Auditing & Assurance for Corporate Governance - MyAssignmenthelp

Question: Discuss about theAuditing Assurancefor Corporate Governance. Answer: Process Related to Corporate Governance Woolworths Limited has a process that can be related to corporate governance. Essentially, this information on corporate governance of the corporation can be acquired from the shareholder information and corporate governance statement mentioned in the annual report of the firm. In addition to this, an identical copy of the statement of corporate governance can be presented in the official website of Woolworths Limited. This section presents history of dividend disbursed, substantial shareholders, unquoted equity securities, info on annual general meeting, pay-out of final dividend. In addition to this, the process associated to corporate governance mentioned in the corporate governance statement also bears mention as regards dividend reinvestment plan, listings on the stock exchange, different American Depository receipts and corporate governance declaration (Arens et al. 2012). Furthermore, this section also presents thoroughly the total number of shareholders, specific distribution of equity securities a list of top 20 largest shareholders. Audit Committee Woolworths Limited has an audit, risk as well as compliance committee. Analysis of the annual report of the firm reveals the fact that the audit committee of the firm consists of committee of all the board of directors who is essentially accountable for overseeing particularly financial reporting procedure, selection of specifically independent assessor, receipt of audit outcomes both internal as well as external. Again, the members of the audit committee of the firm Woolworths Limited that is essentially the composition of then committee is essentially a functioning committee of the board of directors of Woolworths limited. Essentially, members of this particular committee are drawn from the members of the firms board of directors along with a chairperson who is selected from the members of the committee. Therefore, it can be said that Woolworths Limited has a perfect blend of members in the audit committee along with an independent audit partner. In addition to this, the company Wo olworths Limited also has an independent audit partner that is Deloitte that presents declaration regarding independence of the auditor (Woolworthsgroup.com.au 2017). According to section 307 C of specifically Corporations Act of the year 2001, audit partner Deloitte presented the declaration of independence. The independent auditor also presents a report that states the responsibility of assessors and additionally presents the opinions of the audit partner. Opinion Regarding Benefits of an Audit Committee The audit committee helps in overseeing process of financial reporting along with processes of disclosures (Elder et al. 2011). In addition to this, the audit committee formed within a publicly listed corporation can also help in monitoring different choices of accounting standards, policies as well as principles. This in turn helps in maintenance of compliance with the accounting standard that the company needs to adhere to for presentation of the financial declarations of the corporation. Addition to this, the presence of the audit committee also helps in the overseeing the entire process of hiring, particular performance along with independence of different external assessors (William Jr 2016). Furthermore, this audit committee also aids in maintenance of regulatory compliance, ethics and many others, supervising different processes of internal control, supervising performance of internal audit operations along with risks management policies and exercises of management. In essence , this helps in enhancement of the functionalities of operations of the firm and consequently the society in which the business operates. References Arens, A.A., Elder, R.J. and Mark, B., 2012.Auditing and assurance services: an integrated approach. Boston: Prentice Hall. Elder, R.J., Beasley, M.S. and Arens, A.A., 2011.Auditing and Assurance services. Pearson Higher Ed. William Jr, M., Glover, S. and Prawitt, D., 2016.Auditing and assurance services: A systematic approach. McGraw-Hill Education. Woolworthsgroup.com.au, 2017. [online] Available at: https://www.woolworthsgroup.com.au/icms_docs/185865_annual-report-2016.pdf [Accessed 19 May 2017].