Best Auditing and Assurance Report 2022

Running head: AUDITING AND ASSURANCE
Auditing and Assurance
Name of the Student
Name of the University
Author’s Note

1AUDITING AND ASSURANCE
Table of Contents
Executive Summary.........................................................................................................................2
1. Overview of Client’s Operation...................................................................................................3
2. Primary Competitors....................................................................................................................3
3. 4 Laws and Regulations...............................................................................................................4
4. 4 Business Risks..........................................................................................................................5
5. 4 Accounts of Concern................................................................................................................6
6. Corporate Governance (Principle 4)............................................................................................7
7. Would you undertake the audit? Why?.......................................................................................8
References........................................................................................................................................9

2AUDITING AND ASSURANCE
Executive Summary
The auditors are required to undertake the assessment of certain aspects before the acceptance of
the audit of any specific client; such as client’s operation, analysis of competitors, effects of
regulations, business risks, internal control and corporate governance. Analysis of these aspects
provide the auditors with the idea that whether the company is involved in any illegal activities
or whether the acceptance of the audit of this client can create threat to any fundamental auditing
principle.

3AUDITING AND ASSURANCE
1. Overview of Client’s Operation
The main operations of AMP are seen in the areas of retail superannuation, life insurance,
investments management, financial advice, corporate superannuation, self-manages
superannuation funds and banking Australian and New Zealand. It is growing fast in retain
banking in the Australian regions along with the international regions of China and Japan
(corporate.amp.com.au 2020).
2. Primary Competitors
Followings are the four primary competitors of AMP that the auditor needs to consider
while assessing the client:
Commonwealth Bank of Australia (CAB) – CAB is Australia’s key provider of combined
financial services that comprise of retail, business, premium and institutional banking,
superannuation, fund management and others (commbank.com.au 2020).
Westpac Banking Group (Westpac) – Westpac is the first bank of Australia and oldest firm;
and one of the four main banks of the country. It offers its customers with a varied choices of
banking services, wealth management services and others (westpac.com.au 2020).
National Australian Bank (NAB) – NAB is Australia’s largest bank that offers its services and
products to the small, medium and large companies (nab.com.au 2020).
Australia and New Zealand Banking Group Limited (ANZ) – ANZ is a firm that offers
banking and financial services to the people of Australia and New Zealand (anz.com 2020).