Audit and Assurance Program on Macquarie Media Limited

Assurance

EXECUTIVE SUMMARY
The current report deals with the certain disclosure requirements that are mandatory in
any kind of annual report published by a listed company. The sample company dealt in the
report is Macquarie Media Limited. The ultimate result observed is the follow up of all the
requirements by the board of the company. The auditors, Ernst & Young have also observed
all their responsibilities. No problems have been observed in the declarations provided,
remunerations paid and the opinion expressed.

Table of Contents
EXECUTIVE SUMMARY...................................................................................................................1
INTRODUCTION.................................................................................................................................2
ABOUT THE COMPANY AND AUDIT COMMITTEE.....................................................................3
COMPANY DETAILS......................................................................................................................3
AUDIT COMMITTEE......................................................................................................................3
STRUCTURE OF THE COMMITTEE.........................................................................................3
FUNCTION AND RESPONSIBILITIES OF AUDIT COMMITTEE..............................................3
ALL ABOUT EXTERNAL AUDITORS..............................................................................................4
WHO ARE THE EXTERNAL AUDITORS?...................................................................................4
HAVE THEY GIVEN DECLARATION FOR INDEPENDENCE?.................................................4
HAVE ANY NON AUDIT SERVICES BEING PROVIDED?........................................................4
WHAT ARE THE CHANGES IN REMUNERATION?...................................................................5
WHAT KIND OF AUDIT OPINION IS EXPRESSED BY THE AUDITORS?...............................5
ARE THERE ANY KEY AUDIT MATTERS MENTIONED?........................................................6
DIFFERENCE IN RESPONSIBILITIES IN REALTION TO FINANCIAL REPORTING.................8
RESPONSIBILITY OF DIRECTORS AND MANAGEMENT........................................................8
RESPONSIBILITY OF THE AUDITORS........................................................................................8
ARE THERE ANY MATERIAL SUBSEQUENT EVENTS?..............................................................9
CONCLUSION.....................................................................................................................................9
REFERENCES......................................................................................................................................9

INTRODUCTION
In this report, audit and assurance program on the Macquarie Media Limited has been
chosen for analysing the auditor’s responsibilities and other programs. Whenever any company
carries on the audit function, it has to follow up with a number of compliances. These
compliances relate both to the auditor and the directors. These are required to make the
operations of the entity as well as the audit function transparent. To evolve transparency, the
topics required to be covered include the declaration related to auditor independence, and the
matters highlighted by the auditor in his audit report. For developing a real time idea, a
company is chosen for the purpose of the report. The name of the company is Macquarie
Media Limited. It is considered that a well maintained audit committee along with audit
charter is present in the company’s governance model.
ABOUT THE COMPANY AND AUDIT COMMITTEE
COMPANY DETAILS
Macquarie Media Limited is engaged in the operation of radio stations at the national level. It
is a company listed on Australian stock exchange. The operation of the radio stations is in the
capital cities of Perth, Brisbane, Melbourne, Sydney and in some of the regions of
Queensland. The operation of this company had gained widespread success in Australia and
is considered trustworthy (Macquarie Media Limited., 2018).
AUDIT COMMITTEE
STRUCTURE OF THE COMMITTEE
The audit committee charter is laid by the management of the company. Audit committee is
constituted out of the members of the board and comprises of following members as on
current date (Goddard,. and Malagila, 2015). The Audit committee is set up to implement the
control check-up program in the audit and assurance program. It assists in keeping the
business more transparent towards the stakeholders. They work for the stakeholders so that
they could get right amount of information.