Auditing Assurance and Compliance Assignment
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Added on 2021-06-18
Auditing Assurance and Compliance Assignment
Added on 2021-06-18
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Running head: AUDITING ASSURANCE AND COMPLIANCEAuditing Assurance and ComplianceUniversity NameStudent NameAuthors’ Note
AUDITING ASSURANCE AND COMPLIANCE1Executive SummaryThe mechanism of the process of audit, assurance and the compliance are necessaryelements of a business that are made to improve and assess the business performance.Moreover, it ensures that the business enterprise is meeting its financial obligations. Themain scope of this report is to find out and highlight the Corporate Governance principle ofthe chosen Australian Company listed under the ASX, and checks whether it adheres to theASX principles of corporate governance in its operations. The discussion gives a vividanalysis of the risk of the firm and their strategy to reduce the them. The company risk of hasbeen evaluated analytically in the report by the computation of the income statements,balance sheet ratio, and common size financial statements.Principles of Corporate Governance issued by Corporate Governance CouncilThe chosen company whose corporate governance and risk is to be analysed is AGL,which a company that deals with integrated energy resources and is in the industry for morethan 150 years. Throughout FY2017, AGL’s corporate governance arrangements wereconsistent governance statement AGL’s has committed to comply with the corporategovernance framework, policies and practices as per the ASX Corporate Governance Council(Grayson-Morison & Ramsay, 2014). From the Annual report of 2017 the ASX Corporate Governance principles are as follows:Establishment of strong foundation for particularly management as well as oversightFrom the annual report it can be identified that in the concerned company, it is theboard of directors who are in charge of the corporate governance. It is their duty to maintain
AUDITING ASSURANCE AND COMPLIANCE2the interest of the company and the individuals who are associated with it (Chandrakumara,McCarthy & Glynn, 2017).The board of directors creates a sustainable value while considering the interest of theemployees, customers, shareholders, communities and other stakeholders. They areresponsible for analysing and a approving the strategy of the company that helps in soundmanagement and monitors and appoints the members of the company including the CEO.They also make various announcements that are significant to the company and make surethat it is according to the ASX obligations. When it comes to formulation of policies board ofdirectors, they builds a strong relationship within the stakeholders and protects the matters ofenvironment employment occupational health and safety.Structure and composition of the board for enhancement of valueIn order to understand the composition and structure of the AGL Company, it can besaid that the company has a strong board of directors who are responsible for maintainingintegrated energy and transform and evolution. The structure consists of 4 committeesincluding the committee of Risk Management, Committee of nominations, committee ofpeople and performance and the committee of safety sustainability and corporateresponsibility (Winners Joseph, 2014). Each of the committees have respective separateresponsibilities and roles that are taken care by the Board of directors. The details of thecommittee is set out in the company charter. The details including the meetings are held inthe Directors attendance in 2017 as mentioned in the annual report of 2017.Undertake business practices ethically as well as responsiblyThe company of AGL focuses on the Code of conduct and the various principleassociated with the operations of the company that are related to the stakeholders like the
AUDITING ASSURANCE AND COMPLIANCE3employees, directors and the contactors. The set of Code of conduct is collectively known asthe employees code of conduct the sets the various rules and Standards to maintain thecompany’s ethical conduct (Fox, 2014). For this company makes several appointments thatincludes maintaining and of valuing of professionalism in their dealings and maintains aconfidentiality within the business to manage the conflicts of the members of the company.The code also states to take care of the workers concerned and to act with integrity andhonesty. It also follows the law, commitments and internal standard set in order to get betterresults. The company also uses a sound process of training to establish the employees thecode of conduct.Preserve integrity in particularly corporate reportingThe board receives reports from the management of the company’s financialcondition and operational results at each scheduled board meeting. The AGL board alsoapproves the financial statements for financial stability miss and the CEO and CFO of thecompany provides declaration to the board that is in the form of opinion of the financialrecords of the company to maintain and ensure whether it is in compliance with theaccounting standards and so that it gives a true and fair view of the company's position andperformance(Cole, 2016).Perform the balanced disclosure timelyThe Policy of disclosure states about the continuous obligation of the company’sdisclosure and the procedure in which they are managed. AGL has recognised a MarketDisclosure Committee that consist of the CEO, the CFO, the Company Secretary and theManager in General. The duty of the Committee is to monitor the compliance with theMarket Disclosure Policy that includes determination of the information that is market
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