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Audit and assurance services Assignment

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Added on  2021-06-14

Audit and assurance services Assignment

   Added on 2021-06-14

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ACC5AASADVANCED AUDITING AND ASSURANCE1
Audit and assurance services Assignment_1
Executive SummaryThis report is based on audit and assurance services provided by auditors to the business organisationhas been discussed. Vectus Bio-systems Limited is the business engaged in the business ofpharmaceutical has been taken for the purpose of this report. This report discusses the profile andbusiness operations of Vectus and this includes preliminary screening of business organisation.Pharmaceutical business organisations has to follows The Therapeutic Goods Act 1989, Safety,Standards and Regulation, Listing and Pricing of the product, Competition Law in Australia andmany other legislations and regulations while conducting business operations. Every businessorganisation has its own internal and external environmental factors that impact business operation ofthe same. In case of Vectus, Cyber Security, Global Anti-Corruption, Increasing competition andcommercialisation of new products and Taxation Risk are some business risk factors. Sales account,administration and corporate expenses, cash and cash equivalents and trade and other payables arerisky accounts identified during audit planning. Based in these concerns, decision has been taken notto take audit of Vectus Bio-systems Limited. 2
Audit and assurance services Assignment_2
ContentsIntroduction.............................................................................................................................................31. Provide an overview of the client’s operations and industry in which it operates. Your overview ofthe client’s operations must include at least one recent major development..........................................42. Pharmaceutical companies are required to follow a number of regulations and legislativerequirements for therapeutic goods. You need to Identify and briefly describe four (4) legalrequirements (acts/regulations) for pharmaceutical goods......................................................................53. Identify FOUR significant business risk factors that the auditor needs to consider for the Vectusgroup engagement. Describe how these risks may lead to potential material misstatements in thefinancial report........................................................................................................................................74: Using the 2017 Vectus annual report, identify at least FOUR accounts/areas of concern. Why doyou consider the chosen areas/accounts to be risky? Your answers should be reflective of your in-depth understanding of Vectus Group and its environment....................................................................95. With specific reference to Vectus’s corporate governance arrangements, you need to assess thelikelihood of the potential reliance that could be placed on the overall control environment. Yourconclusion should be supported by at least three factors......................................................................116: Based on your understanding of the client and assessment of the client’s business and audit risks,would you undertake the audit? Why?..................................................................................................12Conclusion.............................................................................................................................................133
Audit and assurance services Assignment_3
Introduction With the increasing demand for the drugs that could cure major diseases such as cardiac arrest, brainstokes diabetes and another such level of diseases, regular research and development are done. Suchresearch of new formulas to develop a salt which could act as a drug is done by the biotechnicalcompanies. In this report, we have discussed the working of such company which deals in suchresearch and development Vectus Bio-system Limited. This report is prepared from the point of viewof an auditor, which would help them in auditing the working of the company. This report includesintroduction to the working of the company, the various rules and regulations that govern the workingof biotechnical and pharmaceutical companies, the business risk involved with such companies, thearea of working which are considered risky considering the annual report for the year 2017, analysisof the internal work control of the company in accordance to its corporate governance arrangementsand the reasons because of which the auditor undertook the audit if Vectus Bio-system Limited. Thereport is ended by providing a conclusion to the finding of the report. 4
Audit and assurance services Assignment_4

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