Discuss about the Mechanism Of Audit As Well As Compliance Of A Organization.
Base for management and oversight
The board of directors at Telstra is accountable for supervision industry for Telstra, and is liable for the stakeholders for carrying out that part (Williams, Bingham & Shimeld, (2015). additionally to the issues the director Board is needed by law for approving the key accountabilities of the Board, that comprise:
The composition of Board Committee is measured by the “Board and Nomination Committee” and ensures that it is according to the with the outline that is set out Charter and is done according to the processes executed by the Board. They support and identify the zones of focus and maintains a proper mix in their participation. The Board employs a skills matrix that is on a regular basis verified by the Board. The skills matrix of the Board sets out the experience mix, expertise and skill, currently the Board has and is seeking to accomplish in its membership. Its construction mirrors the areas that are particularly significant to the three strategy pillar that consist of delivering the excellent experience of the customer, drive value and growth from the core and build new growth businesses close to the core. They areas of general relevance to the alignment of the Board.
The company of Telstra have five values. The values represents their position and are the core ethical principle of the business. Being a values-led firm, the company focuses on the decisions and actions of the people by guiding them how to work together. There exist a proper alignment in all the activities with the set out ethics. The structure of Code of Conduct and policy signifies the values of Telstra. The business promises to good corporate governance, business practice that are responsible to the workforce and the customers. They also provide the framework through which there is a suitable maintenance in compliance with the lawful obligations as set in the report.
During outlining the process and the responsibilities of approval of the declaration ASX that includes where there is a required approval of the Board with regard to its declarations that relate to matters that are within the reserved Board power.It is the role of the CEO, CFO and Continuous Disclosure Committee in relation to disclosure matters. The aims of the company is to make sure that they give the different stakeholders including, investors, shareholders and the financial community with proper and timely information while making sure the obligations of statutory reporting under the Corporations Act and the Rules of ASX List (Pratheepkanth, Hettihewa & Wright, 2016) The market disclosure policies and practices of the company are updated and reviewed regularly. The organisation provides various advance notification of substantial group briefings, like the results announcements, and make them widely available through the use of webcasting and placing all declarements made to the market.
The Corporate governance and reporting structure plays an integral role in supporting the organization and ensuring the strategy (Wells, Moyeen & Ingley, 2016,). It provides the outline through which the business and strategic goals are established, performance is supervised, and the risks that have been controlled. There is a proper standard for accountability as well as decision making and provides guidance on the standards of behaviour that are expected from each other. In the 2017 Corporate Governance Statement there is the description of the key governance arrangements and practices. The company complies with the third edition of the Council for ASX Corporate Governance’s Corporate Governance Principles and Recommendations (ASX Recommendations), which is replicated in this Statement Corporate Governance (Safari, 2017).
The company facilitates a direct, two-way dialogue with the investors and stakeholders. It is necessary that there is significant information given as efficiently and quickly as possible to shareholders after recognising the significance of meeting the constant disclosure and other legal responsibilities to the market (Williams, 2017). The company understands their respond and perspectives to their feedback. There are a set of initiatives in place to promote communication that is effective with the investors and shareholders, and to encourage involvement at the shareholder meetings
The company’s risk management structure is implemented, designed and reviewed with the accountability model of ‘three lines of defence’, that includes the following:
In the company the core components of the company’s framework is the risk management process that enables identification, monitoring and reporting of risks for achieving of the plans and objectives (Pearson, 2016) The process of risk management is inclusive of all types of risks from internal and external sources, including strategic, operational, financial and regulatory, as well as economic, environmental and social sustainability risks.
Fair and responsible way of structuring remuneration
There exist a remuneration committee that gives assistance to the Board with the following relating to:
Overview of the nature of the company
Telstra is largest telecommunications business in Australia. Telstra Corporation is an media and telecommunications company in Australia that operates as well as facilitates networks of telecommunications, mobile, access to internet, markets voice, pay television and other entertainment services along with products (Hanrahan & Bednall, 2015).
Regulation of client
The clients are regulated by the subordinates and managements who are employed by the board of directors.
Market Overview
The market share of the Telstra is 90%. The company focuses of on differentiated and cost advantage products for reaching the competitive advantage (Fox, 2014). Its main strategy is to retain the sustainability of the resources with smart technology and personified service.
Balance sheet and Income statement ratio calculation
Analysis of Common size statement-horizontal analysis
The various steps to reduce the risk in the company are as follows:
References
Adams, M., Borsellino, G., & Young, A. (2017). Chartered secretary: Leading from the top: The missing piece in nurturing good corporate culture?. Governance Directions, 69(4), 203.
Fox, J. (2014). ASX Corporate Governance Council review of’Corporate governance principles and recommendations’. Governance Directions, 66(3), 142.
Hanrahan, P., & Bednall, T. (2015). Independence of directors affiliated with substantial shareholders: issues of law and corporate governance. COMPANY & SEC. LJ, 33, 239.
Pearson, G. (2016). Failure in corporate governance: financial planning and greed. Handbook on Corporate Governance in Financial Institutions, 185
Poulton, E., Barnes, L., & Clarke, F. (2017). The labyrinth of international governance codes: The quest for harmonization. The Journal of Developing Areas, 51(3), 425-435.
Pratheepkanth, P., Hettihewa, S., & Wright, C. S. (2016). Corporate governance and financial performance: The case of Australia and Sri Lanka. Corporate Governance, 7(1), 1-12.
Psaros, J., & Seamer, M. (2015). Ranking Corporate Governance of Australia’s Top Companies: A Decade On. Australian Accounting Review, 25(4), 405-412.
Qu, X., Percy, M., Stewart, J., & Hu, F. (2016). Executive stock option vesting conditions, corporate governance and CEO attributes: evidence from Australia. Accounting & Finance
Safari, M. (2017). Board and audit committee effectiveness in the post-ASX Corporate Governance Principles and Recommendations era. Managerial Finance, 43(10), 1137-1151.
Wells, P., Moyeen, A., & Ingley, C. (2016, April). Independent Directors: Experience and Value in Contrasting Economic Contexts. In International Conference on Management, Leadership & Governance (p. 383). Academic Conferences International Limited.
Williams, B. R. (2017). Disability in the Australian workplace: corporate governance or CSR issue?. Equality, Diversity and Inclusion: An International Journal, 36(3), 206-221.
Williams, B. R., Bingham, S., & Shimeld, S. (2015). Corporate governance, the GFC and independent directors. Managerial Auditing Journal, 30(4/5), 324-346.
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