Audit And Assurance Assesment Assignment

Running head: AUDIT AND ASSURANCE
Audit and Assurance
Name of the Student:
Name of the University:
Author’s Note

AUDIT AND ASSURANCE
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Table of Contents
Executive Summary.........................................................................................................................2
Discussion........................................................................................................................................3
Areas of Operations.....................................................................................................................3
Competitors of the Business........................................................................................................3
Legal Regulations Applicable to the Company...........................................................................3
Business Risks of AMP ltd..........................................................................................................4
Account Risks and Key Assertions..............................................................................................5
Corporate Governance Principles and Recommendations..........................................................9
Acceptance of Audit....................................................................................................................9
Reference.......................................................................................................................................10

AUDIT AND ASSURANCE
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Executive Summary
The focus of the assessment is to understand the operations of AMP ltd which is engaged
in providing financial services. The financial services which is provided by a business is of the
nature of superannuation products and investments products which contribute to the revenue
which is generated by the business. The assessment would be focusing on the primary activities
which assist the business to generate revenue and also the main competitors of the business in the
market. The assessment would also be showing the four accounts which are susceptible to risks
in a business and also the key assertions which are associated with the same. The analysis would
be further be showing all applicable laws and regulations which are applicable to the company
and whether the managers of the entity complies with the same or not.
Discussion
Areas of Operations
The business of AMP ltd is engaged in providing financial services to the clients of
Australia and New Zealand. The company specialises in providing products of superannuation
and investments. In addition to this, the business also provides advisory services and banking
services to the clients especially loans such as home loans and saving accounts. The business
operations of AMP ltd in Australia is the largest provider of life insurance and superannuation
(AMP Ltd 2020). As per the annual report for the business, the four major activities of AMP are
Advisory and Banking services, Insurance and Superannuation, Customer Solutions and AMP
Capital.
Competitors of the Business

AUDIT AND ASSURANCE
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The level of competition in the market of financial products is comparatively high as
more and more finance-based companies are coming up providing the same products. The top
four competitors of AMP ltd which can be identified are CommBank, Westpac, ANZ and NAB.
All these banks operate in the market and is well recognised so naturally the level of competition
in the market is quite high.
Legal Regulations Applicable to the Company
The business of AMP ltd also needs to adhere to certain legal regulations so that the
business can operate in an efficient environment. The management of the company needs to
appropriately identify the relevant legislations which are applicable on the company and take
step so that the business does not attract any penalty or fines due to violation of regulations
(Mock and Fukukawa 2015). Some of the regulations which are applicable in the business of
AMP ltd are listed below in details:
 Competition and Consumer Act 2010: The competition and consumer Act of 2010 was
introduced by the parliament of Australia and it was earlier known as Trade Practices Act
1974. The regulation aimed to promote fair practices in competition and also ensure that
the interests of the consumers are well protected.
 Corporations Amendment (Future of Financial Advice) Act 2012: These are referred
to as an amendment which was made to Corporation Act 2001 which required financial
advisors to act in the best interests of the clients and even put forward the interest of the
clients ahead of his self-interests.
 Anti-Money Laundering and Counter-Terrorism Financing Act 2006: The main
purpose of this regulation is to prevent excessive laundering of money and also stop