logo

Audit, Assurance and Compliance - PDF

   

Added on  2020-10-23

12 Pages3345 Words126 Views
Audit, Assuranceand Compliance

Table of ContentsINTRODUCTION ...............................................................................................1MAIN BODY......................................................................................................1Overview of company .................................................................................1Auditor independence declaration ..............................................................1Various non- audit services provided by auditor and their nature...............2Auditor remuneration and its comparisons..................................................3Various Key Audit matter and procedures...................................................4Audit committee...........................................................................................5Audit Opinion ..............................................................................................6Responsibilities of director's and Auditors...................................................6Subsequent Events......................................................................................7Material information reported by Auditor as a stakeholder..........................7Missing Material information........................................................................7Follow up question.......................................................................................7CONCLUSION....................................................................................................7REFERENCES....................................................................................................9

INTRODUCTION The process of conducting an analysis on the series of activity of anindividual or within an organisation to check that these activity aremaintained and recorded in respect with appropriate guidelines, laws andprocedures is Known as auditing (Ryan and et. al., 2012.). In companyauditing plays an important role as it help them to ensure that accounts areaccurate and its finance are being used in an suitable and effective manner.Auditing in an organisation can be internal and external process as internalprocess means auditor work on mitigating risk and identifying areas whichcan be improved. External process involved independent auditor whodemeanour external audit on company account to get the current position ofcompany. This project includes analysis of annual report of Appen Limited toknow the significance of Auditor independence declaration and audit reporttheir remuneration. Various key audit matter and their procedure develop byKPMG are discussed in this report.MAIN BODYOverview of company Appen is one of the leading dataset company in Australia that listed onAustralian stock exchange. They help other companies to expand theirartificial intelligence, as company improve search engines, social mediaprogram, various e-commerce websites, voice identification system etc.Appen operate their business in more that 130 countries and have over 1million of customer those work in more than 180 languages. It provide bestsolution to their customers so they can respond to ever changing needs ofpeople (Prempeh, Twumasi and Kyeremeh, 2015). Company was establishedin Chatswood Australia in 1996 now have approx 500 employee working withthem.1

Auditor independence declaration Independence of Auditor is defined as the freedom of internal andexternal auditors from all those client parties who might have financialinterest. In addition, this concepts means that auditor work is free from anyinterruption from client parties and audit must be done in honest andobjective style. An audit or review of financial statements must be performedat the end of accounting year and should be fair and free from error thatrepresent the actual position of company. After the audit process auditormust declare essential information to the directors, satisfy the effect ofsubdivision, certified strategy and revealing entity these must be signed bythe individual making the statement. From annual report 2017 of Appenlimited it can be seen that auditing firm KPMG has complied theindependence requirement according to the corporation act 2001 (Mills,2012). In respect of analyse and review of financial statements of companythe KPMG group in their written statements had declares that:There is no disputes to the auditor independence requirement thatwas set out in the corporation Act 2001 with relation to the auditconducting within company.No contravention is related to applicable code of professional conductthat is related to the audit process.Various non- audit services provided by auditor and their nature.Non-audit services are referred to those work done by auditor that isnot related with audit process or review of financial statements withinorganisation. Basically auditor provide these services to the company toincrease the effectiveness and improve the performance required. KPMG is aauditor group that has conducted and provided number of non audit servicesother than audit and review of financial statements (Whitaker, 2013). Non-audit services are transfer pricing, transaction assistance, employee sharescheme and taxation planning. All this information is gained from auditor'sindependent report and declaration done by them. For providing these2

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Audit, Assurance and Compliance Assignment - Appen Limited
|12
|3358
|243

Concept of Auditing - Doc
|12
|3236
|164

Audit, Assurance and Compliance Assignment - Wesfarmers
|13
|3465
|229

Audit, Assurance and Compliance - Independent Appraisal of KPMG's Audit on Inghams Group Limited
|16
|3827
|221

Audit Assurance and Compliance - Assignment
|13
|3687
|480

Concept of Auditing Solved Assignment
|14
|3264
|408