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Advanced Auditing and Assurance (ACC5AAS) || Department of Accounting and Data Analytics La Trobe University

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This assignment is to be based on 100F Holdings Limited (ASX code: IFL).The assignment must be completed in groups of two. The successful completion of this assignment requires extensive research on IOOF's internal and external environments, operations and analysis of the 2018 annual report. 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. Do not use the same accounts reported in the Key...

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Question Preview:

This assignment is to be based on 100F Holdings Limited (ASX code: IFL).The assignment must be completed in groups of two. The successful completion of this assignment requires extensive research on IOOF's internal and external environments, operations and analysis of the 2018 annual report. 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. Do not use the same accounts reported in the Key Audit Matter section in the audit report.

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Solution Preview

IOOF is an Australia based financial service provider and running various brands such as AustralianExecutor trustees, Bridges, consulted and various others. The audit is mandatory for the organization to ensure that books of accounts provide the true and fair view of the financial statements. Before getting into the audit assignment, the auditor has to identify the business risks in the entity as these can be areas for material misstatements. There are some of the accounts which are at higher risk of material misstatement. Despite these audit and business risks, we will be undertaking the Audit.

In the present assignment, we learn about the financial services provided by the IOOF. The company is with business risks which are originating from regular acquisitions and divestment of the subsidiaries. Along with this, the number of provisions and operating income and expenses is the account which is to through examine as they are with the risk of material misstatement. The company is committed towards ASX principal to maintain integrity in corporate reporting. Also, the existing auditor has not made any adverse comment about the company, based on which the audit assignments can be undertaken.

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