Audit and Assurance Services CIMIC Audit

Question: Describe about the Audit and Assurance Services for CIMIC Audit. Answer: Discussing the potential impact of SWOT analysis on CIMIC audit at financial report levels CIMIC Group Limited Board is majorly responsible to key shareholders for long-term performance of the business entities. It helps in assessing with the implementation for achieving highest standards of corporate governance. It is in aligning with respect for Group affairs (Simnett, Carson and Vanstraelen 2016). This actually assists Board members for discharging roles as well as responsibilities as adopted by CIMIC Group. It mainly adopts governance framework for rendering delegation of functions for Board Committees as well as Senior Management. CIMIC Audit conducts internal audit functions as well as integrity of process (Simnett, Carson and Vanstraelen 2016). On the contrary, effectiveness of risk management systems in aligning with management of material risks CIMIC Group main mission is generating sustainable returns to potential shareholders for delivering projects (Simnett, Carson and Vanstraelen 2016). It is beneficial for potential clients that provide safe as well as rewarding careers for people. The main mission supports four principles in guiding actions for carrying out unified bond in and across operational activities. The main purpose of the Audit Committee is supporting Board task for continuous monitoring the performance of Group (Junior, Best and Cotter 2014). It is in compliance with applicable laws as well as regulations in the most appropriate way. CIMIC Audit Strength in assisting Board for oversees for integrity of financial reports as well as statements. In addition, effectiveness for internal financial control systems for future analysis purpose CIMIC Board Committee oversees for processing in case of selecting the external auditors for making recommendations to Board. It is in regard with remuneration as well as fees to potential external auditor (Simnett, Carson and Vanstraelen 2016). It requires reviewing as well as approving in terms of engagement of External auditors involving letter issued at financial reporting levels (Hardidge et al. 2013). It reviews findings of any kind of review to external auditor by the management. Addition to that, it sets policies based upon provisions in case of non-audit services by external auditor. It requires continuous monitoring in viewing at the quality as well as effectiveness in audit plans for external auditors. Discussion on major issues is essential for reviewing of final audit activities (Simnett, Carson and Vanstraelen 2016). Reference List Hardidge, D., Abeysekera, I., Chew, T.G., De Santi, R., Egan, T., Ghandar, A., Jakubicki, P., Lee, A., Luckins, J., Ridley, C. and Shying, M., 2013. A guide to understanding auditing and assurance: listed companies. Junior, R.M., Best, P.J. and Cotter, J., 2014. Sustainability reporting and assurance: a historical analysis on a world-wide phenomenon.Journal of Business Ethics,120(1), pp.1-11. Simnett, R., Carson, E. and Vanstraelen, A., 2016. International Archival Auditing and Assurance Research: Trends, Methodological Issues and Opportunities.Auditing: A Journal of Practice and Theory.