Annual Report of Commonwealth Bank 2022

 These financial statements include income statement, statement of comprehensive
income, balance sheet, statement of change in equity and statement of cash flows
 According to the 2019 Annual Report of Commonwealth Bank, it has disclosed the
information related to corporate governance, audit committee, sustainability and
solvency in separate parts in the annual report
 There is a separate section in the 2019 Annual Report of Commonwealth Bank named
“Corporate Governance” and the bank has included all the information related to
corporate governance in that section (commbank.com.au 2019). The major parts
under this section are the bank’s commitment towards corporate governance, details
on board of directors and executive leadership team, commitment towards corporate
governance, the adopted corporate governance framework, stakeholder engagement
and others
 Commonwealth Bank has mentioned about the audit committee under the corporate
governance framework and this framework takes into consideration the review of
independent assurance and services including internal audit, external audit and other
ad-hoc independent assurance and advice
 As per the Audit Committee Chairman, the audit committee is responsible for the
external reporting of financial information, the internal control framework and
environment, the internal auditors and internal audit functions, external auditors and
the conjunction of the bank’s risk management framework with the Audit Committee
 The bank has reported its undertaken approaches to address the issue of climate
change under the section of Risk Management
 Commonwealth Bank has adopted the sustainability frameworks like The United
Nations Sustainable Development Goals, United Nations Global Compact and Global
Reporting Initiatives (GRI)
 The 2019 Annual report of Commonwealth Bank states that the bank has acquired
two companies in the year of 2018; they are Aussie Home Loans and eChoice
 However, the acquisition of Aussie Home Loans led to the generation of additional
goodwill of $446 million
 In order to assess the impairment of goodwill and other assets with indefinite useful
lives, the carrying amounts of the cash-generating units are compared to the
recoverable amounts.
 The recoverable amount is determined based on fair value less cost to sell through the
use of an earnings multiple applicable to this type of business. It can be seen from the