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Audit and Compliance Mechanisms

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Added on  2021-06-18

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AUDITING ASSURANCE AND COMPLIANCE AUDITING ASSURANCE AND COMPLIANCE 1 1 AUDITING ASSURANCE AND COMPLIANCE Disclosure Assurance and Compliance University Name Student Name Authors’ Note Executive Summary 2 ASX Corporate Governance Principles 2 Assessment of Risk 6 Risk assessment 9 Steps for Risk reduction 10 Executive Summary The following report vividly discusses the mechanism of audit as well as compliance of a organization that is importantly structured to analyse overall performance, value and operations of business. The different obligations as mentioned

Audit and Compliance Mechanisms

   Added on 2021-06-18

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Running head: AUDITING ASSURANCE AND COMPLIANCEAuditing Assurance and ComplianceUniversity NameStudent NameAuthors’ Note
Audit and Compliance Mechanisms_1
AUDITING ASSURANCE AND COMPLIANCE1Table of ContentsExecutive Summary...................................................................................................................2ASX Corporate Governance Principles.....................................................................................2Assessment of Risk....................................................................................................................6Risk assessment..........................................................................................................................9Steps for Risk reduction...........................................................................................................10
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AUDITING ASSURANCE AND COMPLIANCE2Executive Summary The following report vividly discusses the mechanism of audit as well as compliance of aorganization that is importantly structured to analyse overall performance, value andoperations of business. This helps in building an assurance that the business has satisfied thevarious necessary compliances. In this essence, the actual concern of the current study is toexamine the degree and extent of compliance analytically of the firm Telstra that is listedunder the ASX 300 companies. The different obligations as mentioned under CorporateGovernance Principles issued by the regulatory body Corporate Governance Council of theAustralian Stock Exchange (ASX). In addition to this the various risks of the company hasalso been assessed and calculated in order identify its risk and find out the various method toreduce the risk of this particular company. For this the ratio analysis has been done fromincome statement, and balance sheet of the company from the annual report 2017.Principles of Corporate Governance under ASXBase for management and oversight The board of directors at Telstra is accountable for supervision industry for Telstra, andis liable for the stakeholders for carrying out that part (Williams, Bingham & Shimeld,(2015). additionally to the issues the director Board is needed by law for approving the keyaccountabilities of the Board, that comprise:corporate plan and strategy Approving as well as supervising the strategies execution Setting as well as approving of the corporate plan and analysing the operations To Appoint the CEO and assess the performance and determination of theirremuneration.
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AUDITING ASSURANCE AND COMPLIANCE3To appointment and set the remuneration of senior manager and asses theirperformance.Composition and framework of board for expansion of firm valueThe composition of Board Committee is measured by the “Board and NominationCommittee” and ensures that it is according to the with the outline that is set out Charter andis done according to the processes executed by the Board. They support and identify thezones of focus and maintains a proper mix in their participation. The Board employs a skillsmatrix that is on a regular basis verified by the Board. The skills matrix of the Board sets outthe experience mix, expertise and skill, currently the Board has and is seeking to accomplishin its membership. Its construction mirrors the areas that are particularly significant to thethree strategy pillar that consist of delivering the excellent experience of the customer, drivevalue and growth from the core and build new growth businesses close to the core. Theyareas of general relevance to the alignment of the Board.Undertaking business exercises ethically and responsiblyThe company of Telstra have five values. The values represents their position and arethe core ethical principle of the business. Being a values-led firm, the company focuses onthe decisions and actions of the people by guiding them how to work together. There exist aproper alignment in all the activities with the set out ethics. The structure of Code of Conductand policy signifies the values of Telstra. The business promises to good corporategovernance, business practice that are responsible to the workforce and the customers. Theyalso provide the framework through which there is a suitable maintenance in compliance withthe lawful obligations as set in the report.Presentation of timely as well as fair disclosure
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