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Download A Company Annual Report Which Is Listed In ASX(Australian Securities Exchange) And Must Be Present In ASX S&P 300 Index, Along With This Annual Report, Student Should Download Corporate Statement Of Same Company.

HI6026 - Audit, Assurance and Compliance

Assessment item 1 — Individual Assignment

Due date: 11.00pm Friday Week 6

Weighting: 20%

Research Assessment:

Download a company annual report which is listed in ASX and must be present in

ASX S&P 300 index, along with this annual report, student should download

corporate statement of same company.

Structure of your research report:

1. Executive Summary of the assessment

2. Focus in each headline the implication of ASX Corporate Governance Principles

from your selected company (reference link B). Conceptualize and explain how to

your selected company implements ASX CGC principles (read carefully from

reference link A.3 and A.4 to follow)

3. Risk assessment (When performing an audit, you use risk assessment procedures

to assess the risk that material misstatement exists. This step is very important

because the whole point of a financial statement audit is finding out if the financial

statements are materially correct. How exactly do you assess audit risk?) There are

various steps of risk assessment procedures, but your report will focus mainly:

Recognizing the nature of the company, what’s the company’s market

overview? Who (if anyone) regulates the client? What’s the company’s business

strategy? Computation of income statement and balance sheet ratio, and

Development of common-size financial statements and focus on relevant audit risk

and potential steps to reduce risk (reference link C).

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2

Additional Resources Reference link:

A.

1.https://www.asx.com.au/regulation/corporate-governance-council.htm

2.https://www.asx.com.au/documents/asx-compliance/cgc-principles-and-recom

mendations-3rd-edn.pdf

3.http://www.orionequities.com.au/sites/default/files/20171018%20OEQ%20ASX

%20Corporate%20Governance%20Statement%20-%202017.pdf

4.https://www.transurban.com.au/content/dam/transurban-pdfs/02/corporate-g

overnance/Corporate_Governance_Statement.pdf

B. ASX CGS Principles:

The Principles and Recommendations are structured around, and seek to promote, 8

central principles:

1. Lay solid foundations for management and oversight: Your selected company

should establish and disclose the respective roles and responsibilities of its board

and management and how their performance is monitored and evaluated.

2. Structure the board to add value: Your selected company should have a board of

an appropriate size, composition, skills and commitment to enable it to discharge its

duties effectively.

3. Act ethically and responsibly: Your selected company should act ethically and

responsibly.

4. Safeguard integrity in corporate reporting: Your selected company should have

formal and rigorous processes that independently verify and safeguard the integrity

of its corporate reporting.

5. Make timely and balanced disclosure: Your selected company should make timely

and balanced disclosure of all matters concerning it that a reasonable person would

expect to have a material effect on the price or value of its securities.

6. Respect the rights of security holders: Your selected company should respect the

rights of its security holders by providing them with appropriate information and

facilities to allow them to exercise those rights effectively.

https://www.asx.com.au/regulation/corporate-governance-council.htm
https://www.asx.com.au/documents/asx-compliance/cgc-principles-and-recommendations-3rd-edn.pdf
https://www.asx.com.au/documents/asx-compliance/cgc-principles-and-recommendations-3rd-edn.pdf
http://www.orionequities.com.au/sites/default/files/20171018%20OEQ%20ASX%20Corporate%20Governance%20Statement%20-%202017.pdf
http://www.orionequities.com.au/sites/default/files/20171018%20OEQ%20ASX%20Corporate%20Governance%20Statement%20-%202017.pdf
https://www.transurban.com.au/content/dam/transurban-pdfs/02/corporate-governance/Corporate_Governance_Statement.pdf
https://www.transurban.com.au/content/dam/transurban-pdfs/02/corporate-governance/Corporate_Governance_Statement.pdf
3

3

7. Recognise and manage risk: Your selected company should establish a sound risk

management framework and periodically review the effectiveness of that

framework.

8. Remunerate fairly and responsibly: Your selected company should pay director

remuneration sufficient to attract and retain high quality directors and design its

executive remuneration to attract, retain and motivate high quality senior executives

and to align their interests with the creation of value for security holders

C. Risk Assessment

1. http://www.auasb.gov.au/admin/file/content102/c3/ASA_520_27-10-09.pdf

2. Assessing Risk with Analytical Procedures: Do Systems-Thinking Tools Help

Auditors Focus on Diagnostic Patterns?O'Donnell, Ed; Perkins, Jon D. Auditing;

Sarasota Vol. 30, Issue. 4, (Nov 2011): 273-283.

3.https://auditinghelp.com/identifying-and-assessing-the-risks-of-material-misstate

ment-through-understanding-the-entity-and-its-environment-13914

4.http://accounting-financial-tax.com/2010/04/the-use-of-analytical-procedures-in-

auditing/

Marks Allocation:

1. Executive Summary - 2 marks

2. Body of the report (ASX CGS Principles -8 marks and Risk Assessment Procedures-

8 marks)

3. Reference list, in-text citation - 2 marks

http://www.auasb.gov.au/admin/file/content102/c3/ASA_520_27-10-09.pdf
https://search-proquest-com.ezproxy1.library.usyd.edu.au/indexinglinkhandler/sng/au/O$27Donnell,+Ed/$N?accountid=14757
https://search-proquest-com.ezproxy1.library.usyd.edu.au/indexinglinkhandler/sng/au/Perkins,+Jon+D/$N?accountid=14757
https://search-proquest-com.ezproxy1.library.usyd.edu.au/pubidlinkhandler/sng/pubtitle/Auditing/$N/31718/PagePdf/1022629484/fulltextPDF/357E09D2CC694572PQ/1?accountid=14757
https://search-proquest-com.ezproxy1.library.usyd.edu.au/indexingvolumeissuelinkhandler/31718/Auditing/02011Y11Y01$23Nov+2011$3b++Vol.+30+$284$29/30/4?accountid=14757
https://auditinghelp.com/identifying-and-assessing-the-risks-of-material-misstatement-through-understanding-the-entity-and-its-environment-13914
https://auditinghelp.com/identifying-and-assessing-the-risks-of-material-misstatement-through-understanding-the-entity-and-its-environment-13914
http://accounting-financial-tax.com/2010/04/the-use-of-analytical-procedures-in-auditing/
http://accounting-financial-tax.com/2010/04/the-use-of-analytical-procedures-in-auditing/