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Audit Assurance and Compliance


1.0 Introduction

In this competitive market, lack of transparency in financial reporting leads to severe loss of trust among the investors, this in turn leads to reluctance among the investors to invest further. Dedicated employees are committed to serving their customers better which helped Altium Limited Company (a company under ASX S&P 300 index) in enhancing their sales globally. This report will provide a brief overview of the financial statement of Altium Limited Company for the year 2017.

2.0 Findings and Analysis

2.1 Implications of the ASX Corporate Governance Principles by the Altium Limited Company

a)   Laying solid foundations for oversight and management

A team of members is enclosed in the Altium Limited who are responsible to disclose the roles and responsibilities of the management and the board, about their evaluation, progress, and performance (Khan, 2017, p.13). The framework of Altium Limited Company is structured and designed in such a way that:

 It helps and guides the board to provide strategic guidance for oversight of effective management.

 It clearly defines the roles and responsibilities of the board of members and other senior executives to facilitate their accountability to the shareholders of the company (altium.com, 2018).

 It ensures proper monitoring of the activities so that no single individual can misuse their position or powers.

b)  Structuring the board in order to add value

A renowned organisation like Altium Limited has an organised structure of the board with appropriate skills, size, composition, and commitment to perform their duties in an efficient way (Kerzner and Kerzner, 2017, p.15). This creates a lot of value in the global market, which is leading to the expansion of the company across the globe. The board has been constructed in a way that facilitates robust growth and value-adding norms within the organisational structure

   Altium Limited has a strong board of members who are deliberately working on the several issues faced by the company (altium.com, 2018). The board of members is much efficient and engage themselves always in upgrading by knowing the latest technologies, which are emerging all the year round.

 The board gives enough stress in the performance of each employee of the Altium Limited and encourages him or her so that it can give his or her best result (Pettersen, 2017, p.111). If any employee has the caliber to shine, then it is the sole responsibility of the board to filter the employee from the team and give extra stress on the employee in order to get extra benefits from the employee.

 The board has the power to exercise independent judgment so that there is no question of being biassed towards each other. If any team of members or even a single employee is wrong while taking any decision, the board can directly approach and can judge on the evidence of facts (Ayed et al. 2016, p.212). This helps the company to lead in the future as Altium Limited can take very fast decisions and can act independently. This in turn, also enhances the board operationality to measure giving an effective review and encouragement towards acting efficiently. According to Mhatre et al. (2016, p.199), this efficient performance further helps in bringing improvement on the management's performance too.

c)  Acting and taking decision responsibly and ethically

Altium Limited has a listed entity who are ready to act responsibly and also ethically which helps to gather enough trust among the investors and the shareholders of the company too (Patwardhan, 2016, p.16). The company has already defined the following standards for all of the following:

  It clarifies the code of conduct needs to maintain by all members of the board, senior executives and all other employees at the workplace of the organisation (altium.com, 2018).

 It also states that all members of the board and the employees need to comply with the legal obligations in order to meet the expectations of the stakeholders.

 The sources of the revenue are provided separately that further helps in showing the essence of segment reporting while following the norms of the transparent disclosure more effectively.

d) Making a balanced disclosure timely

Altium Limited Company had designed and structured the mechanisms in such a way so as to ensure that it meets the compliances with the ASX Listing Rule in the following ways:

  All the shareholders have timely and equal access to all the information related to the company (Lau, 2015, p.21). This information may include performance, governance, ownership and financial position of the Company.

 Company announces everything in a factual way and presents in a balanced and clear way. The word “Balance" means disclosure of both negative and positive information about the company.

e)  Recognising the risks early and manage them efficiently

The structures, culture, and processes, which are framed in taking potential advantages of the opportunities, are termed as risk management (Lewis, 2017, p.201). This has been further designed and framed by the company in the following ways

  It assesses, identifies, manages and monitors the risks.

 It identifies all the material changes to the risk profile of the company.

f)  Remunerating responsibly and fairly

While setting the structure and level of remuneration of the Altium Limited Company, it ensures to retain and attract senior officials and executives by paying good remuneration in a fair way (Ferguson and Clee, 2016, p.238). However, one thing that the company keeps in mind while giving a good amount during the time of remunerating, the company clears the relationship between remuneration and performance. Hence, as a result, Altium Limited Company had established a committee of remuneration.

g) Respecting the views and rights of each shareholder

The shareholders (irrespective of the amount of share) are given equal powers inside the company. This is done in a more effective way by following the simple ways:

   A proper and effective way of communication is carried by every shareholder

  Ready access to understandable and balanced information about the corporate proposals and the company is provided (altium.com, 2018).

2.2 Risk Assessment

Risk management helps the environment by capitalising and identifying the opportunities to protect an established value (Humphery-Jenner and Suchard, 2014, p.19). The company addresses all the risks that created an impact on the business, as the company’s risk management system identifies it. The board regularly approves and reviews the oversight policies and risk management.

Market Overview

Altium Limited Company has engaged in the sales and development of the software for designing the electronic products. its various products include Tasking and Altium Designer. As opined by Vermeulen (2015, p.421), its segment includes systems and board, embedded systems, microcontroller and other Printed Circuit Boards (PCB). The company had already expanded its business across America, Europe, and other regions of Asia Pacific too.

Business Strategy

The company has a unique business strategy of developing the software and synchronising them across cloud so that anyone across the globe can easily access it. They design their products in such a collaborative way, which help in marketing the products, as their technologies are very new in the market (Wilkinson, 2014, p.223). This helps them in leading from their competitors globally and thereby gaining higher profits across the market.

Risk Management Policies

The policies of Risk management reflect the risk of the company and clearly state all such elements of the internal audit function and risk management system. While developing the policies of risk management, the company takes care of the legal obligatories (Reynolds, 2015, p.89). The company considers the value expectations from the stakeholders. These stakeholders include creditors, customers, shareholders, suppliers, employees, and the vast region in which it operates its business.

Failing in considering the valuable demands of the stakeholders of Altium Limited Company risks the business operations’ success and threatens the company’s reputation (Haimes, 2015, p.18). However, effective risk management involves the consideration of the factors, which depends upon the continued good standing of the company with its stakeholders.

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