Audit, Assurance and Compliance Assignment (Sample)

Running head: AUDIT ASSURANCE AND COMPLIANCE
Audit Assurance and Compliance
University Name
Student Name
Authors’ Note

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AUDIT ASSURANCE AND COMPLIANCE
Table of Contents
Executive Summary...................................................................................................................2
8 Principles of Corporate Governance.......................................................................................2
Risk Appraisal............................................................................................................................8
References................................................................................................................................11

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AUDIT ASSURANCE AND COMPLIANCE
Executive Summary
The current study examines commitment of the firm Amcor Limited towards achievement
and demonstration of higher standards of principles of corporate governance. This segment
analytically evaluates the nature as well as extent of conformation of the firm to the
principles of corporate governance laid down by the Corporate Governance Council of
Australian Stock Exchange. Furthermore, this study also throws light on risk assessment of
the firm using key financial ratio and analysis of trend over a specified period of time. This
analytical evaluation of the firm’s financial performance can help in identification and
comprehension of audit risk and assist in addressing the identified issues.
8 Principles of Corporate Governance
Analysis of the declarations released by the firm Amcor Limited reveals the fact that the
company Amcor Limited complies with the stipulations laid under the ASX Corporate
Governance Council’s Corporate Governance Principles along with recommendations of the
3td edition. Also, the assertion also incorporates different disclosures necessary for
conformation with the principles laid down by ASX (Simpson et al. 2016).
Principle1: “ Foundation/Basis for proper management along with oversight”
The board of directors of Amcor Limited is liable for the corporate governance of the firm.
The Board itself guides and at the same time monitors different business affairs of the firm
primarily on behalf of the shareholders of the entity by whom they are in actual fact elected
and are accountable to (Vasarhelyi et al. 2018). Responsibilities that are delegated to the
firm’s managing directors as well as the chief executive plus the executive management are
in line with the Group’s Delegated Authority Policy and these entrustments are monitored on
a regular interval. The responsibilities of management include:

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AUDIT ASSURANCE AND COMPLIANCE Development of business plans, formulation of strategies for budgets approved by the
firm’s board and implementation of formulated plans
 operation of business within the established parameters set by the firm’s board and
keeping the board well informed regarding different material developments related to
the business
 identification and management of business risks that might perhaps materially affect
the operations of the business (William Jr et al. 2016)
 management of financial as well as other mechanisms of reporting for making certain
that these mechanisms are running effectually to cover all the pertinent information
 Undertaking all feasible steps to make certain that board of the corporation is
delivered all the correct as well as adequate information as regards operations of the
firm in a well timed manner
 Implementation of different policies, procedures along with codes of conduct
sanctioned by the board
Accountabilities of board
Some of the accountabilities include the following
- Overseeing overall management (Zhao et al. 2017)
Delivering strategic direction for business strategies
- Delivering oversight as regards occupational health as well as safety policies
-Tracking operational along with financial position
-Ensuring reporting mechanisms are adequate and appropriate (Zhou et al. 2016)