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Auditors and Corporate Governance

Students are required to research the ASX Corporate Governance Principles and Recommendations and discuss how adoption of each ASX Corporate Governance principle, by the client company, will affect the auditor’s risk assessment process, the audit approach, the audit strategy and audit evidence.

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Added on  2022-12-30

About This Document

This presentation explores the role of auditors in corporate governance and the importance of adhering to ASX corporate governance principles and recommendations. It discusses the responsibilities and roles of management and the board, the structure of the board, ethical and lawful behavior, safeguarding integrity of corporate reports, timely disclosure, respecting rights of security holders, risk management, and fair remuneration. The presentation also highlights the impact of adopting corporate governance principles on entities.

Auditors and Corporate Governance

Students are required to research the ASX Corporate Governance Principles and Recommendations and discuss how adoption of each ASX Corporate Governance principle, by the client company, will affect the auditor’s risk assessment process, the audit approach, the audit strategy and audit evidence.

   Added on 2022-12-30

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Auditors and Corporate Governance
Name of the student
Name of the university
Student ID
Auditors and Corporate Governance_1
Corporate governance –
Combines the processes, laws or rules through which
the businesses are controlled, regulated and operated.
The board of directors is responsible in creating
framework for the corporate governance that can be used
to align the business conducts with the objectives in the
best way.
Particular purposes those can be outlined under
corporate governance consists measurement of
performance, action plans, practice for disclosures,
decision regarding the executive compensation, dividend
policies, process to reconcile conflicts interests as well as
implicit or explicit contracts among the stakeholders and
the entity
Introduction
Auditors and Corporate Governance_2
Principle 1 –serving the management with solid foundation
and oversight
An entity listed under ASX shall outline respective
responsibilities and roles clearly regarding its management
as well as board and review their performance on regular
basis.
Recommendation 1.1
An entity listed under ASX shall have and provide
disclosure regarding board charter explaining –
Respective responsibilities and roles of the management
and board and
Matters those are reserved expressly to board and those
expressly delegated to the management
Auditors and Corporate Governance_3
Principle 2 – effective board’s structure for adding value
An ASX listed entity’s board must be of appropriate size and
must possess the commitments, knowledge and skills
collectively for the entity as well as for the industry under
which the entity operates. This will enable it discharging the
duties in effective manner for adding value.
Recommendation 2.1
An ASX listed entity’s board –
Have the nomination committee consisting of
(i) Minimum 3 members where majority are independent
directors and
(ii) the committee shall be headed by independent director
and disclose committee’s charter
(iii) committee’s member (v) at the close of each reporting
period, number of times committee met during the
concerned period and member’s individual attendance at
the held meetings.
Auditors and Corporate Governance_4

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