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
Discussions......................................................................................................................................3
Background and Nature of Operations of AMP Ltd....................................................................3
Laws and Regulations Affecting the Operations of AMP Ltd....................................................4
Analysis of Financial Performance of the Business....................................................................5
Identification of Business Risks..................................................................................................7
Accounts Subjected to Material Misstatement............................................................................8
Analysis of Scandal Related to AMP ltd...................................................................................10
Decision Making........................................................................................................................11
Reference.......................................................................................................................................12

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ADVANCED AUDITING AND ASSURANCE
Executive Summary
The assessment deals with the business of AMP ltd which are engaged in providing financial
services and products to the customers of the business. In order to analyze the financial
performance of the business, the annual reports of the business are considered for the current
year. The assessment also shows identification of different business risks which are associated
with the business and also the accounts which are shown in the annual reports. On the basis of
the risks and the scandal which is associated with the business appropriate decision is to be taken
by the auditor of the business.

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ADVANCED AUDITING AND ASSURANCE
Introduction
The main purpose of this assessment is to analyze the decision of an auditing firm
regarding tendering an agreement to conduct audit for AMP ltd for the year 2017. In order to
effectively analyze the situation in the company, an analysis of the market conditions and as well
as the annual report of the company for the year 2017 is to be done. The assessment will be
considering the operations of the business and also the performance of the business during the
year. The assessment will involve identification of business risks and any possible accounts
which are shown in the annual reports of the company which might under the risk of material
misstatement (Christensen et al. 2016). The assessment will also consider any recent scandal in
which the company was involved in recent times.
Discussions
Background and Nature of Operations of AMP Ltd
AMP Ltd is a company which is engaged in providing financial services to the customers
of the business. The company mainly operates in Australia and New Zealand serving maximum
customers from this area (Annualreports.com. 2018). The company was formed in 1849
as Australian Mutual Provident Society which was a non-profit life insurance company.
The major operations of the business are generally associated with insurance,
superannuation and investments areas. Some of the products which is offered by the company to
its customers are superannuation products, insurance schemes, financial advising, investment
products and as well as banking products which includes loans facilities and provision for
savings account. The company is mainly engaged in providing services which are related to
financial sector to the customers of the business.