Audit Assignment | Custom Assignment Help
Identify and explain THREE business risks that could have impact on the audit of IOOF. (6 marks) Based on your business risk analysis and understanding of IOOF group and its environment, list and explain THREE accounts that could be at risk of material misstatements. You also need to identify the key assertion at risk for each account identified.
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Do not use the same accounts reported in the Key Audit Matter section in the audit report. (6 marks) Based on the 2018 IOOF annual report and information available on the company’s website, explain whether you can conclude that IOOF complies with the Principle 4 of the ASX Corporate Governance Council’s corporate governance principles and recommendations? (2 marks) Assume that the audit for IOOF Holdings Limited, a financial services company, will be coming up for tender. You and your colleagues are required to prepare a client evaluation report based on your research for the senior partners of your audit firm.
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Your report should provide preliminary information as to whether or not your audit firm should consider tendering for the audit of IOOF. You should conduct extensive research and perform an analysis of the annual report of IOOF for the year 2018 and any other relevant information that you have obtained (Hint: this includes the company’s financial results, financial press and other business media).
