AMP Ltd: Audit Process and Business Risks

Auditing

AMP Ltd
Executive summary
The effectiveness of a company should be assessed before the audit of the same is taken up as
it helps in delivering a better performance. To ensure this, both the external, as well as
internal factors need to be taken into consideration. In the present report, AMP Ltd is
considered and various activities have been dealt with so that a better understanding can be
attained. The report starts with the introduction followed by the legislation that influences the
company. Further, report sheds light on the material risks that affects the company.
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AMP Ltd
Contents
Introduction...........................................................................................................................................3
Segments where the company has undertaken the affairs......................................................................3
Four major factors that have influenced the company...........................................................................4
Major business risks that have influenced the audit processes of the organization................................5
Accounts that are exposed to the material risk of misstatements...........................................................6
The weakness of internal control measures that have been reflected by the Royal Commission...........7
Conclusion.............................................................................................................................................9
References...........................................................................................................................................10
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AMP Ltd
Introduction
The major business that is carried out by AMP Limited is in relation to the financial services
like Capital Management, Wealth Management, life insurances, etc. It has also been observed
that the inefficiency of the organization in the maintenance of the internal control system has
read it too face various legal issues. The goodwill and reputation of the company have fallen
down because of the errors and frauds made by the executives of the organization (AMP Ltd.,
2017). Hence, in this report, it has been suggested that how can the company undertake an
audit process in order to protect itself from any kind of fraud in the future.
Segments where the company has undertaken the affairs
There are various Financial Services that are needed to be conducted by the company in
Australia and New Zealand for conducting its business operations:
Banking- the organization has been involved in providing financial aid to the public for
investment and residential motives. The organization also helps different businesses in
making decisions by giving them proper advice (AMP Ltd, 2017).
Management of wealth- the organization also helps the company in order to take decisions on
the superannuation funds and using them in a proper manner so that benefits can be acquired
using them. It also helps the general public to make investment decisions and create a path
for their better future.
Management of capital- AMP Limited also conducts the business of providing Capital
Management techniques to its customer so that optimum utilization of its multi-asset
resources and equity management structure can be established by the customer.
Life Insurance services- incapability insurances are being offered by the company to its
customers as life insurances. There are various other insurance services that are conducted by
the company (AMP Ltd, 2017).
Others- there are many various other financial services that are provided by the organization
to the customers. The organization is said to help the customers in relation to any kind of
insurance policies and superannuation funds for making a better investment for future
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