Audit and Assurance in Australia - Question Answers

Running head: AUDIT AND ASSURANCE IN AUSTRALIA
Audit and Assurance in Australia
Name of the Student
Name of the University
Authors Note
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AUDIT AND ASSURANCE IN AUSTRALIA1
Table of Contents
Answer to question 1:.................................................................................................................2
Answer to question 2:.................................................................................................................2
References:.................................................................................................................................4

AUDIT AND ASSURANCE IN AUSTRALIA2
Answer to question 1:
The laws or regulations that affects the AMP’s operations are;
a. “SPS 510 Governance”: The “prudential standards” ensure that AMP business
functions are administered effectively to make impartial business judgements.
b. “SRS 533 Asset Allocation”: The “reporting standard” assures that AMP follows
the requirement of APRA for strategic asset allocation.
c. “SPS 231 Outsourcing”: The “prudential standards” require AMP to assure that all
outsourcing arrangements is subject to appropriate due diligence (APRA 2020).
d. “CPS 234 Information Security”: This “prudential standard” assures that AMP
takes appropriate measures to be strong against information security accidents by
assuring information security against vulnerabilities.
Answer to question 2:
AMP complies with the “ASX Principle 4”, as it has audit committee that is
responsible for overseeing the financial reporting. Amp has seven members in its audit
committee and all are “non-executive” and “independent directors”. AMP audit committee
is chaired by the “independent director” that is not the chair of board (Asx.com.au 2020).
AMP audit committee has adopted a charter of independence which has disclosed the
relevant qualification as well as experience of its audit committee members. The charter
provides the disclosure regarding every reporting period and total number of times the
committee has met all through the period along with attendances of audit members.
The CEO of AMP in its report have stated that the company complies with the
“Corporation Act 2001” and has correctly maintained its financial statement to provide a true
and fair view of financial performance the company. As per “recommendation 4.3 of ASX
principle 4” AMP has also disclosed the procedure of verifying the integrity by issuing a