Auditing theory and practice Assignment PDF
Added on 2021-06-17
14 Pages2997 Words29 Views
RUNNING HEAD: AUDITING THEORY AND PRACTICECOMPLIANCE AND RISK MANAGEMENT
Auditing theory and practice1Executive summary In this report, discussion on the audit compliance and risk assessment of the AustralianMajor retail Woolworths Company has been analyzed. It is dealing with the Compliance to theASX CGC principals and audit risk assessment procedure which need to be assessed for thebetter compliance in this report. In the starting of this report, Woolworth Company has beentaken to prepare the report on the CGC principals, audit risk assessment and financialperformance of company. After that inherent risk of the company has also been analyzed.
Auditing theory and practice2ContentsIntroduction.................................................................................................................................................3ASX CGC Principles.......................................................................................................................................3Lay solid foundations for management and oversight.................................................................................3Structure the board to add value.................................................................................................................4Act ethically and responsibly.......................................................................................................................4Safeguard integrity in corporate reporting..................................................................................................4Make timely and balanced disclosure..........................................................................................................5Respect the rights of security holders.........................................................................................................5Recognize and manage risk.........................................................................................................................5Remunerate fairly and responsibly..............................................................................................................5Risk Assessment...........................................................................................................................................5Recognizing the nature................................................................................................................................5Market overview.........................................................................................................................................5Woolworth’s strategy..................................................................................................................................5Computation of ratios..................................................................................................................................5Income statement ratios.............................................................................................................................5Balance sheet ratios.....................................................................................................................................6Relevant audit risk.......................................................................................................................................6Ways to reduce the risk...............................................................................................................................6
Auditing theory and practice3Conclusion...................................................................................................................................................7References...................................................................................................................................................8
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