Auditing & Assurance for CSL Limited: Analysis of Auditor's Independence Declaration, Remuneration, and Key Audit Matters

Auditing & Assurance

Executive summary
The CBL Limited attempts to feature new audit functions as per the new reporting of Audit
committee, 2016. ASA 701 is concerned to communicate key audit matters as per the
independent auditor’s report. The responsibility of an auditor has more focused to
communicate the key audit committee explained in the report especially after 2016. The aim
of communicating the key matters is to increase the communication among the shareholders.

Contents
Executive summary....................................................................................................................1
Introduction................................................................................................................................3
Introduction of the company......................................................................................................3
Auditor’s Independence Declaration..........................................................................................4
Independent auditor’s report......................................................................................................4
Non-audit services provided by auditor.....................................................................................4
Analysis of the each Auditor remuneration as compared to the previous year..........................5
A comparative analysis of total remuneration of auditors as compared to the previous year. . .6
Audit Procedures Performed For Key Audit Matters................................................................7
Structure of Audit and risk management committee..................................................................8
Functions of Auditor..................................................................................................................8
Roles and Responsibilities of the Audit Committee..................................................................9
Material subsequent events by the CSL limited.........................................................................9
The Directors and Management’s responsibilities differ from the Auditor’s responsibilities in
relation to the financial report..................................................................................................10
Follow-up questions would you ask the Auditor at the company’s Annual General Meeting 10
Conclusion................................................................................................................................10
References................................................................................................................................12

Introduction
In the current changing business environment, organisations use fraudulent measures to
achieve more profit and attract more public to invest in their company. To overcome the
problem of fraud in business, auditors are appointed to check and review the financial
accounts of a company. The company, which is chosen to, analyses the effect of auditors and
non-audit services is CSL limited. CSL limited is a biotherapeuitics company, which deals in
manufacturing of medicines and other curing products such as vaccination products. The
report brings out the brief description of Auditor`s independence declaration, Independent
auditor’s report especially for shareholders. Moreover, the annual reports analysed the
remuneration of auditors for both audit as well as non-audit services. After the modification
in the duties of auditors, the responsibilities of auditors has been changed in Australia. The
report discusses the audit Procedures Performed for Key Audit Matters (Deumeset al., 2012).
Introduction of the company
CSL limited is a biotherapeutics entity who undertakes the manufacturing of allied products
and delivers biotherapies. CSL limited is a world specialty biotechnical organisation that
finds, develops, manufactures, and advertise the products to treat serious human health
problems. The company operate segments named CSL Behring, CSL intellectual property,
and Seqirus. All the segments perform different operation such as CSL Behring produces and
distributes plasma products and recombinants. Seqirus segment produces and delivers non-
plasma biotechnical products. Moreover, this segment also produces a wide range of
antivenoms, vaccination products, and pharmaceutical products in New Zealand and
Australia. The intellectual segments of CSL is involved in licensing the intellectual property
created by the organisation to the third unrelated party. The company operates its facility in
Germany, U.K., U.S., Switzerland, and Australia.