Auditing , Assurance and Compliance Assignment - AMP limited

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Added on 2020-11-23

Auditing , Assurance and Compliance Assignment - AMP limited

Added on 2020-11-23

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Auditing , Assuranceand Compliance

EXECUTIVE SUMMARY The assignment is about the audit, assurance and compliance. This report is consisted of auditing of the AMP limited company. Report includes the various aspects of auditor reporting which are beneficial for the organization in identifying the position of the company. The report includes audit declared that with respect to the Corporation Act 2001 with relation to the audit the organizations has fulfilled all the independence requirements of the auditors without any infringement of laws. The directors of the organization were satisfied that the auditors fulfilled all the conditions of non audit services with the general standards if independence for auditors obligatory by the Corporations Act, 2011. In accordance with the auditors independence requirements of the corporation act 2001 auditors are the independence of group. In report it is clearly found that auditors has attendant financial statements of AMP limited which was consisted 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 Australian Accounting Standards and the Corporation Act 2001. By analysing the report it is found that the organization has not implemented customers social responsibilities. Therefore, it can be concluded that audit plays an important role in assessing position of the company.

Auditing , Assurance and Compliance Assignment - AMP limited_2

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

Auditing , Assurance and Compliance Assignment - AMP limited_3

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 31st December 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 31st December 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 services The 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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