HI6026 Audit Assurance and Compliance

Studentswill have to research relevant academic literature,including related organisation websites and write in-text citations in this assignment. Additionally, they will demonstrate understanding and critical evaluation of theAustralian financial governance reporting environment and its current regulatory framework, and recommend future directions to the Australian governance principles reporting regulators.Required Task:
Part A: Analytical Procedure Obtain a copy of a recent annual report (2019) from ASX Top 300listed companies list (most companies maketheir annual reports available on their website). Perform analytical procedures of the Statement of Financial Positionand of Financia lPerformance over the twoyears (2018 and 2019r selected company and How does this affect your assessment of materiality, detection risk and overall auditRisk? Providea brief explanation in the report. This should be presented in a tableformat.
PartB:Audit Committee Effectiveness1.“Audit committees do not prepare financial reports, nor do they conduct audits. But they have an essential role to play in ensuring the integrity and transparency of corporate reporting”. Explain this statement? Who should be members of the Audit Committee? Is there an association between Audit committee effectiveness and audit quality after IFRS adoption? 2.Explain your selected company’s (same selected company from part A) and prepare the following responses about the application ofaudit committee effectiveness recommended by ASX Corporate GovernanceCouncil (CGC)principlesusingCorporateGovernancePrinciplesandRecommendations(4thEdition)wasreleasedon27February2019?)i.Members of the audit committee meet all applicable independence requirements.ii.The audit committee demonstrates appropriate industry knowledge and includes a diversity of experiences and backgrounds.iii.Audit committee members have the appropriate qualifications to meet the objectives of the audit committee ‘s charter, including appropriate financial literacy.iv.Discuss about audit committee size and members profile. v.Discuss about meeting arranged by audit committee chairman and whether member participate actively?vi.The audit committee monitors compliance with corporate governance regulations and guidelines

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