Task : Assume that the audit for IOOF Holdings Limited, afinancial services company, will be coming up fortender. You and your colleagues are required to preparea client evaluation report based on your research forthe senior partners of your audit firm. Your report shouldprovide preliminary information as to whether or not youraudit firm should consider tendering for the audit ofIOOF. You should conduct extensive research and perform ananalysis of the annual report of IOOF for the year 2018and any other relevant information that you haveobtained (Hint: this includes the company’s financialresults, financial press and other business media). In your report, you must address the followingissues: What are the areas in which IOOF conducts itsoperations? Identify and explain THREE business risks thatcould have impact on the audit of IOOF. Based on your business risk analysis andunderstanding of IOOF group and its environment, listand explain THREE accounts that could be at risk ofmaterial misstatements. You also need to identify thekey assertion at risk for each account identified. Donot use the same accounts reported in the Key AuditMatter section in the audit report. Based on the 2018 IOOF annual report andinformation available on the company’s website,explain whether you can conclude that IOOF complieswith the Principle 4 of the ASX CorporateGovernance Council’s corporate governanceprinciples and recommendations? Based on your understanding of the client andassessment of the client’s business and audit risks,would you undertake the audit? Explain yourdecision. The answers for above questions should reflect your indepth understanding of how the IOOF operates.
Subject Name: Audit
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