Auditing and Assurance in AMP Limited's Performance
Added on 2021-01-01
6 Pages1685 Words389 Views
Auditing and Assurance
Table of ContentsINTRODUCTION...........................................................................................................................11 a) Evaluation of AMP Limited's Performance....................................................................12. b) Assessment of Ethical Performance of Accountants in AMP's Insurance and FinancialPlanning Arms........................................................................................................................23. c) Purpose of Auditing and role of audit function in promoting socially responsibleoutcomes.................................................................................................................................3CONCLUSION ...............................................................................................................................3REFERENCES................................................................................................................................4
INTRODUCTIONAuditing has been a very crucial financial service that relates to giving advisory tocompanies and businesses after making a inspection of books of accounts in an effective way.The current report is based on AMP Limited which is a financial services provider withinAustralia as well as New Zealand. The company has been facing serious allegations of mis-selling of services to customers as well as issues related to fraudulent transactions within thebook. The role of auditor in the whole issue will be discussed in detail within the current reportin an effective way (Arena and Jeppesen, 2016). 1 a) Evaluation of AMP Limited's PerformanceAMP Limited has seen a overall rise in the profits in the year 2017, The company'sprofits has seen a surge of around 114% in the year 2017. Primarily because of healthy rise inAustralian wealth protection. A reduction can be seen in the controllable cost in the range of 3%,which is yet another benefit for the organisation over the longer run and will hopefully give thecompany a competitive edge over the other players within the market. The company is havingdivisions also known as AMP Capital and AMP Bank which has performed fairly well in theyear 2017. The company's position in the year has been fairly good except some of theallegations that the Royal commission has made on the organisation which has tarnished the overall image of the organisation. The performance of the organisation on the basis of various factorsare laid down as follows:Common Good: The company's CEO has continuously stated that the organisationbelieves in delivering efficient services to its customers. In 2017, More than 47,000people had an AMP Home Loan. A insurance payments of around 1.1 billion $ wasmade which further helped clients for a better and secured life. Among the most,payment of 2.4 billion $ was made in Australian Payments. The company believes inadhering to government Standards and investing in social infrastructure. The company'sinvestment in ESG research has been regarded as an example within the industry in aneffective way. Stewardship: Due to the issues faced by the company with regards to the allegationsmade by royal commission, the rating of the organisation has been reduced by the ratingagency. The reason behind downgrade was that its branding has been trashed and the1
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