Enhanced Auditor Reporting in Australia
Added on -2020-11-23
TABLE OF CONTENTS INTRODUCTION 1 MAIN BODY1 Auditor compilation with independence requirements 1 Non Audit Services 1 Analysis of Auditor's remuneration2 Represent key audit matter along with audit procedure 3 Represent audit committee with its role of non-executive directors 5 Audit Opinion 5 Difference between responsibility of auditor, management and director 6 Presence of material subsequent events 7 Assessment of effectiveness of material information7 Disclosure of material information which are effective for financial statements 8 Follow-up questions for Auditor at the company’s
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How is Enhanced AuditorReporting being embraced inAustralia?
EXECUTIVE SUMMARYAuditing always helps in ensuring about procedures and policies which are to befollowed and non compliance is directly reported to management for corrective action. Thepresent report had analysed auditor section of Myre Holding Limited. It is considered that finalinformation is always considered in annual financial statement which elaborates responsibility ofmanagement for purpose of accurate representation and preparation of financial statements. Lastbut not least, key judgements and estimates must be articulated as effective disclosure.
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1Auditor compilation with independence requirements...............................................................1Non Audit Services.....................................................................................................................1Analysis of Auditor's remuneration............................................................................................2Represent key audit matter along with audit procedure .............................................................3Represent audit committee with its role of non-executive directors...........................................5Audit Opinion..............................................................................................................................5Difference between responsibility of auditor, management and director ..................................6Presence of material subsequent events......................................................................................7Assessment of effectiveness of material information.................................................................7Disclosure of material information which are effective for financial statements.......................8Follow-up questions for Auditor at the company’s Annual General Meeting............................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONAuditing plays major role in every organization along with each industry. It helps inimproving communication among investors and auditors. The present report would be discussingabout standard set in many jurisdictions which includes New Zealand and Australia along withissuance of requirements with similar effective date. It will be reflecting Myer holding Limitedannual report which is listed on ASX for analysing major areas of auditing. It would be reflectingauditor compliance with independent requirements along with presence of non-audit services. Itwill also reflect key audit matter and procedure with appropriate classification of its test ofcontrol. In this organization, there is presence of audit, finance and risk committee. Theremuneration of auditor has raised in year 2016 but in 2017 it decreased with huge proportion.MAIN BODYAuditor compilation with independence requirementsMyer Holding Limited has conducted audit with context of Australian Auditingstandards. They are independent of its group according to auditor's independence requirements ofits corporation Act 2001. In the same series, its ethical requirements linked to accountingprofessional and ethical Standards Board's APES 110 Code of ethics which are relevant to itsaudit of financial report with reference to Australia. Further they have complied their ethicalresponsibilities in context of code (Chan and Vasarhelyi, 2018).Non Audit ServicesMyer Holdings Limited might decide for employing its external auditor with context ofadditional assignments along with statutory audit duties where is presence of expertise andexperience of auditor with group is significant. There is presentation about amount payable orpaid to its auditor for purpose of audit and non-audit services had been stated in financialstatements. Generally, board has considered its position with context of advice extracted viaAudit, finance and Risk Committee. The provision of non-audit services is directly compatiblealong with general standards which were imposed through Corporations Act 2001. The nature ofnon-audit services had been provided with satisfaction of directors which did not compromise onbasis of independence requirements of Corporation Act 2001 with review of non-audit servicesvia Audit, Finance and Risk Committee for ensuring about giving less impact on objectivity andimpartiality of auditor (Understanding a financial statement audit, 2017). Services does not1
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