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ASX CGC Principles

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Added on  2021-06-16

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Remunerate fairly and responsibly 8 Assessment of Risk 8 Nature of the company 8 Overview of the market 9 Telstra’s business strategy 9 Ratio calculations 9 Relevant Audit risk 11 Methods to reduce the risk 12 Conclusion 12 References 13 Executive summary This report gives a brief summary of Australia’s leading telecommunication company; Telstra Corporation Limited. Telstra, being listed on ASX is also required to comply with the CGC principles and due to following implications are been there: Company has to clearly reflect the duties and

ASX CGC Principles

   Added on 2021-06-16

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RUNNING HEAD: AUDIT, ASSURANCE AND COMPLIANCEAUDITING
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Audit, assurance and compliance 1ContentsIntroduction...........................................................................................................................................3Principles of ASX CGC.........................................................................................................................31. Lay solid foundations for management and oversight...................................................................42. Structure the board to add value....................................................................................................53. Act ethically and responsibly.........................................................................................................54. Safeguard integrity in corporate reporting.....................................................................................65. Make timely and balanced disclosure............................................................................................76. Respect the rights of security holders............................................................................................77. Recognize and manage risk...........................................................................................................78. Remunerate fairly and responsibly................................................................................................8Assessment of Risk................................................................................................................................8Nature of the company......................................................................................................................8Overview of the market.....................................................................................................................9Telstra’s business strategy.................................................................................................................9Ratio calculations..............................................................................................................................9Relevant Audit risk..........................................................................................................................11Methods to reduce the risk...............................................................................................................12Conclusion...........................................................................................................................................12References...........................................................................................................................................13
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Audit, assurance and compliance 2Executive summaryThis report gives a brief summary of Australia’s leading telecommunication company; Telstra Corporation Limited. The report highlights that company completely complies with ASX CGC principles and make efforts to reduce the audit risks. The first part of the report provides an overview of the company including the explanation of the corporate governance principles. It states the implication of such principles and Telstra’s compliance with them. The second part deals with the risk assessment of the company. It includes computation of ratios and identification of relevant audit risk. Ways to reduce such risk are been explained inthe later part of the report along with the conclusion.
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Audit, assurance and compliance 3Introduction Telstra Corporation Limited is an Australia based leading telecommunications and technology company having it’s headquarter situated in Melbourne. The company deals with establishing the telecommunication networks and offering product and services like mobile, internet access and many other. There are approx. 17.4 million mobile services, 6.8 million fixed voice services and 3.5 million retail fixed broadband services provided by Telstra Corporation. As reported in year 2016, the firm owns 360 retail stores and is currently listed on Australian Stock Exchange (ASX) traded with a ticker symbol of ASX: TLS (Telstra.com.au. 2018).Principles of ASX CGC Corporate governance basically defines the way in which a corporation should be governed. It is technique used for directing and managing the companies in order to achieve the pre-determined targets. CG states some rules, regulations, systems and processes that are requiredto be followed in order to control the authorities and the corporation (Asx.com.au. 2014). Telstra, being listed on ASX is also required to comply with the CGC principles and due to following implications are been there:Company has to clearly reflect the duties and responsibilities of its board of directors in its corporate governance statement.It is obliged to modify its board structure as per the requirements of the principle. Required skills and composition must be pursued by company’s directors.Ethics and responsibility must be there in Telstra’s operations and actions.Due to the ASX principle, company has to maintain the integrity in the corporate reporting and the same is to be followed by the audit and risk management committee of the organization.
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