alongside cash flow information, accounting policies and segment disclosures rather than treating individual results as conclusive measures of performance.

Question 2: Critical Analysis of Internal Control at Blue Trust Bank

Memorandum

To: President, Blue Trust Bank
From: Internal Control Review
Subject: Internal Control Weaknesses and Recommendations Following the Swanson Fraud Case

Background and identified weaknesses

The financial losses at Blue Trust Bank demonstrate how inadequate supervision and poor segregation of duties can expose a financial institution to employee fraud. Jemma Swanson performed several incompatible responsibilities, including receiving cash, recording transactions, posting entries and reconciling accounts. Consequently, she could manipulate accounting records without an independent employee promptly identifying the discrepancies. Her refusal to take annual leave also prevented colleagues from routinely examining her responsibilities.

The audit conducted by Aron and Sarah identified missing cash, unauthorised credit memorandums, delayed transaction postings and unsupported office expense payments exceeding $100,000. These findings indicate weaknesses in both preventive and detective controls. In particular, the absence of supporting documents and independent approval allowed transactions to proceed without sufficient evidence of legitimacy. Akinbowale et al. (2023) explain the importance of combining forensic accounting procedures with data analysis to identify and prevent internal fraud.

Recommended internal control procedures

Segregation of duties

The bank should separate cash custody, transaction recording and account reconciliation among different employees. Tellers should receive and safeguard cash, while accounting staff should record transactions. A finance manager who does not handle cash should perform reconciliations. No employee should control a transaction from initiation to final verification.

Mandatory annual leave and staff rotation

Management should introduce a mandatory annual leave policy requiring every employee in a sensitive financial position to take at least five consecutive working days away from their duties. Another employee should assume those responsibilities during the absence. The bank should also rotate sensitive duties periodically. These measures increase the likelihood that irregular transactions will become visible.

Independent reconciliations

The finance manager should reconcile bank statements against the general ledger every month. A separate supervisor should review and sign the reconciliation, investigate differences and retain supporting documents. Unresolved discrepancies should be reported to senior management rather than carried forward without explanation.

Authorisation limits

The bank should establish written approval limits for credit memorandums, expense payments and adjustments to customer accounts. Transactions above specified limits should require approval from two authorised officers. Every credit memorandum should include a valid reason, supporting evidence and the identity of the approving officers. Finance staff should reject unsupported expense claims.

Audit trails and transaction monitoring

The bank should maintain electronic records showing who initiated, approved, modified and posted each transaction. The system should flag unusual transactions, repeated adjustments, late postings and payments without supporting documents. Internal auditors should review these exceptions periodically and report significant findings to the audit committee.

Conclusion of the memorandum

The Swanson case indicates that the bank’s losses resulted from failures in its control environment rather than from a single employee’s actions alone. Management should introduce the recommended procedures, assign responsibility for monitoring them and document evidence of compliance. Regular internal audits should assess whether the controls operate effectively. Such measures reduce opportunities for fraud and improve the reliability of the bank’s financial records.

Question 3: Accounting Cycle Application for Ripple Security Services Ltd

Accounting treatment and transaction analysis

The accounting cycle requires each transaction to enter the general journal before posting to the ledger. Adjustments then ensure that revenues and expenses appear in the correct reporting period. The final trial balance supports the preparation of financial statements, while closing entries transfer temporary account balances into retained earnings.

The opening trial balance supplied for Ripple Security Services Ltd balances at $354,618 on each side. However, the transaction list contains some information gaps that affect the preparation of a fully reliable set of annual financial statements.

Selected general journal entries

The following entries illustrate the treatment of transactions that can be calculated directly from the supplied information.

The inventory purchase comprises 190 alarm systems at $310 each. The sale of 210 units creates a sales revenue balance of $126,000, with additional sales tax of $6,300. The accounting treatment recognises the sales tax as a liability rather than revenue.

FIFO inventory valuation

The company uses the first-in, first-out (FIFO) method. Under this method, the earliest inventory purchases enter cost of goods sold first. IAS 2 permits FIFO as a cost formula for interchangeable inventory items (IFRS Foundation, n.d.).

The corresponding entry is:

The closing inventory consists of 28 units at $310 each, giving an inventory balance of $8,680.

Other identifiable adjustments

The credit card company charges 4% on $58,000 of monitoring service revenue.

The resulting journal entry recognises $55,680 in cash and $2,320 in credit card processing expense. Monitoring revenue remains $125,000 because the processing fee represents an expense rather than a reduction in the revenue earned.

The equipment depreciation adjustment is:

Building depreciation is:

The van is described as fully depreciated, so no further depreciation expense should be recorded under the supplied information.

The warranty provision is based on 2% of alarm system sales:

The adjustment therefore debits warranty expense and credits warranty payable by $2,520.

The supplies adjustment is:

Consequently, supplies expense amounts to $520, leaving $190 as the closing supplies asset.

Additional year-end adjustments

The allowance for doubtful accounts requires an adjustment equal to 1% of sales on account. The company must first identify the credit sales included in the estimate, then compare the required allowance with the existing unadjusted allowance balance. The adjustment should reflect the difference rather than automatically treating the entire estimate as additional expense.

The employer’s outstanding Social Security and Medicare contributions on $8,000 of salaries amount to:

The corresponding entry debits payroll tax expense and credits the relevant payroll tax liabilities by $600.

Information required to complete the accounting cycle

A fully accurate final trial balance, income statement, balance sheet, statement of cash flows and post-closing trial balance require further clarification of the following matters:

• The bond’s maturity period and discount amortisation method are necessary to establish the correct discount amortisation.

• The payroll information must clarify the allocation of the $88,000 salary base, employee deductions and outstanding employer contributions.

• The unemployment tax calculation requires confirmation of the applicable taxable wage base and employee-level payroll information.

• The complete transaction postings and cash movements must be reconciled before preparing the statement of cash flows.

The opening trial balance itself balances, but that does not establish that every subsequent transaction has sufficient information for accurate posting. Inventing missing figures would produce financial statements that appear complete without being verifiable.

Accounting cycle conclusion

Ripple Security Services Ltd must maintain a clear audit trail from its opening balances through to the post-closing trial balance. FIFO determines the cost of inventory sold, depreciation allocates the cost of long-term assets over their useful lives, and adjusting entries recognise expenses and liabilities in the appropriate accounting period. Closing entries then transfer revenue, expenses and dividends into retained earnings. The reliability of the final statements depends on accurate transaction records and complete supporting information.

Overall Conclusion

Financial statement analysis, internal controls and the accounting cycle serve different but closely connected purposes in financial accounting. Wesfarmers’ financial results demonstrate how profitability, liquidity and financial leverage ratios help users assess corporate performance. The Blue Trust Bank case illustrates the consequences of allowing employees to control incompatible financial responsibilities without independent supervision. Ripple Security Services Ltd demonstrates the importance of accurate journal entries, ledger postings and year-end adjustments. Collectively, these applications show that sound financial reporting depends on accurate records, appropriate accounting procedures and effective internal oversight.

References

Akinbowale, O. E., Klingelhöfer, H. E., & Zerihun, M. F. (2023). The integration of forensic accounting and big data technology frameworks for internal fraud mitigation in the banking industry. Cogent Business & Management, 10(1), Article 2163560. https://doi.org/10.1080/23311975.2022.2163560

IFRS Foundation. (n.d.). IAS 2 Inventories. https://www.ifrs.org/issued-standards/list-of-standards/ias-2-inventories/

Wesfarmers Limited. (2026). 2026 annual report. https://www.wesfarmers.com.au/investor-centre/company-performance-news/reports

Wesfarmers Limited. (2025). 2025 annual report. https://www.wesfarmers.com.au/investor-centre/company-performance-news/reports