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HI6026-Audit, Assurance and Compliance

Question

Answered

Purpose 

This assignment aims to enhance students’ critical thinking skills and higher order application abilities by researching what the key factors are which create the Demand for Corporate Governance and Audit Committee. Students will also need to consider the benefits of assurance services to key stakeholders including: Shareholders, Directors, Creditors, Suppliers, Customers, Regulators and potential investors. 

Requirement

(a) “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 what  is the role of an audit committee in ensuring the integrity and transparency of corporate reporting? Is  an audit committee mandatory in Australia? 

(b)  What do the ASX Corporate Governance Principles say about having an internal audit function? 

(c) Baxby Fashion Ltd is a long-established Australian company, based in Brisbane that manufactures  office cloths. Started in 1995 as a family-owned business, it expanded rapidly with branches around  Australia and was listed on the Australian Securities Exchange (ASX) in 2000. The governance structure  of Baxby Fashion includes seven directors, four of whom are executive directors and three of whom  are non-executive directors. The four executive directors are Sue Berry (CEO), Gordon Dawn (CFO),  Neal Arthur (marketing director) and Bluberry Richard (chief information officer). The three non executive directors are Rogers Burrit (who joined the board in 2013 as the independent chair), Lucy  Brian (a widely recognised furniture designer) and Tully McDonald (a solicitor who has been on the  board since Baxby Fashion was listed). The Baxby Fashion board has three subcommittees:  remuneration, nomination and audit. The audit committee consists of Tully McDonald (chair), Bluberry  Richard and Lucy Brian. Provide three compliance concerns with the current structure of the audit  committee, according to the ASX’s Corporate Governance Principles and Recommendations. Explain  your answers. 

(d) From 2014, Baxby Fashion Ltd, which recently listed on the ASX, was established by Tully McDonald to  provide high-quality fashion products based on the latest trends at reasonable prices. At the June 2018  board meeting, Tully McDonald, who is currently the chair, advised the rest of the board that he had  just signed an agreement to set up and run fashion-watch kiosks in large department stores, in a major  venture with Colette Hayman Handbags, a fashion handbag manufacturer. The board was stunned  that this was the first that they had heard of the venture, and the CFO, Gordon Dawn, expressed  concern that they had no experience of this type of operation and that they knew nothing about  Colette Hayman Handbags. However, Tully said that it was a ‘done deal’ and that he was confident of  its success. He said he was very impressed with Mark Hayman from Colette Handbags, with whom he  had held several meetings to discuss the project, and that he expected future sales arising from the  venture to be significant. Identify two key ASX Corporate Governance Council principles that have  been breached and explain how Tully has breached them. 

HI6026-Audit, Assurance and Compliance

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