Role and Responsibility of Auditors in Suncorp Group Limited

Audit, Assurance and Compliance

Audit, Assurance and Compliance 1
Executive summary
This report has the detailed information of working of auditors of a particular company
“suncorp group limited”. The report has the exclusive information of financial information of
the company through independence report on auditors. Moreover, identigying the role,
function and responisibility is another important activity that is being described in this report.

Audit, Assurance and Compliance 2
Contents
Executive summary...............................................................................................................................1
Introduction...........................................................................................................................................3
Introduction of the company..................................................................................................................3
Auditor’s Independence Declaration.....................................................................................................3
Independent auditor’s report..................................................................................................................4
Non-Audit services performed by the Auditor.......................................................................................5
Director responsibility differs from Director to Auditors in regards to financial reports.......................6
Auditors’ remuneration..........................................................................................................................6
Role and responsibility of Auditor.........................................................................................................8
Functions of Auditor..............................................................................................................................8
Composition of the Audit Committee....................................................................................................9
Review all Key Audit Matters noted and the associated audit procedures.............................................9
Conclusion...........................................................................................................................................10
References...........................................................................................................................................12

Audit, Assurance and Compliance 3
Introduction
This report brings out the information and analysis that how auditor plays an
important role while maintaining trust and confidence in the company named suncorp group
limited among its stakeholders. This report has detailed discussion of most related topics that
coonects to role of auditor, how they work, non-audit services, discussion of remuneration,
and functions. Auditor’s Independence Declaration marks the freedom of auditors at the
workplace. Audit services are the not only services provided by auditors. An auditor skilfully
performs Non-Audit services and get a reasonable amount of payment from the company.
Introduction of the company
Suncorp group limited is the publically listed company whose share capital is limited
by shares. Suncorp group limited is one of Australia’s medium size banks and the group
umbrellas some of Australia and New Zealand’s general, life insurance; banking. We provide
customers solutions to their financial issues and concern and help those taking steps to
ameliorate their financial stabilities. We have been serving people across New Zealand and
Australia since 1902 (Suncorp, 2018b). Along with the vast community we serve, we are
constantly being working on the environment being provided to the employees so as they can
take advantage of our vast portfolio of brands and which could help excel them in their fields
and so that they can better understand their responsibilities. The goal is to be a reliable group
and provide a solution, which not only helps the people but also our shareholders and
stakeholders. We are operating with the brand names of Suncorp, AAMI, Bingle, Apia,
Shannon in Australia (Suncorp, 2018a).
Auditor’s Independence Declaration
The Act leads the provisions of Auditor`s independent declaration under the section
307C of the corporation Act, 2001. The auditors have accepted that there was no