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Principles of Corporate Governance

   

Added on  2021-05-31

13 Pages2816 Words54 Views
Running head:AUDITINGAuditingUniversity NameStudent NameAuthors’ Note

2AUDITINGTable of ContentsExecutive Summary...................................................................................................................2Examination of conformation with the 8 Principles of Corporate Governance.........................2Evaluation of Risk of Amcor Limited........................................................................................8References................................................................................................................................11

3AUDITINGExecutive SummaryThis study helps in assessing degree of commitment of the corporation Amcor Limitedtowards attainment and expression of high standards of corporate governance principles. Inessence, this section analytically evaluates overall nature along with extent of conformationwith the principles issued by the ASX Corporate Governance Council. Also, this study shedslight on evaluation of risk by using chief financial ratio and study of trend over a certain timeperiod. Furthermore, this analytical assessment of financial state of affairs can assist in theprocess of identification along with comprehension of risk of audit and present ways ofmitigation of identified concerns. Examination of conformation with the 8 Principles of Corporate Governance Analysis of the declarations released by the firm Amcor Limited reveals the fact that thecompany Amcor Limited complies with the stipulations laid under the ASX CorporateGovernance Council’s Corporate Governance Principles along with recommendations of the3td edition. Also, the assertion also incorporates different disclosures necessary forconformation with the principles laid down by ASX (Simpson et al. 2016). Principle1: Groundwork for appropriate management together with oversightAnalysis of declarations presented by the firm replicates that directors of the firm AmcorLimited is responsible for corporate governance of the entity. The directors in the company’sBoard direct and all at once track diverse business interaction of the corporation chiefly forthe shareholders of the firm (Rezaee et al. 2018). Accountabilities that are particularlydelegated to the managing directors, chief executive as well as executives in the managementare aligned with the Delegated Authority Policy of the entire Group. Also, these entrustmentsare also tracked on a daily basis.

4AUDITINGAccountabilities of the management comprise of the following:Formulation of plans of business, development of business strategies for presentationof budgets validated by the board and execution of designed plansfunction of business within the set parameters established by the entire board andkeeping the firm’s board well notified as regards diverse material developments of thebusinessrecognition, classification and administration of business risks that can materiallyhave an effect on operations of the businessadministration of financial as well as other systems of reporting for ensuring thatthese systems are working effectively to contain all relatable informationTaking on all reasonable steps to ascertain that board is presented with all the accurateinformation with regard to functioning of the corporation in a timely wayImplementation of diverse policies, measures in conjunction with codes of conductendorsed by the firm’s boardResponsibilities of Amcor’s board comprise of the following:- Supervision of management on the whole (Vasarhelyi et al. 2018).- Presenting all deliberate direction for strategies of the business- Presenting oversight with regard to occupational health plus safety -Monitoring operational together with financial arrangement -Making certain that reporting methods are passable and fitting -Recognizing all risks faced by the corporation and carrying out corrective actions foralleviation of the same (Vasarhelyi et al. 2018).

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