altuim Auditing & Assurance Service

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1.0 Background of Altium Ltd.

Name: Altium Limited
Year of foundation: 07/01/2000
Head Office:

Registered Head Office: Chatswood, Australia
North America: San Diego, California, United States
Europe: Munich, Germany
Asia: Shanghai, China

Key Areas of Operations: San Diego, USA
Shanghai, China
Sydney, Australia
Sector & Industry: Technology & Hardware
Primary Business
Operations:

Altium Ltd. deals with PC-based electronic design software especially for the engineers who produce and manufacture printed circuit boards. It’s primary business is Electronic Design Automation (EDA). It sources its revenue from sales of computer software for designing of the electronic products. It is listed since 1999 on ASX under the code of ALU. 

Industry Segments:

Altium electronic tools are used in the following key segments:

  • Automotive, Aerospace, Life Sciences, Mobile Devices, Consumer Electronics, Research & Education, Industrial Controls, Computers and Semiconductors. 
Products:

PCB Design Software: Altium Designer, Circuit Studio, Circuit Maker and NEXUS

Cloud Platform: Altium Live and Altium 365
Component Management: Altium Concord Pro and Octopart
PDN Analyzer
Embedded
Tasking
Online Viewers

Management: Chief Executive Officer: Aram Mirkazemi
Chairman: Samuel Weiss
Martin Ive: Accountant 
Employees: 861 employees around the world. 
Acquisitions:

Acquired Accolade Design Automate in 1998, Accel in 2000, Tasking in 2001, Hoschar AG in 2002, Morfik Technology Pty Ltd. in 2010, Octopart in 2015, Ciiva in 2015, Perception Software in 2016 and Upverter in 2017. 

Formation: Domiciled Owned Australia-American Public Software Company
Website: www.altium.com

 

This report is presented as an analysis of “audit” part of annual report of Altium Ltd. for the current year i.e. 2020.

2.0 Problem Statement

In order to investigate and report on the “true and fair” status of the financial statement of Altium Ltd.’s for the year ended 2020, special focus will be made on “Key Audit Matters” by the company’s Auditor. The auditor’s report will be analyzed using risk-based auditing approach and auditing concepts based on Auditing Standards like ASA 315, ASA 320, ASA 330, ASA 560, ASA 570. ASA 700, ASA 705, ASA 706 and APES 110. As mentioned in the financial report 2020, the auditor of Altium Ltd. is PricewaterhouseCoopers with its headquarters in Barangaroo NSW, Australia.

The analysis will be conducted based on detailed financial and non-financial information presented in the current annual report. The Key Audit Matters area will be scrutinized for understanding the key business operations and auditor’s concerns on the company’s financial statement’s truth and fairness. The aim is to ensure that the impact of business risk, corporate governance, ethics, control risks, whistle-blowing, internal control, reporting to agencies, auditor’s negligence, auditor’s independence, accounting policies and fraud are considered and analyzed in detail while forming an opinion by the auditors on the firm’s financial statement.

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