HI6026 - Audit Assurance And Compliance - Auditors And Corporate Governance - Auditing Assessment Answer

HI6026 Audit Assurance And Compliance Auditors And Corporate Governance Auditing Assessment Answer

Assessment Task:

Purpose

Students are required to research the ASX Corporate Governance Principles and Recommendations and discuss how adoption of each ASX Corporate Governance principle, by the client company, will affect the auditor’s risk assessment process, the audit approach, the audit strategy and audit evidence.

This assignment aims to enhance students’ critical thinking skills and higher order application abilities by researching the ASX Corporate Governance principles. Students will need to evaluate what the likely implications are for the au

Learning Outcomes:

1. Demonstrate an understanding of the auditor's professional, legal and ethical responsibilities to their clients and third parties

2. Understand the audit planning procedures, evaluate the business risk and assess the internal control 

3. Prepare auditing procedures for transactions and balances by conducting control and substantive tests 

Assignment Topic – Auditors and Corporate Governance

Read the following extract from the Australian Accounting Review (AAR), which is a well-known and influential Accounting journal. As stated:

“Corporate governance is of growing importance in Australia, New Zealand and all over the world. Corporate governance interacts with auditing and it is useful to understand how corporate governance and auditing affect companies.”

Questions:

With reference to the “ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations”:

• Identify and explain each of the eight ASX Corporate Governance principles and recommendations
• Briefly explain what the likely effect of full adoption of each corporate governance principle and recommendation will have for the company
• Explain how full adoption of the eight ASX Corporate Governance principles is likely to influence:

o Risk assessment process

o Audit approach

o Audit strategy

o Audit evidence

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