company name: empire oil & gas NL ) It would be helpful to refer to ASA 700 / 705 / 706...

Question

company name: empire oil & gas NL ) It would be helpful to refer to ASA 700 / 705 / 706 (downloadable from www.auasb.gov.au)
 inorder toappreciate the reasons behindthe format / content of audit
 report used by the corporation / company that you are working on.

David · Accepted Answer

Individual assignment #1  
Public listed company: EMPIRE OIL & GAS NL 
Financial year: 2012 
1) Number of independent directors and executive directors in the audit committee or 
equivalent.
Empire Oil and Gas NL was facing some economic constraints therefore, it had only 
four directors in the Audit Committee for the financial year. It comprised of two 
executives and two non-executives due to economic constraints. One of the directors 
of the company is a full time geologist and therefore did not have the qualifications to 
be a committee member. The company appointed an additional non-executive Director 
during the year. The members of the Audit Committee during the year were: 
 Mr Neil Joyce (Non-Executive Director and Chairman of the Audit Committee) 
 Mr Craig Marshall (Managing Director) 
 Mr K Hogg (Company Secretary)
Who is the chairman of the audit committee? 
Because of economic constraints the company has appointed the Chairman of the 
Board as the Chairman of the Audit Committee. Mr Neil Joyce is the Non-Executive 
Director and Chairman of the Audit Committee.
2) How many number of meetings (if available) held by the audit committee during the 
year?

company name: empire oil & gas NL ) It would be helpful to refer to ASA 700 / 705 / 706 (downloadable from www.auasb.gov.au) inorder toappreciate the reasons behindthe format / content of audit report...

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