Holmes Institute Audit and Compliance Report: Corporate Governance

This report, prepared for the HI6026 Audit, Assurance, and Compliance course, delves into the critical intersection of auditing and corporate governance, specifically examining the ASX Corporate Governance Principles and Recommendations. The report identifies and analyzes the eight principles of the ASX framework, detailing their implications for corporate management and oversight. It then provides recommendations for boards of directors, emphasizing the importance of independent judgment, structured decision-making, and the establishment of effective risk management processes. Furthermore, the report explores the impact of these principles on the auditor's risk assessment, audit approach, audit strategy, and the collection of audit evidence. The report also emphasizes the role of the audit committee and its contribution to the integrity of corporate reports and the safeguarding of the rights of security holders. The report concludes with a discussion of financial regulations and corporate governance standards, providing a comprehensive overview of the subject matter.

Audit Assurance And Compliance
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Name of the Organization-
Author’s note-

Introduction
The report is emphasized through emphasizing on follow up in significant analysis on
resources based on relationship through corporate governing framework by Australian Stock
exchange (Asx.com.au. 2019). It is highly related through the factor concluding Australian
accounting standard. It mainly consists few types of recommendation that being assured by
cognition of company in relation to associative skills that being imposed for betterment of
organization. The report effectively involves about identification in demand followed
through market. Proper identification in governance council focuses through securing
explaining of eight principles that being properly related to Australian Accounting Standard.
Recommendations inclined allots in significance of principle which being sourced to it. Iti s
focused in generating likely effect on scenario through absolute solution effecting the

Topic 1: Identification of eight types of ASX
corporate governance
• Principle 1- Benefit of laying a concrete foundation for management.
• Principal 2- Creation of structure for boarding the added value.
• Principal 3- Promoting proper source in ethical value with proper responsibility.
• Principal 4- Identification of integrity solution through safeguard for the source of
financial reporting.
• Principal 5- It is focused in timely making and also undergoing with maintaining
perfect balance in the disclosure of resources.
• Principal 6- It mainly indulges with following up the risk associated in the market
and properly ensure management risk is neutrilised.
• Principal 7- Deals with recognition and implementing perfect way of introducing the
rights which are mainly associated with perfect conditioning and exercising the
rights involved to it.

Continue…
• Principal 8- It is mainly recognized with functioning of generic source of study involving
the proper process for generating and updating remuneration policy which is focused to
adjust in this principal (Sue et al. 2019).

Topic 2: Impact with recommendations
• Boards focus in requirement to adopting formal statement on matters that indulged with
generic reserve that enacted by them, providing responsibilities with issuing other sort of
formal statements. It is recommended that division in responsibility be disclosed by
assisting them with better designing function.
• Corporate decisions segmented in making them properly understandable with regarding
report that is created by properly mentioned data in apportion through it. Responsibility
assorted through specific identification representation , aligned with apportion of data in
under independence in making it understandable.
• According to needs required of company there are analysis followed up perfectly.
Different sort of divisions in business structured to segregate tradition and corporate

Continued…
• Directors mainly incur through bringing the independent by judgment through their
accorded by normal directors. It is required in accordance for benefitting the
organization to undertake decisions very effectively (Milano et al. 2019). It is
recommended, there is requirement where board of directors must access in terms of
creating professional advice by them for development of company.
• However, non-executive directors shall consider benefits of company in undergoing with
conferring ability without present of management that is particularly labeled in all
sessions (Mehra et al. 2019). Relationships that might effecting independent status are
scheduled as functioning set up for associative study where directors are considered as
board who is mainly identified as an independent in sourcing corporate governance.

Topic 3: Influence enriched in adoption of
Corporate Governance
Risk assessment process under ASX corporate governance
• A process that is implemented into risk management procedure, which mainly effect with
global crisis through financial implications utilized in framework.
• There are different attributes of commercial drivers that is associated with effect of newly
implied segmentation through the process. The newly optimal that practiced within
corporate structure under Australian accountancy standard (Sofia and Murwaningsari.
2019).
• Institutional investors that analyzes with functional pointed questions into market, it
focuses on volatility within the market. The liability association in accounting structure
where officers and directors of company structure are providing proper assurance.

Continued…
Audit Approach
• The purpose is associated with associating to contribute in corporate literature which
being examined through total functioning of auditing and board committee , who are
specifically focused in changing condition of the earning management purpose within
the period (Mehra et al. 2019).
• The extensive review of global search in the scenario where directors also intensifies
the board and auditing committee is characterized in proper allocation of proxy where
the earning security through the market is associated by the investors.

Continued….
Audit Strategy
Strategy that mainly diverted to extension through literature and auditing implications are
made for revisions and mainly considered in applying efficiencies regarded to it (Aguilera,
Judge and Terjesen. 2018). Financial regulations which are mainly associated throughout
corporate governance standard in allotting principles for associating in recommendations
given to the management .

Continued….
Audit evidence
Corporate governance assist to enhance in effecting the board of directors of company by
ensuring the characteristics which mainly focus on earning practice in helping the
investors within market (Yan et al. 2018). Results which are identified by gaining support
from board of directors of company while implementing an auditing committee who
determined to conjugate governing council in accordance towards Australian Government
Council. Those are mainly involved to future endeavor in course of gradual improvement in
sort of applying and following the principles by granting all sort of recommendations
identified by auditing team (Parker, Jacobs and Schmitz. 2019).

Reference List
Yan, C., Li, B., Vorobeychik, Y., Laszka, A., Fabbri, D. and Malin, B., 2019. Database Audit
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Parker, L.D., Jacobs, K. and Schmitz, J., 2019. New public management and the rise of
public sector performance audit: Evidence from the Australian case. Accounting, Auditing
& Accountability Journal, 32(1), pp.280-306.
Aguilera, R.V., Judge, W.Q. and Terjesen, S.A., 2018. Corporate governance
deviance. Academy of Management Review, 43(1), pp.87-109.
Mehra, M.R., Uriel, N., Naka, Y., Cleveland Jr, J.C., Yuzefpolskaya, M., Salerno, C.T., Walsh,
M.N., Milano, C.A., Patel, C.B., Hutchins, S.W. and Ransom, J., 2019. A fully magnetically
levitated left ventricular assist device. New England Journal of Medicine, 380(17), pp.1618-
1627.
Sofia, I.P. and Murwaningsari, E., 2019. The Role of Corporate Diversification, Capital
Structure Determinant, And Structure of Ownership on Earning Management with
Information Asymmetry as Moderating Variable. small, 10(14).
Sue, D.W., Sue, D., Neville, H.A. and Smith, L., 2019. Counseling the culturally diverse:
Theory and practice. John Wiley & Sons.
Asx.com.au. 2019. Quoting debt securities on ASX - Australian Securities Exchange. online
Available at www.asx.com.au/listings/debt-listing.htm Accessed 10 Sep. 2019.