Governance Principles in Australian Companies
Added on 2021-06-17
13 Pages2386 Words318 Views
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Running head: AUDIT ASSURANCE AND COMPLIANCEName of the StudentName of the UniversityAuthor note
AUDIT ASSURANCE AND COMPLIANCE1Executive summary:The following report intends to invade into the inspection of the actual governanceprinciples which every Australian company must follow, as these regulations have beenstrongly advocated by ASX, for smooth functioning of the companies. In addition to this, thereport talks about the ways through which the various kinds of risks are assessed and arrested.The report in its limited format has strived to provide a holistic view of these two aspects ofGenworth insurance limited of Australia.
AUDIT ASSURANCE AND COMPLIANCE2Table of ContentsIntroduction:...............................................................................................................................3Discussion:.................................................................................................................................3Why governance of any company is important?....................................................................3List of various governance principles:...................................................................................3How Genworth applies these principles?...............................................................................5Evaluation of risk factor:........................................................................................................6Components of the framework:..............................................................................................7Conclusion:..............................................................................................................................10References:...............................................................................................................................11
AUDIT ASSURANCE AND COMPLIANCE3Introduction:Since the very outset of business, there have been two things which have been closelyassociated with it, one risk and the other management. These two have been long connectedwith business and would continue to be so in the future too. As a result of which, these twofactors demand a greater deal of attention from various components of any businessorganisation. Risk is closely associated with each and every activity which emanates frombusiness. In fact the very environment of which the business is the part of, is dynamic innature, which keeps on changing, which causes a huge amount of risk for any company.Similarly, every business organisation needs a proper path to tread on. This road is pavedwith the help of different laws, rules and regulations, created and implemented by themanagement of any organisation. Through this report, a thorough analysis of the riskmanagement procedures and the ground implementation of the governance rules byGenworth Mortgage Insurance Corporation.Discussion: Why governance of any company is important?A company or business organisation is formed with the primary objective of earningprofits through the production and sale of goods and services. Profit making occupies theinherent part of any business. It involves bringing together of diverse group of people as aresult of which, a common law should be present to govern the company and its employees.A common law must be present which would assist in preventing and mitigating the conflictof interests which might arise in the course of the operations of the company.List of various governance principles:There are a variety of laws which are advocated by Australian Securities Exchange,with the aim of assisting in the management of the company and its group of people. These
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