Accounting Business And Corporate Banking

Questions: 1. Identify specific strategies used by Westpac to ensure conformity to appropriate financial services industry legislation, policies, procedures and guidelines? 2. Conduct the appropriate research to determine the Australian Accounting Standards Board requirements for reporting entities and non reporting entities? Answers: 1. Internal and External Audits Internal and External Audits of Westpac 2014 2015 Type Number Hours Number Hours All Internal Group Audit 149 61463 161 67579 Internal Environment Audit 1 50 50 88 Internal OHS Audit 8 509.2 8 512 External Financial Audit 121 - 1 656 External OHS Audit 8 97 - - Table: Internal and External Audits for Westpac Source: [1] The financial declaration of Westpac Group is prepared and presented as per the conditions stipulated under Australian Accounting Standards (AAS) Interpretations as declared by AASB Corporation Act 2001 as well as banking at 1959 modified. In addition to this, the financial statement also complies with IFRS and ISB. As per the declaration of the auditor independence stipulated 307c of the Corporation Act, there exists no contravention of the requirement of independence of the auditors under Corporation Act 2001 in association to audit. Furthermore, there also exists no contravention of any professional conduct code in association to audit. Corporate Governance Corporate Governance of Westpac encompasses the major principles for serving the rights of the shareholders. Board is committed to highest standards in aligning with Corporate Governance in recognizing fundamental for all the activities. This involves regular analysis of improved government practices for monitoring the global developments as per best practices in Corporate Governance[2]. Corporate Governance Statement of Westpac sets out the given principles covering the main aspect such as: Audit Governance as well as Independence Meeting wider aspects in corporate responsibilities [3] Paying as well as rewarding Executives Controlling over management risk The management of Westpac confirms with ASX Corporate Governance Principles as well as Recommendations namely third edition declared by Corporate Governance Council of ASX Limited. This tactics refers to the commitment of the company towards achievement of excellence in governance stipulations. Employment Conditions Business Strategy of Westpac involving in conducting customer-focused those will deliver superior customer experience as well as broadening of customer relationships. In other words, driving operational efficiency for Westpac in balancing risk and reward As per the Director report presented in the annual declaration of the company, Westpac intends to attract and retain talented workforce. This means the company also adopts innovative recruitment strategies, superior working conditions for meeting up altering expectations of the employees and developing right people for right job. The company has retained Employer of choice for Gender equality provided by workplace Gender equality agencies. The company also abides by legislative liabilities Workplace Injury Management and Workers Compensation Act 1998, Accident Compensation Act (1985), Workers Rehabilitation and Compensation Act 1986. Formal and Informal Staff Training Employee working at Westpac is provided with efficient formal as well as training session at the time of induction programs[4]. Commitment to employees at Westpac involves staff member receiving adequate training as well as development selected on merit basis. 2. It reveals conducting appropriate research for determining the Australian Accounting Standards in case for reporting as well as non-reporting entities. By summarizing, it can be noticed that Board list entity after approving from entity financial statements for given financial period. From the financial records, information are taken out regarding the reporting standard and non-reporting entities in compiling with appropriate accounting standards for rendering true and fair view of financial position[5]. The general purpose of financial report for preparing financial statement in accordance with Australian Accountant Standards from the Corporations Act 2001 References Shim J, Siegel J and Shim J,Financial Accounting(McGraw-Hill 2012) 'Westpac - Personal, Business And Corporate Banking' (Westpac.com.au, 2016) https://www.westpac.com.au accessed 10 November 2016 'Westpac - Personal, Business And Corporate Banking' (Westpac.com.au, 2016) https://www.westpac.com.au accessed 10 November 2016. Jae K Shim, Joel G Siegel and Jae K Shim,Financial Accounting(McGraw-Hill 2012). Westpac - Personal, Business And Corporate Banking' (Westpac.com.au, 2016) https://www.westpac.com.au accessed 10 November 2016. Westpac - Personal, Business And Corporate Banking' (Westpac.com.au, 2016) https://www.westpac.com.au accessed 10 November 2016. Westpac - Personal, Business And Corporate Banking' (Westpac.com.au, 2016) https://www.westpac.com.au accessed 10 November 2016.