International Archival Assurance Research -Myassignmenthelp.Com

Question: Discuss About The International Archival Assurance Research? Answer: Introduction According to the annual report of Woolworths Limited in 2017, it has been identified that effective corporate governance is critical to the approach of the operations in building long-term value of the shareholders. In order to ensure effective corporate governance, the organisation has formed a board that comprises of diverse range of skills, backgrounds and experience to improve the decision-making process of the organisation (Leung et al., 2014).Along with this, it has shown its commitments to targets for involvement with the communities, customers, supply chain and people to minimise the environmental impact of the business operations (Soh Martinov-Bennie, 2015). The corporate governance section of the annual report could be found in Page 26 of the annual report of the organisation. Woolworths has formed an effective audit committee, which could be found in page 12 of its annual report. The organisation has five members in its risk management and audit committee and one chairperson. The members used to attend all the meetings and they are all qualified and experienced due to its accurate composition. The focus of the audit committee is on integrity and derivative valuation models, key future assumptions like discount rate and future price and enforcement of contract terms. According to the annual report of Woolworths Limited, the audit committee joins internal management, shareholders and the external management. There are some responsibilities of this committee like the nomination of an effective external auditor expressing materiality and fairness of the audit report. Hence, the availability of audit committee is beneficial to the auditor, society and the overall organisation (Simnett, Carson Vanstraelen, 2016). References: Byrnes, P. E., Al-Awadhi, C. A., Gullvist, B., Brown-Liburd, H., Teeter, C. R., Warren Jr, J. D., Vasarhelyi, M. (2015). Evolution of auditing: From the traditional approach to the future audit.Audit Analytics,71. Farewell, S., Pinsker, R. (2015). Does Assurance on XBRLDerived Financial Statements Impact the Decisions of Nonprofessional Investors?.Management Accounting Quarterly,16(3). Knechel, W. R., Salterio, S. E. (2016).Auditing: Assurance and risk. Taylor Francis. Leung, P., Coram, P., Cooper, B. J., Richardson, P. (2014).Modern Auditing and Assurance Services 6e. Wiley. Simnett, R., Carson, E., Vanstraelen, A. (2016). International archival auditing and assurance research: Trends, methodological issues, and opportunities.Auditing: A Journal of Practice Theory,35(3), 1-32. Soh, D. S., Martinov-Bennie, N. (2015). Internal auditors perceptions of their role in environmental, social and governance assurance and consulting.Managerial Auditing Journal,30(1), 80-111. William Jr, M., Glover, S., Prawitt, D. (2016).Auditing and assurance services: A systematic approach. McGraw-Hill Education. Woolworthsgroup.com.au. (2018). Retrieved 30 January 2018, from https://www.woolworthsgroup.com.au/icms_docs/188795_annual-report-2017.pdf