Auditing Assignment Solution

Added on - 21 Apr 2020

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1By student nameProfessorUniversityDate: 07 November 2017.1|P a g e
2ContentsTask 1 – Corporate Governance Review...................................................................3Task 2 – Code of Practice ..........................................................................................15Refrences...................................................................................................................172|P a g e
3Task 1 – Corporate Governance ReviewBetter Practice CharacteristicAssessmentCriteria MetY/NActions Required to MeetCriteriaStrategy and PlanningDo the Board and management understand theimportance of achieving both business profits andsocial outcomes for clients?Yes (Pg.2, CGR, 2017)Does the organisation have a Strategic Plan and is itsupported by a Risk Management Plan?Yes (Pg.6-7, CGR, 2017)Is there appropriate involvement of the Board, seniormanagement and staff in the development of theStrategic Plan?Yes (Pg.8, CGR, 2017)Are clearly definable performance measures(operational and financial) and accountabilitiesincorporated into the Strategic Plan?Yes (Pg.7, CGR, 2017)Does the organisation have systems and processes inplace to monitor performance against the StrategicPlan?Yes (Pg.10, CGR, 2017)Does the organisation review the Strategic Plan on aregular basis?Yes, on a yearly basisAre there appropriate links between the Strategic Planand planning at the Board, senior management andindividual levels?Yes, Board does incollaboration withsenior managementDoes the organisation develop an annual Business Planwhich is linked to the Strategic Plan and outlines what itwill be undertaking in the year ahead and which isendorsed and monitored by the Board?No, the companyinstead makes missionand vision and workstowards it.The company shouldreview the business plansannually and should alignit with mission and vision.Operations of the Board and Senior ManagementDoes the Board and each Board Member understandthat, individually and collectively, that they areresponsible for governing the organisation?Yes, it shows from theresponsibilitystatement of companyDoes each Board Member know the legal governanceframework under which its organisation operates?Yes, the annual reportclearly states this.Does each Board Member have access to an up to datecopy of the legislation under which the organisation isregistered?Yes (Pg.7, CGR, 2017)Does each Board Member have an up to date version ofthe organisation’s Constitution or Rules?Yes (Pg.7, CGR, 2017)3|P a g e
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