Advanced Auditing and Assurance: Analysis of AMP Ltd's Financial Performance and Business Risks

Running head: ADVANCED AUDITING AND ASSURANCE
Advanced Auditing and Assurance
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ADVANCED AUDITING AND ASSURANCE
Table of Contents
Executive Summary.........................................................................................................................2
Introduction......................................................................................................................................3
Discussion........................................................................................................................................3
Operations of AMP ltd.................................................................................................................3
Laws and Regulations Applicable to AMP Ltd...........................................................................4
Analysis of Financial Performance of the Business....................................................................5
Identification of Business Risks..................................................................................................7
Accounts Subjected to Material Misstatement............................................................................9
Analysis of Scandal Related to AMP ltd...................................................................................10
Decision Regarding the Audit Tender.......................................................................................11
Reference.......................................................................................................................................12

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ADVANCED AUDITING AND ASSURANCE
Executive Summary
The assessment focuses on analyzing whether an auditing firm should take the audit engagement
of AMP ltd. The report provides an insight into the operations of the business and also discusses
in details about the financial performance of the business for the year 2017 considering the
annual reports which is prepared by the business during the year 2017. The assessment includes
identified businesses risks and accounts which have tendencies of showing material misstatement
for the business of AMP ltd after analyzing the financial reports of the business. The assessment
also covers the issues which was highlighted by Royal Commission on AMP ltd.

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ADVANCED AUDITING AND ASSURANCE
Introduction
The objective of this report is to develop a decision for an audit tender for AMP ltd which
is engaged in the business in financial sector. The annual report of the company for the year 2017
is to be considered to identify the risks and appropriateness of disclosures which are shown in the
financial statement of the business. In the coming paragraphs, business risk which are associated
with the business are to be identified and also their respective accounts are also to be considered
for this report. Moreover, the assessment will also be analyzing the case of AMP ltd and how the
same has an impact on the decisions of the auditor whether to take the audit or not.
Discussion
Operations of AMP ltd
The company AMP Ltd is engaged in the business of providing financial products and
financial services to the clients. The company mainly serves in Australia and New Zealand
gathering maximum customers which can generate the income of the consumer. The company
came into being in 1949 in Australia with another name for the company.
The main activities which are undertaken by the management of the company for day to
day operations of the business includes superannuation, insurance scheme, financial
advertisement and investment product. The profit and loss statement which is prepared by the
management of the company shows that a major portion of expenses of the business is due to this
time (Annualreports.com. 2018). The business is also engaged in providing loan services and
also provides an option to the clients for savings account. The company belongs to financial
sector and therefore offers financial products to the customers.