Audit, Assurance and Compliance Assignment - (AMP limited company)

Added on - 11 Jan 2021

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Auditing , Assuranceand Compliance
EXECUTIVE SUMMARYThe assignment is about the audit, assurance and compliance. This report is consisted ofauditing of the AMP limited company. Report includes the various aspects of auditor reportingwhich are beneficial for the organization in identifying the position of the company. The reportincludes audit declared that with respect to the Corporation Act 2001 with relation to the auditthe organizations has fulfilled all the independence requirements of the auditors without anyinfringement of laws.The directors of the organization were satisfied that the auditors fulfilledall the conditions of non audit services with the general standards if independence for auditorsobligatory by the Corporations Act, 2011. In accordance with the auditors independencerequirements of the corporation act 2001 auditors are the independence of group. In report it isclearly found that auditors has attendant financial statements of AMP limited which wasconsisted of balance sheet as of December 31, 2017 and all the financial statements of income ,cash flows and related notes to the financial statements. The directors of the organization is liablefor preparing the financial report which shows true and fair value according to the AustralianAccounting Standards and the Corporation Act 2001. By analysing the report it is found thatthe organization has not implemented customers social responsibilities. Therefore, it can beconcluded that audit plays an important role in assessing position of the company.
Table of ContentsINTRODUCTION...........................................................................................................................5A. Has auditor has compliance with independence requirements...............................................5B.If there were non-audit services provided, what was the nature of such services...................5C. Is there is an audit committee members in the AMP limited................................................6D.What type of Audit Opinion was expressed............................................................................6E. Key audit matters of AMP limited..........................................................................................7F. How directors and management responsibilities differ from auditors responsibilities........10G. Were there any material subsequent events........................................................................10H. Recommending the effectiveness of materiality done by the auditors.................................10I. Consider whether there is any material information which could be missing, under-reported...................................................................................................................................................11J. Providing an analysis of the Auditor’s remuneration in a table with prior year comparisons.Include percentage changes and explanations of the remuneration..........................................11CONCLUSION.............................................................................................................................11REFERENCES..............................................................................................................................13
INTRODUCTIONThe assignment is about the auditing, assurance and compliance of the AMP Limited anAustralian company. It is a organization which deals with the financial. This organization servesthe superannuation, investment products , financial advice and banking products including loanand saving amount. This research has focused mainly the audit of the company. Audit plays animportant role in analyzing the financial position of the AMP limited. The report will provide theinformation about auditors independence requirements. The assignment will present the nonauditors services and their nature. It will also present the various members of committee. Theassignment will provide the deep insight of various key audit matters and their procedures.Later, the report will provide the information auditor's responsibilities with comparison tomanagement and directors.A. Has auditor has compliance with independence requirementsThe auditors for the AMP Limited has compliance with independence requirements forthe financial year 31stDecember 2017. In his audit he has declared that with respect to theCorporation Act 2001 with relation to the audit the organizations has fulfilled all theindependence requirements of the auditors without any infringement of laws. He has alsodeclared that no violation of any relevant code of professional conduct in relation to the audit.B.If there were non-audit services provided, what was the nature of such servicesDuring the year ended 31stDecember 2017 the audit committee has reviewed the detailsof the amount which paid or yet to paid is given to the AMP group for the non audit services.The directors of the organization were satisfied that the auditors fulfilled all the conditions ofnon audit services with the general standards if independence for auditors obligatory by theCorporations Act, 2011(Chan and Vasarhelyi, 2018).Nature of non audit servicesThe chief financial officer , or his nominated delegate, or the chairman of the AuditCommittee were approved the all non audit assignments.There are some Non Audit assignments which were specifically excluded by the charterof audit independence of AMP were carried out.The fees which is offered for non – audit services is 12% of total fees, decreasing 9 % onprior year.
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