ASA 701 Audit Report on NAB Bank

ASA 701 Audit Report on NAB Bank
Student Name: Abraham
Student I.D: 0123
Submission: MAY 2019

Table of Contents
EXECUTIVE SUMMARY...........................................................................................................3
LITERATURE REVIEW.............................................................................................................3
INTRODUCTION.........................................................................................................................4
AUDITOR INDEPENDENCE.............................................................................................................5
RATIONALE OF ASA 701...........................................................................................................5
IMPACT OF ASA 701 STANDARD ON NAB...........................................................................6
CORPORATE GOVERNANCE AND AUDIT REGULATION OF NAB..............................6
REGULATORY AND COMPLIANCE ISSUES DUE TO AUDIT.........................................8
RECOMMENDATION.................................................................................................................9
CONCLUSION..............................................................................................................................9
REFERENCES............................................................................................................................11

Executive Summary
The National Bank of Australia (NAB) is one of the most prominent financial
institutions on the Australian Stock Exchange Services and Financial Services
in the world's 30 most powerful organizations. The Bank has disclosed to the
public the loss of foreign currency options related to unauthorized
transactions of AUD360 million in January 2004. Risk management and
uneducated my desire to risk less or no process, or the body of the weight of
the government system established by the bank, there is no race and no
match. The Australian National Bank of the problem from the AUD4.1 billion
Home Side loss lending in 2011, the degree of risk management, the firm
enforced the view, the lack of energy independence and audit filed by the
authority of Securities and Exchange Commission in 2014, the advantage of,
he had earned. This paper can critically analyze the influence of the new
board of directors' performance on the failure of Management Corporation
and directors in 2011-2015.
LITERATURE REVIEW
Australia has urged the government to improve the decade of large
corporations and the lack of good public management and public use in the
last decade. Good corporate governance encourages the creation and control
system (ASX, 2013) to provide non-afraid accountability to the board's
responsibilities for corporate governance of existing companies. Internal
auditors cannot be described as the top shareholders, executives, and
managers of all core groups that consist of a set of relationships with
manager regulators. The company will be responsible for the performance of
the management company more effectively responsible for how to generate
the internal structure of the government is as follows. There is considerable
flexibility as the Board recognizes that everything is relevant regarding
corporate governance along with the extreme diversity of organisational size
and category. The company can evaluate and decide on the governance

structure within the suggestions and advice of the board directives. The
biggest concern is to foster competitive performance needed to achieve the
major maximization of the shareholder's company. The National Bank of
Australia (NAB) Foreign Exchange seemed to be able to get a clear view of
the poor governance and risk management system and quorum definitions
within my weaknesses, internal governance, and inspection procedures
(ANNUAL FINANCIAL REPORT , 2018).
The forum report was revised in 2014 and the new APRA 2014). The
utilisation of the standard model (regulator's model) to calculate the
regulatory capital requirements of the market for the risk of risk, banks need
to carry around AUD450, additional regulatory capital, if the more
sophisticated internal model is available. 8% of the portion of the price
increase for the 2014-2015 income rates is due to the additional cost of
compliance with the requirements of the NAB (Godinho, Eccles, & Thomas,
2018). This failure resulted in significant BR, corporate governance review
APRA, NAB and Price Waterhouse and Cooper (PWC) results. PwC's report is
reported to the Board of Directors before Frank Cassowall commissioned and
reports are presented. The misfortune of others should be doubled, and I was
presumed to prescribe the report of Charles Allen, president of the board of
directors. People were with her in Walter above mentioned his fellow
director, when you started to rising and it was especially suspicious of it (for
what he said was his own), all these days, and the status report of the law
(ANNUAL FINANCIAL REPORT , 2018).
INTRODUCTION
The company draws on the history regarding the founding of National Bank
of Australia, Australia is the main residence of the Australian National Bank
of the Press 1858, a public limited company incorporated by June 23, 1893,
in Australia. The company runs its operation in line with the Banking Act
1959 and is listed on the Australian Stock Exchange in 2001 for 30 hours at
the highest and the world's best. NAB, the largest financial institutions