logo

Audit, Assurance and Compliance - A case study of BHP Billiton

13 Pages3328 Words434 Views
   

Added on  2020-10-22

Audit, Assurance and Compliance - A case study of BHP Billiton

   Added on 2020-10-22

ShareRelated Documents
Audit, Assurance andCompliance
Audit, Assurance and Compliance - A case study of BHP Billiton_1
Executive SummaryAudit and compliance is one of the vital aspect in clarifying financial position ofcompany. BHP Billiton Ltd engaged in mining sector has been reviewed by auditor for the yearended 30 June 2017. Full auditor's analysis is being explained and it reflects that responsibilitiesare effectively met by auditor and financials are giving true and fair view of company and group.Furthermore, professional accounting and auditing standards are followed by firm and auditor forreflecting valuable information for intended users.
Audit, Assurance and Compliance - A case study of BHP Billiton_2
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................11. Auditor Independence Report.............................................................................................12. Non-audit services..............................................................................................................13. Analysis of Auditor’s remuneration in tabular form with percentage change...................14. Key Audit Matters..............................................................................................................35. Audit Committee................................................................................................................56. Audit Opinion.....................................................................................................................67. Directors’ and Management’s responsibilities distinguish from Auditor’s responsibilities infinancial report........................................................................................................................68. Material subsequent events.................................................................................................79. Effectiveness of material information reported by Auditor...............................................710. Non-disclosure of material information in effective way for intended users...................711. Asking follow-up questions to Auditor at an AGM.........................................................8CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
Audit, Assurance and Compliance - A case study of BHP Billiton_3
INTRODUCTIONAuditing and assurance are quite significant in business. Present report deals with BHPBilliton Ltd and Group which is an ASX listed company engaged in mining, metals andpetroleum. Complete audit sections have been reviewed from annual report for the year ended 30June 2017. Audit Committee with roles is described along with key audit matters. Moreover,material information and effectiveness of it is provided. Hence, auditor's section is reviewed ofcompany in effective manner. Report will consider analysis of Auditor's review of company andwhether it has complied with independence requirement or not. 1. Auditor Independence ReportBHP Billiton Ltd's Auditor has complied with independence requirements which isreflected in the declaration made by auditor himself. The Auditor says that there are nocontraventions with regards to independence. Auditor's requirements has been made as governedby Australian Corporations Act 2001 with relating to audit. No contraventions have been madeof any professional code of conduct. The declaration is made under Section 307 C of AustralianCorporations Act 2001.2. Non-audit services The non-audit services were being undertaken by external auditor of BHP Billiton Ltdwhich includes amount paid for non-audit services. Provisions were effectively met withapproval within procedure implemented in Policy on Provision of Audit and Other Services onbehalf of external auditor (Doan and McKie, 2017). The advice imparted by Risk and AuditCommittee (RAC) has been taken into consideration by Directors and have formed perspectivethat provision made for such type of services are compatible with general standards ofindependence of auditors and nature of non-audit services implies clearly that independence ofauditor was not obligated or compromised.3. Analysis of Auditor’s remuneration in tabular form with percentage changeAuditor's Remuneration of BHP Billiton LtdParticulars20162015Inc/Dec% Change20172016Inc/Dec% ChangeFees payable to BHPBilliton Group's1
Audit, Assurance and Compliance - A case study of BHP Billiton_4

End of preview

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

Related Documents
Audit, Assurance and Compliance- Assignment
|15
|4187
|313

Audit and Assurance Report of BHP Billiton Limited | Desklib
|15
|3286
|459

Auditing & Assurance for BHP Billiton
|12
|3427
|277

(Solved) Key Audit Matters - PDF
|16
|3667
|313

Audit, Assurance and Compliance: Key Responsibilities and Matters
|13
|3329
|432

Evaluation of Auditors' Role in BHP Billiton's Annual Report
|12
|3429
|55