Corporate Reporting Under The Corporations Act 2001

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3.4 Principle 4: Safeguard intergrity in corporate reporting All companies are obligated to corporate reporting under the Corporations Act 2001. It involves corporate reporting through the implementation of an audit committee. This motion requires accountability and transparency, without it, companies may be viewed as sneaky and troublesome. JB Hi-Fi has established an Audit and Risk Management Committee (ARM) as stated in their annual reports. This committee meets regularly and are independent of the company as they are non-executive directors. To further demonstrate JB Hi-Fi’s integrity, Deloitte Australia is used as an independent auditing company to additionally declare the annual financial reports as unbiased, factual and honest. As JB Hi-Fi is transparent in their corporate reporting, they have been rewarded for this by being ranked in the top three of AMR’s Corporate Reputation Index for the past six years. A leading research consultancy company, AMR frequently studies corporations and each year announces a list of companies with the best Corporate Reputation according to seven parameters; Products and Services, Innovation, Workplace, Citizenship, Governance, Leadership and Performance (AMR 2015). This further concretes that JB Hi-Fi has endeavoured to safeguard its intergrity and this is reflected to all. 3.5 Principle 5: Make timely and balanced disclosure It is vital that a company makes timely and balanced disclosures with any matters concerning the company.
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