Audit Assurance and Compliance Assignment
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Added on 2020-12-10
Audit Assurance and Compliance Assignment
Added on 2020-12-10
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Audit Assurance andCompliance
EXECUTIVE SUMMARYAuditing refers to examination of documents of business entity in unbiased aspect. Thepresent report is considering Westpac Group for reviewing and analysing role of auditor withcontext of its Annual report. It had been concluded in this report that remuneration of auditor isincreasing on annual basis. There audit approach was framed for providing reasonable assurancethat financial report is free from its material misstatement. There are various information whichmust be disclosed for effective aspect of its intended users such as representing key managementpersonnel compensation. Further, it could be summed by observing assurance throughmanagement in fair and true aspect.
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1Presence of auditor compilation with independence requirements.............................................1Non audit services.......................................................................................................................1Brief analysis of Auditor's remuneration....................................................................................2Summarising key audit matter with its procedure.......................................................................2Presence of Audit committee with non-executive director.........................................................5Type of Audit opinion.................................................................................................................6Difference between directors and management responsibility with auditor responsibility........6Presence of material subsequent events......................................................................................7Effectiveness of material information.........................................................................................7Information which could be disclosed for intended users in effective aspect.............................7Questions which should be asked to Auditor in its Annual General Meeting............................8CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTIONAuditing is very important for enhancing the organization in effective aspect. It isconsidered as systematic and independent test of its statutory records, vouchers, books andaccounts of business entity for pertaining about financial statements along with non-financialdisclosures in true and fair aspect. The present report had reviewed about all section of WestpacGroup with context of function of auditor with reference to assurance from its financialstatements and environment of control as it comprises in financial services. In this context, it hasbeen analysed in independence declaration with its compliance and independent report. It hadarticulated about its non-audit services which are performed through its auditor. This report isreflecting about remuneration and % change from its previous year. Further, it had specifiedfunctions, composition and role of its committee of audit. The type of opinion of audit had beenexpressed in this report along with difference among responsibility of director, management andauditor with context to financial report. MAIN BODYPresence of auditor compilation with independence requirementsThe auditor of Westpac group had been with absence of contraventions of itsindependence requirements of Corporation Act 2001 with context of audit (Annual Report ofWestpac Group, 2017). In the same aspect, there were no contraventions of any applicable codein context of audit in professional conduct.Non audit servicesThere could be decision about involving PwC with context of additional assignments toits statutory duties of audit with experience and expertise with Westpac is termed as veryimportant. Generally, information of non-audit service amount is directly payable to its auditorfor purpose of providing non audit services in year 2016 and 2017's financial years to itsfinancial statements. In the same context, non-audit and audit services are given to non-consolidated entities and trust where Westpac is playing role of responsible entity, manager andtrustee along with pension and superannuation funds. The services of non-audit are reviewedthrough Board Audit Committee in such context, which does not impact objectivity andimpartiality of auditor. The nature of non-audit-services are directly based on independencedeclaration given by PwC to its Board Audit Committee as it undermines basic principles with1
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