Audit Report

Topics: Corporate governance, Board of directors, Auditing Pages: 10 (2887 words) Published: September 13, 2013
Content

Introduction

Softlogic Holding Ltd.

Auditors role in Corporate Governance

Audit Committee of Softlogic Holding Ltd.

Audit Committee’s influence in Corporate Governance protocols at Softlogic Holdings

The Cadbury Committee and Softlogic’s Corporate Governance Strategy

Analysis

Recommendations

Introduction
International Standard on Auditing (ISA) 260: “Communications of Audit Matters with Those Charged with Governance” •Governance is the term used to describe the role of persons entrusted with the supervision, control, and direction of an entity.

The purpose of this report is to identify the importance and relationship between the audit committee of Softlogic Holdings Ltd. and its corporate governance objectives. This report would identify the structure, importance and roles played out by the audit committee and top management’s perspective on complying with corporate governance standards.

According to the World Bank Corporate governance is “the system by which companies are directed and controlled”. It involves the balance of powers among three key corporate constituencies: the board of directors, which is charged with monitoring, overseeing, and guiding the company; the shareholders, who invest their funds in the company’s shares and, therefore, have the right to elect and possibly dismiss directors; and, the company’s management, whom the board hires to run the company on a day-to-day basis.

The Securities and Exchange Commission bares the interpretation that Good corporate governance is globally accepted as being fundamental to an organization’s competitiveness, growth and sustainability. The SEC emphasizes that there is great attention on Boards of Directors to discharge their duties with high ethical values and accountability in their commitment to good governance practices. Strong business ethics, sound policies and procedures, effective and efficient monitoring systems are considered as ingredients of good corporate governance system.

With this background on information regarding the practice of corporate governance this report will narrow its focus towards the implications and practice of corporate governance through Softlogic Holdigs Ltd’s Audit committee.

Softlogic Holdings Ltd

Although Softlogic is one of the youngest diversified conglomerates around, It is also one of the most energetic; quick to evolve and agile in adaptability to new market forces and trends. Its compact size enables us to capitalize on economies of scale and maximize its potential to punch far beyond its weight in the competitive and energetic marketplace that is Sri Lanka today.

As the Island unites under the banner of growth and renewal, Softlogic plans to become an important link in the chain, perfectly positioned to bring in its own brands of world class products and services to a fast growing nation and its people. Softlogic has perfectly positioned itself in the sectors of:

a) Information and communication technology
b) Leisure
c) Retail
d) Automobile
e) Financial Services
f) Healthcare

Composition of the Board of Directors.
Mr. Ashok Pathirage – Chairman / CEO
Mr. Hemantha Gunawadana – Executive Director
Mr. Haresh Kaimal – Executive Director
Mr. Samantha Rajapaksha – Executive Director
Mr. Roshan Rasool – Executive Director
Mr. Ranjan Perera – Executive Director
Mr. Prashanth Lal De Alwis – Non Executive Director (NED) Dr. Sivakumar Selliah – Non Executive Director (NED)
Deshamanya Deva Rodrigo – Non Executive Director (NED)

Auditor’s role in Corporate Governance
Corporate Governance is the system by which companies are directed and controlled. It covers topics such as: •How power is divided between the board and the shareholders •The accountability of the board to the members

The rules and procedures for making decisions
The provisions of controls for...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Audit Essay
  • Audit Committee Essay
  • Essay about Bonia Report
  • THE PROVISION OF NON-AUDIT SERVICES FOR AUDIT CLIENTS Essay
  • audit Research Paper
  • Audit: Auditing and Financial Report Essay
  • Completing the Audit Essay
  • Project Report Essay

Become a StudyMode Member

Sign Up - It's Free
Episodio 10: Il Lord degli Orchi | Chap 489 | 加拿大