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Advanced Auditing and Assurance: Assignment
11 Pages2239 Words152 Views
Added on 2021-06-17
Advanced Auditing and Assurance: Assignment
Added on 2021-06-17
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Running head: ADVANCED AUDITING AND ASSURANCEAdvanced Auditing and AssuranceName of the StudentName of the UniversityAuthor’s Note
1ADVANCED AUDITING AND ASSURANCETable of ContentsExecutive Summary.........................................................................................................................2Introduction......................................................................................................................................3Overview of Operation and Industry...............................................................................................3Legal Requirements.........................................................................................................................4Business Risk Factors and their Impact of Material Missstements.................................................6Conclusion.......................................................................................................................................8References........................................................................................................................................9
2ADVANCED AUDITING AND ASSURANCEExecutive SummaryThe aim of this report is the preliminary assessment of Vectus Biosystems Limited (Vectus) foraudit tender. The first part of the report involves in describing the business operations of Vectusalong with its industry details. The second part involves in describing four major acts orregulations related to therapeutic goods. The next part of the report explores for major businessrisk factors of Vectus and the way they increase potential material misstatements in the financialstatements.
3ADVANCED AUDITING AND ASSURANCEIntroductionAuditing is considered as the process to examine the financial statements and accountingdocuments of the business organizations in order to find that whether there is any materialmissstements or not (Knechel and Salterio 2016). Before taking an audit contract, the auditorsare required to take into consideration certain aspects and one of them is evaluation of the auditclient. Audit client evaluation refers to the process of preliminary examination of the businessoperations, industry, regulation and potential business risks of the client by examining differentaspects. The main aim of this report involves in the preparation of a client evaluation report ofVectus Biosystems Limited (Vectus). Vectus is an Australian company registered in AustralianSecurities Exchange (ASX) (vectusbiosystems.com.au 2018). Overview of Operation and IndustryVectus was established in the year of 2005 and operates in the health and medicalresearch industry of Australia. The main business operation of Vectus involves in the medicalresearch and development in Australia. Vectus holds parents in vasoactive intestinal peptide andits fragments as a therapeutic candidate for the treatment of cardiovascular fibrosis and systolicblood pressure. The lead compound of Vectus is VB0004 that has potent anti-hypertensiveproperties and anti-fibrotic activity in heart and kidneys. The company has intention for thedevelopment of candidates for the treatment of fibrotic level diseases, non-alcoholicsteatohepatitis and pulmonary fibrotic diseases (vectusbiosystems.com.au 2018).In the recent years, one major operational milestone of Vectus is the application of theInvestigational New Drug (IND) enabling toxicology and pharmacokinetic studies for VB0004
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