Audit, Assurance and Compliance - Study of Amcor Limited

Running head: AUDIT, ASSURANCE AND COMPLIANCE
Audit, Assurance and Compliance
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2AUDIT, ASSURANCE AND COMPLIANCE
Table of Contents
Executive Summary.........................................................................................................................2
Implications of ASX Corporate Governance Principles for Amcor Limited..................................2
Risk assessment...............................................................................................................................7
Conclusion.....................................................................................................................................11
References and Bibliography.........................................................................................................12

3AUDIT, ASSURANCE AND COMPLIANCE
Executive Summary
In this assignment, there was a need to understand the concept of audit, assurance and
compliance that takes place within a company. Amcor Limited had been selected for this study
and proper emphasis had been given in understanding the strategies used by this company to
retain their directors. Amcor Limited is one of the packaging companies that is listed in
Australian Stock Exchange and operates in Australia. The study properly provides details about
the ASX Corporate principles by explaining each 8 principles separately on how far Amcor
Limited follows these principles in their operations. Risk assessment strategies used by Amcor
Limited had been explained in the study by putting emphasis upon the nature of the company. At
the end, computation had been done to understand the liquidity and solvency position of Amcor
Limited within given time frame. This study deals with understanding the auditing, assurance
and compliance within companies.
Implications of ASX Corporate Governance Principles for Amcor Limited
At Amcor Limited, the company engages in achieving as well as representing the highest
standards of corporate governance. Addition to that, the Board of Directors is responsible to
refine as well as bring improvement in the governance framework so that shareholders are
informed regarding any changes made within the company. The main corporate governance of
Amcor Limited had been summarized in the statement that is available in the website of the
corporation.
“Principle 1- Laying solid foundations for management and oversight”

4AUDIT, ASSURANCE AND COMPLIANCE
At Amcor Limited, it is the accountability of the Board of Directors to look at the
corporate governance as well as provide strategic guidance at the same time. The Board of
Directors in this company guides as well as monitors the trade and activities within Amcor
Limited on behalf of the stakeholders by whom they are electable and accountable. The
management of Amcor Limited has to develop business plans, prepare budgets as well as involve
in business approach for the Board’s consideration and to get it accepted by the Board. The
management needs to operate the trade within the parameters as set by the Board on timely basis
as well as even informing the Board regarding all the material developments relating to business
(Vasarhelyi, Alles and Kogan 2018). Therefore, Amcor Limited had established as well as
disclosed their roles and responsibilities of its Board and Management and is performing well for
smooth functioning of business enterprise.
“Principle 2- Structure the Board to add value”
The Composition of Board members is determined based on criteria as set out in the
Constitution of the company as well as Board Charter. The Board Member has a good mix of
skills as well as diversity that need to get align with the strategy planned by the company that
result in good corporate governance and oversight (Vanstraelen and Schelleman 2017).
Therefore, Amcor Limited has Board of appropriate size, composition as well as skills and
commitment that enables in discharging their duties in an effective way.