Corporate Governance and Audit Committee of BHP Billiton Limited

Running Head: AUDITING THEORY AND PRACTICE
AUDITING THEORY AND PRACTICE
Name of the Student
Name of the University
Author Note

1AUDITING THORY AND PRACTICE
Table of Contents
Introduction................................................................................................................................2
Background of Company.......................................................................................................2
Discussion..................................................................................................................................2
Conclusion..................................................................................................................................4
Reference....................................................................................................................................5

2AUDITING THORY AND PRACTICE
Introduction
An ethical disagreement in auditing arises because of the absence of agreement
regarding central purpose of audit. Ethics in context of the auditing is important because it
helps in determining what is ethical and legal in the auditing. The auditors are responsible for
carrying out the standard procedures diligently, carefully as well as punctually, according
with the instructions as well as appropriate procedures and standards. Hence, role of the audit
committee is vital in assisting the board of directors of company for fulfilling the corporate
governance as well as overseeing the responsibilities of organizational financial reporting,
risk management, internal control system as well as audit functions (Bansal and Sharma
2016). Therefore, under this assignment, discussion will be on corporate governance as well
as details of audit committee.
Background of Company
BHP is the trading organization of the BHP Group plc and BHP Group Limited,
which is the Anglo-Australian multinational petroleum, metals as well as mining dual-listed
public company. It is having it’s headquarter in Australia. BHP Billiton is one of the second
largest mining company, by revenue in the world. The formation of the company was in the
year 2001 by the merger of Australian company, Broken Hill Proprietary Company Limited
(BHP) as well as Anglo-Dutch Billiton Plc. forming the company, which is dual listed
(Bhp.com. 2019).
Discussion
Corporate Governance
BHP Billiton Limited is committed towards high level of the governance and it strives
towards fostering the culture of the values as well as rewards exemplary ethical standards,
corporate and personal integrity as well as respect for the others. The company comply with