Assignment on Compliance Auditing
13 Pages2969 Words25 Views
Added on 2021-06-14
Assignment on Compliance Auditing
Added on 2021-06-14
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Running head: AUDITING AND COMPLIANCEAuditing and ComplianceUniversity NameStudent NameAuthors’ Note
2AUDITING AND COMPLIANCETable of ContentsExecutive Summary...................................................................................................................2ASX Corporate Governance Principles.....................................................................................2Risk Assessment.........................................................................................................................7Reference..................................................................................................................................11
3AUDITING AND COMPLIANCEExecutive SummaryThe present study under consideration elucidates in detail the way the formal, methodical andordered approach of auditingthat can help in understanding effectiveness of procedures andassociated controls. This study also studies compliance necessities that can help inaugmentation of business value. In itself, the primary purpose of the study is to criticallyexamine scale and extent of conformity of the selected firm AGL to specific dictates of thecorporate governance principles as mentioned by the ASX CGS. Furthermore, the study alsohas the intent to examine whether the company under deliberation abides by the rules laiddown by the Corporate Governance Council. Moving further, the current study also analysesrisks faced by the business entity by analysis of financial ratio, analysis of trend and analysisof the market. ASX Corporate Governance PrinciplesThe statement of corporate governance of the chosen ASX listed company AGL has made acommitment to act in accordance with framework, obligations and practices set by theCouncil of Corporate Governance of ASX. AGL board of director believes in sustainableperformance. Therefore, they practice the best corporate governance supported by ASX rules.The structure of the Corporate Governance policy of AGL is as follows:Enforcing a sturdy and efficient management foundation and oversight: The management of the AGL includes the boards of directors who are responsible for themainlining the various interest of the company and its stakeholders (Craneand, Matten2016).The corporate governance of the company is also maintained by them. The board of directors
4AUDITING AND COMPLIANCEhas the duty of approving and supervising the company’s strategies along with itsperformance. They also set the budget plan as well recruits the CEO of the company.Development of a proper Director board for enriching its value:The integrated energy business AGL has a sound composition and structure of the board thatconsists of the audit and the risk committee, nomination committee, people and performancecommittee and a committee for sustainability, safety and corporate social responsibility(Masonand Simmons 2014). Each of the committee performs their assigned duty along withsound coordination in order to achieve the organizational goal. The number of directors andtheir operations are determined in the annual meetings that are set in the Directors attendancementioned in the Annual report.Morals and ethical policies of the organizationAs per the statement of sustainability re approved by the ASX committee, the AGL maintainsa sound code of conduct thatis applicable to its stakeholders that includes the directors,contractors and the employees engaged in its operations. The code is a collection of theethical conduct and a standard of responsibility for its members who are related to thecompany (Bowie 2017). According to the code thereare a setof rules abide by them thatinduces the members to act with integrity and honesty along with maintaining a soundprofessionalism in their operations (William Jr et al. 2016). In addition to that they set theinternal standards, commitments and the various laws along with maintaining confidentialityin their operationsProtection of the honour of the company by sound corporate reporting The various financial report of the organization is maintained and regulated by the Board ofdirectors. The committee of audit and risk management takes care of the financial statements
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