Holmes Institute Audit, Assurance & Compliance: Governance Analysis

This report provides a comprehensive analysis of audit assurance and compliance in the context of the Australian Stock Exchange (ASX) corporate governance principles. It begins with an executive summary highlighting the report's focus on the relationship between corporate governance and Australian accounting standards. The introduction emphasizes the importance of recommendations for company betterment, market demand identification, and the securing of governance through the eight ASX principles. The discussion section delves into each of the eight ASX corporate governance principles, detailing their implications for management, board structure, ethical decision-making, financial reporting integrity, timely disclosure, risk management, shareholder rights, and remuneration policies. The report then explores the influence of these principles on risk assessment, audit approach, audit strategy, and the gathering of audit evidence. Recommendations are provided for each principle, emphasizing the need for solid foundations, effective board structures, ethical decision-making, and safeguarding financial reporting integrity. The report concludes by summarizing the key findings and recommendations, emphasizing the importance of adopting these principles for corporate well-being and effective governance.

Running head: Audit Assurance and Compliance
Audit Assurance and Compliance
Name of the Student-
Name of the University-
Author’s note-

1Discussion
Audit Assurance and Compliance
Executive Summary
The report is focused on the following up of significant standards of relationship in corporate
governing council of Australian Stock exchange, which is inherited through several factors of
Australian accounting standard. Several types of recommendation, which are being provided in
cognition of the company in relation to the associative skills that are being imposed for the
betterment of company.
The report effectively discusses about the identification of demand in the market. Proper
identification of governance council also focuses on securing through explaining in recognition
of eight principles that being properly related in Australian Accounting Standard.
Recommendations are discussed effectively by allotting in terms of principle that is being
allotted to it. It is focused through generating likely effect in the basis of scenario focusing the
absolute solution effecting of corporate governance and recommendation that are provided for
well-being of the company. Proper sort of adoption relating in eight ASX corporate governance
principles assured in influencing structure of project; risk assessment process, audit approach,
auditing strategy, audit evidence are attributes which basically implemented in relating to
analysis structure incorporated through it.

2Discussion
Audit Assurance and Compliance
Table of Contents
Introduction......................................................................................................................................3
Discussion........................................................................................................................................3
Identification of eight types of ASX Corporate Governance......................................................3
Adoption of corporate governance............................................................................................11
Influence factor of ASX corporate governance.........................................................................15
Risk assessment process under ASX corporate governance..................................................15
Audit Approach.....................................................................................................................15
Audit Strategy........................................................................................................................15
Audit evidence.......................................................................................................................16
Conclusion.....................................................................................................................................16
Appendix........................................................................................................................................18
Reference List................................................................................................................................19

3Discussion
Audit Assurance and Compliance
Introduction
The report is emphasized on the follow up of significant resources on the relationship of
corporate governing council in Australian Stock exchange that is being highly related on the
factors of Australian accounting standard. There are certain types of recommendation that are
being provided by the cognition of the company in relation to the associative skills that are
being imposed for the betterment of the company. The report effectively discusses about the
identification of demand in the market. Proper identification of the governance council also
focuses on securing the explaining of the eight principles that is being properly related to the
Australian Accounting Standard. Recommendations are also allotted in terms of the principle
that is being allotted to it. This is focused on generating the likely effect on the scenario of
absolute solution in effect of the corporate governance and recommendation are provided for the
betterment of the company. The pure sort of adoption on the eight ASX corporate governance
principles is however assured in maintaining the influence structure of the project. Risk
assessment process, audit approach, auditing strategy, audit evidence are the attributes that are
basically implemented in conditioning with the analysis structure incorporated through it.
Discussion
Identification of eight types of ASX Corporate Governance
Principle 1 is entitled their focus on the benefit of laying a concrete foundation for management
and oversight issues.
Principle 2 is focused on creating the structure in lieu of boarding the added value in creating the
production.

4Discussion
Audit Assurance and Compliance
Principle 3 is focused in promoting proper source of ethical value and responsible
foundation in the decision-making process.
Principle 4 is focused on identifying safeguard integrity in the source of financial
reporting rendering the task associated to it.
Principle 5 is rendered to issue in making timely and undergoing with balanced sort of
disclosure of the resources which are associated to it.
Principle 6 speaks about respecting and following the risk with ensuring proper sort of
management of risk.
Principle 7 generally speaks about the recognition and implementing the proper rights
associated with the conditioning of the rights included and influenced to the shareholders of the
company.
Principle 8 is recognized with the conditioning of the generic study of the fairly process
in the context of the remuneration policy that is being adjusted with the significance of better
responsibility of the business entity.
Corporate governance is rendered as the system which is the framework of different sort
of rules, relationships, systems and other type of processes that are being indulged with the
process of authority in Australian Accounting. It is focused to encompass the different sort of
mechanism, which is being reflected by other companies in the country, by following up the
footsteps under the accounting standard. It is focused on developing the standards for meeting up
the objectives; risk assertion is also involved in monitoring and assessing the significance of the

5Discussion
Audit Assurance and Compliance
risk. After analyzing it properly, the people focuses on endorsing the theory to imply it
effectively for the betterment of the company. The efficient corporate governance structure also
helps in generating and creating better opportunities and enhancing higher values of the
employees within the company. However, by following the principle every company can
undergo with effective innovation system, accountability, exploration and also implementing the
process of effective performance associated with it.
It is focused on practicing the valuable resource by evolving through the perfect effect of
changing source of light in the emerging circumstances of the company that is basically tailored
in meeting up the development of realizing the circumstances. It also encountered within the
different sort of companies in Australia and also it is practiced in other countries where the
subsidiaries are located overseas. Each of the principle are basically explained perfectly in order
to ensure the productivity of organization who are continuously changing with evolving with the
technologies that are being associated in relating to the implementation of the organic structure.
There are certain sort of recommendations that are introduced by the Australian standard of
accounting council in context of development throughout the overall scenarios rendered into the
situation. Certain failure in corporate decision-making associated with each and every company
that they actually associated with usual transaction of ideas among all the barnstormers.
Verifying the usual concept and framework in relation to the interest of them of being set by
following the needs and requirements that is endorsed with the acknowledgement of them.
Principle 1
Laying solid foundation for management and the oversight

6Discussion
Audit Assurance and Compliance
Strategic guidance shall be recognized by the directors of the company in order to direct
the company with effective strategy on focusing the management technique. Solid structure is
required to be implemented by the company so that it will not submerge very easily whereas they
will fight hard with the generic structure of the company and after following with the effective
concept in order to facilitate the board of directors by helping out with proper data about the
currents scenario of the company.
Recommendations
Boards are required to adopt the formal statement of the matters that are indulged with
the generic reserve that are enacted by them in providing such responsibilities with issuing
different sort of formal statements. It is also recommended that division of responsibility shall be
disclosed by helping them out with the proper3 affected designed by the corporate decisions
incorporated to make them understandable with reporting by proper mentioned data in apportion
to it. The responsibility assorted through the specific scenario representation aligned with
apportion ate data in lieu of the independent data in making them understandable according to
the needs of the company. Different divisions of the business are structured to segregate tradition
and corporate thoughts within the company. One thing is made clear that anything practiced by
the company is just because of generating the greatness of it.
Principle 2
Structuring the board to add value
Companies are having a board which is an effective composition, size and appropriate
commitment in order to discharging the responsibility and the duties very effectively. It is

7Discussion
Audit Assurance and Compliance
described as one of the facility that is caused in effect of the discharging duties with in
accordance to the particular feedback of the type of competency which is focused to deal with
the emerging issues that are focused in the solution by rendering the current scenario in the
business house. It also exercises independent judgment which is very useful in making balance
of the feedback coming towards the functional judgment of the organization. It maintains
enhanced and generic performance of the organization very effectively. It is done in order to
secure the administration functioning smoothly and focusing on the secured service of
rectification by statement to follow the resourceful optimum output incurred by the company.
Lastly, structure is maintained in order to review the performance of the management to secure
proper apportion of duties and responsibility in accordance to effective solution of the business
function (Campbell et al. 2019). Challenges faced by the organization are rendered in the process
to acknowledge the benefit by restructuring formats generated by them.
Recommendations
All the directors are required to bring out the independent judgment whether they are
accorded as independent directors or whether they are basically normal directors. This is required
in accordance for benefitting the company to undertake decisions quite effectively. It is
recommended that there is requirement where the board of directors must have the access in
terms of generating professional advice by them for the development of the company (Blunden et
al. 2018). However, non-executive directors shall also consider benefits of the company by
undergoing with conferring ability without the present of the management that is particularly
scheduled at all sessions. Relationships which might be effecting the independent status are
scheduled as the functioning set up for the associative study where directors are considered as
the board which is mainly identified as the independent in the source of corporate governance. It

8Discussion
Audit Assurance and Compliance
is also signified with the resourceful of annual report statement that is being accorded by them
with existence of the relationship that is disclosed with the cause of existence in the form of
important materiality. The role of chair for regaining the association of curtaining the value of
power, efficiency is needed in generating value in organization where they must be able to
conduct the functioning of board of directors. It shall also facilitate the contribution scope to
perform the directorate and constructive relations between the board and management (Coghlan.
2019). The role of chair accumulating in the value of demand to take significance in the context
of absorbing of time and it also generates effective value in considering the role of authenticity.
Principle 3
Ethical and responsible decision-making
Focused to make ethical and responsible decision-making where companies do not
comply with legal obligations. It also consider all sort of reasonable expectation identifying with
stakeholders but also including customer, suppliers, creditors, consumers, suppliers, creditors
and many others (Coombs and Laufer. 2018). Clarity of maintaining the standards with holding
the concept of circumstances in identifying for demonstrating the appropriate corporate practices
and also decision making (Kieso, Weygandt and Warfield. 2019).
Recommendations
Practices which are necessary for maintaining confidence in the integrity of company. It
is also developed in maintaining the account for maintaining legal obligations and reasonable
stakeholders.
Principle 4

9Discussion
Audit Assurance and Compliance
Safeguarding the integrity in the reporting and also promoting the structure where
safeguarding is practiced of their financial reporting. The structure of maintaining the formation
of the report in association with conception through the company implementation is absolutely
practiced perfectly (Blazevic, Reypens and Lievens. 2019). Consideration of the review
technique is practiced perfectly in this principal where external auditors are considered as the
most competent usage in the allocation of the auditors.
Recommendations
It can be recommended that auditor committee must posses with efficient charters in their
firms who are disclosed as the most literate person in the company with understanding of the
financial statements very effectively (Morana and Sbrana, 2018). Qualifications and experience
underwent through the selective professional attire is segmented by the accounting matters.
Chartered are advised to undergo with proper roles and responsibility and also maintaining the
procedure in order to attend the meetings with complying both the internal and external
conditions without considering the management issues.
Principle 5
Make timely and making balance with disclosure
Companies are focused in producing mechanism whereby designing the compliance with
the rule and procedure that is being underwent with the system. All the investors are associated
with the investors being very much secure in order to access the materialistic information.
Financial position, performance and ownership with proper governance is also functioned by
them to reduce the negative information (Hay et al. 2017).

10Discussion
Audit Assurance and Compliance
Recommendation
Companies are recommended with writing the policies which is designed in ensuring
accountability version of senior executive level for the disclosure of different sort of policies of
maintaining summaries. It is also recommended that authorization and processes for designing
the conceptual in company announcement.
Principal 6
Respecting the rights of shares
Companies are entitled to respect the right of the shares by empowering the shareholders
in communicating effectively with the team (Friston. 2019). Readily access in cause of balancing
figure by encouraging shareholders in order, promoting effort in business association with what
actually happening in market.
Recommendation
Electronic communication within the company is focused to inherit perfectly for
obtaining the substantial process with referring the shareholders. Website must be maintained by
the company in order to encourage the clients within the electronic methods that is very crucial
for them to collect the relevant information that are available in website. E-mail shall be
practiced by them to focus on the website formulation offered by them which helps to maintain
the contact with clients effectively.

11Discussion
Audit Assurance and Compliance
Principal 8
Remunerate fairly and responsibly
The composition of remuneration and also ensuring the level of compliance with
imposing the sufficient skills with reasonable performance that is focused in relationship which
is very clear. Enabling to the process of creating a better transition for the employees which
effects to ensure that these are the embracing situations that brings work motivation for the
employees of the company (Stivers et al. 2018). Ultimate responsibility that is being shared
among all the employees is rendered through the genuine process of updating in business
function.
Recommendation
Remuneration policy is designed to maintain policy in such way that is recommended in
motivating to undergo with the long-term growth and the success of the company. It also helps to
demonstrate a clear stats relationship between the executives of the business with considering the
payment and performance attribute.
Adoption of corporate governance
Principal 1
Strategic guidance is recognized through the directors of company where it directs
company by effective strategy in focusing on management technique (Cao et al. 2019). Proper
structure required to implement by company which will not go down easily whereas they will
fight with generic structure of company and after following the effective concept in focus to

12Discussion
Audit Assurance and Compliance
facilitate their board of directors by helping with proper data on the currents scenario of
organization.
Recommendations
Boards are required in adopting formal statement of matters which indulged with generic
reserve that enacted by them for providing much responsibilities by issuing different sort of
formal statements (Hay et al. 2017). It also recommends that division in responsibility shall be
disclosed through helping them out by properly affected designed in order to corporate decisions
incorporated by making them understandable through reporting in properly mentioned data in
apportion to it. The responsibility that is assorted through the specific scenario representation
associated with apportion of data in reason of independent data for making them understandable
in accordance to needs of the company. Different divisions of business structured in segregating
tradition and corporate thoughts within company (Swastik. 2013). Things are made clear on
anything practiced by company is because of generating betterment through it.
Principal 2
Companies has board meeting in discussing in maintaining effective composition, size
and appropriate commitment in order to discharge responsibility and duties effectively. It is
described in one of facility that is caused in effect of discharging duties with accordance to
particular feedback of the type in competency that is focused in dealing with emerging issues
that are focused in solution by rendering current scenario in business house (Shuen. 2018). It also

13Discussion
Audit Assurance and Compliance
maintains independent judgment which is usually very useful in making equality of feedback
coming towards functional judgment of organization. It maintains enhancing and generic
performance of organization effectively. It is done in order to secure administration functioning
easily and focuses on securing services in rectification by statement to follow resources of
optimum output incurred through the company. At last, structure maintained in focusing the
review of performance in management and securing proper utility in duty and responsibilities for
accordance in effective solution to the business function (Anderson and McLean. 2018).
Challenges faced by the organization are rendered in process for acknowledging the benefit
through restructuring formats that is generated by managers.
Recommendation
All directors required bringing out the independent judgment by them; they are accorded
as independent directors whereas they are basically normal directors. It is required in accordance
for benefitting company in order to undertake decisions quite efficiently. It is recommended that
there are requirement where board of directors must have access in order to generating
professional advice to them for development of company. However, non-executive directors also
consider benefits of company by undergoing with conferring ability without present of
management that particularly scheduled in all sessions (Setiawati and Kusmanto. 2018).
Relationships which is effected by the independent status scheduled as functioning set up for
associative study where directors are considered as board which is mainly identified as
independent in source of corporate governance. It is signified with resourceful of annual report
statement that being accorded by them with existence of relationship is disclosed with cause of
existence in form of important materiality (Stivers et al. 2018). The role of chairperson for
regaining association of curtaining value of power, efficiency is needed in generating value to

14Discussion
Audit Assurance and Compliance
organization where it must be able to conducting functions of board through directors. It shall
also facilitate contribution scope to perform directorate and constructive relations between board
and management. The role of chair accumulating in value of demand to take significance in
contenting of absorbing time and it generates effective value for consideration in role of
authenticity.
Principle 3
It is focused in making ethical and responsible decision-making where companies cannot
comply legal obligations. It consider different sort of reasonable expectation by identifying with
stakeholders and also including customer, suppliers, creditors, consumers, creditors and also
many sort of others attributes. Clarity in maintaining standards by holding conceptual of
circumstances in case of identifying the demonstrating in terms of appropriate corporate
practices and decision making concepts.
Recommendations
Practices are done in which it is necessary for generating confidence in the case of
integrity within the company. It is developed for maintaining account in maintaining legal
attributes and also the reasonable stakeholders.

15Discussion
Audit Assurance and Compliance
Influence factor of ASX corporate governance
Risk assessment process under ASX corporate governance
It is the process that is being analyzed into this risk management procedure, which is
mainly being effected with global crisis through financial implications exposed in the company.
There are different sort of commercial drivers associated with the effect of newly implied
segmentation of the procedure of company (Gay and Simnett. 2017). There are never
experienced optimal that is practiced within the corporate structure in Australian accountancy.
The institutional investors that are analyze with the functional pointed questions into the market,
it also focuses on the volatility of the market. The liability association in the accounting structure
which the officers and the directors of the company structure are providing with proper assurance
for benefitting the marketers.
Audit Approach
It is basically the purpose that is associated with the association to contribute in the
corporate literature which is being examined through the total effect of auditing and board
committee who are focused to change the condition of earning management purpose through the
period. The extensive review of the global search of the conditioning though directors and also
conditioning the board and auditing committee that is characterized with proper allocation in
proxy of the earning security though the market by the associative businesspersons
(cpaaustralia.com.au).
Audit Strategy
Strategy, which is mainly diverted to the extension through literature and auditing
implications, are also made in order for the revisions that are mainly considered to apply the

16Discussion
Audit Assurance and Compliance
efficiencies associated to it. The financial regulations which are mainly signified throughout the
corporate governance standard for allotting the principles in sort of associating in
recommendations.
Audit evidence
The corporate governance helps to assort the effect in board of directors of the company
for ensuring characteristics that are mainly focused on the earning practice for helping the
investor sin the market. Results that are identified with gaining support from the board of
directors of the company by implementing an auditing committee who are determined to
conjugate governing council in accordance to the Australian Government Council. Who are
mainly directed to the future endeavor in the course of gradual improvement in terms of applying
and following principles with granting all the recommendations identified by the auditing team.

17Discussion
Audit Assurance and Compliance
Conclusion
It can be concluded from the above report that accounting review considered generated
form the accounting standard focused in Australian coediting. It helps us to identify the possible
corporate governance council and the eight types of attributes which are mainly proceed in
reviewing of the likely effect received from the normal people. Generally, it also helps to
identify the recommendations associated from the market in effect of the standards selected
through it. The complete after-effect of the financial council is also identified for the benefit of
the company. Recommendations are also easily accessible in terms of the corporate governance.
However, risk assessment process with auditing approach, auditing strategy and the audit
evidence are mainly helpful to analyze by concluding the adoption after ASX corporate
governance have implied successfully.

18Discussion
Audit Assurance and Compliance
Appendix
Debt securities asset classification obtained with the diagram configured in ASX category.

19Discussion
Audit Assurance and Compliance
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20Discussion
Audit Assurance and Compliance
Friston, K., 2019. A free energy principle for a particular physics. arXiv preprint
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21Discussion
Audit Assurance and Compliance
Swastika, D.L.T., 2013. Corporate governance, firm size, and earning management: Evidence in
Indonesia stock exchange. Journal of Business and Management, 10(4), pp.77-82.