Advance Auditing and Assurance
20 Pages4857 Words51 Views
Added on 2021-06-17
Advance Auditing and Assurance
Added on 2021-06-17
ShareRelated Documents
Running head:ADVANCE AUDITING AND ASSURANCEAdvance Auditing and AssuranceUniversity NameStudent NameAuthors’ Note
2ADVANCE AUDITING AND ASSURANCETable of ContentsExecutive Summary...................................................................................................................2Introduction................................................................................................................................2Overview on operation and industry..........................................................................................3Legal Requirements...................................................................................................................4Business Risk Factors and their impact of Material Misstatements..........................................7Credit Risk.................................................................................................................................7Liquidity Risk.............................................................................................................................8Interest Rate Risk.......................................................................................................................9Going Concern Risk.................................................................................................................10Conclusion................................................................................................................................11References................................................................................................................................13
3ADVANCE AUDITING AND ASSURANCEExecutive SummaryThe main objective of the current study is the detailed analysis of the firm Vectus BiosystemsLimited (also simply referred to as Vectus) for particularly audit tender. In essence, the initialpart of the current study includes illustrating business functions of the firm Vectus togetherwith industry details. The second part includes illustrating four important acts or elseregulations associated to therapeutic goods. Further, the study explores major business riskfacets of the firm Vectus and the manner they enhance potential material misstatements in thefinancial assertions. IntroductionAuditing can be regarded as the procedures to assess financial assertions and variousdocuments of Business Corporation in a bid to explore whether there are any materialmisstatements. Prior to undertaking an audit agreement, it is necessary to take into accountdiverse aspects and one of them is analysis of audit clientele. Essentially, analysis of auditclient indicates towards processes of preliminary analysis of business functions, industry, andregulation along with potential risks of business of the client by assessing different facets.The primary objective of the study at hand engages and preparation and presentation ofclient analysis report of the firm Vectus. The company Vectus is necessarily an Australiancorporation listed under the Australian Stock Exchange-ASX. Overview on operation and industryThe company Vectus was instituted during the year 2005 and functions in the health as wellas medical research sector of the nation Australia. In particular, the primary businessfunctions of the firm Vectus engages in medical research as well as development in the nationAustralia. Essentially, the company Vectus has parents in specifically vacoactive intestinal
4ADVANCE AUDITING AND ASSURANCEpeptide along with its fragments as a particular therapeutic candidate for the treatment ofvarious cardiovascular fibrosis as well as systolic blood pressure. In essence, the lead elementof the company Vectus is essentially CB0004 that essentially has potent anti-hypertensiveproperties along with anti-fibrotic actions in both heart as well as kidneys. In itself, thebusiness concern has the intent to develop candidates for the purpose of treatment of fibroticlevel diseases, various non-alcoholic steatohepatisis along with pulmonary fibrotic diseases. In the current years, one major functional milestone of the company Vectus isimplementation of Investigational New Drug (IND). This enables toxicology along withdifferent pharmacokinetic studies for chiefly VB004 for satisfying different milestones.During the year 2016 and 2017, the firm has observed success in different animal trials andthis firm has been triumphant with preliminary second species (that is dog) toxicologyindependent trials. Based on the trials, it can be hereby witnessed that there was no adverseimpact after application of doses of approximately 2000 milligrams for every kilogram forregular doses for the dogs for seven days. In essence, this specific success reflects anexposure over and above 10000 times the expected therapeutic dosage in human beings. Thecompany Vectus has the target of starting phase 1 of human clinical trials during 2018. In addition to this, the Health as well as medical research industry can be considered to be akey industry in the nation Australia since $5.9 billion is expended on this specific industryevery year. Particularly, this specific industry primarily contributes nearly 0.37% of theoverall gross domestic product (GDP) of the nation. As such, this particular sector hasgenerated a total amount of approximately AUD11.8 billion. Basically, two major stratagemsof this particular segment are presentation of refined public/private healthcare arrangementand different innovation driven corporations. In essence, these can be regarded as the majordrivers of the entire segment.
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Advanced Auditing and Assurance: Assignmentlg...
|11
|2239
|152
Audit and assurance services Assignmentlg...
|17
|4665
|94
Audit and Assurance- Assignmentlg...
|26
|5526
|26
Auditing and Assurancelg...
|20
|4919
|304
Auditing and Assurance in Australialg...
|21
|5541
|439
ACC3AUD - Auditing & Assurance Assignmentlg...
|17
|3991
|86