Assignment | Auditing and Assurance

Running head: AUDITING AND ASSURANCE
Auditing and assurance
Name of the Student
Name of the University
Author Note

AUDITING AND ASSURANCE
Executive summary:
The report is prepared to develop a client evaluation report for determining the tendering of
the audit of AMP Limited. For this purpose, an analysis of the annual report of AMP limited
along with the extensive research on the information presented in the report has been
conducted. The business risk faced by the company has been analyzed in terms of its impact
on the audit. In addition to this, the accounts at the risk of material misstatement based on the
analysis of business risk is also presented. The later section of the report demonstrate the
evaluation of the compliance of the organization with the principle of corporate governance.

AUDITING AND ASSURANCE
Table of Contents
Introduction:...............................................................................................................................3
Discussion:.................................................................................................................................4
Identifying the areas of operations of AMP:..............................................................................4
Primary competitors of the firm:................................................................................................4
Identifying the laws or regulations affecting the operations of AMP:.......................................4
Identifying the risks impacting the audit of AMP:.....................................................................5
Identifying the accounts to be at the risks of material misstatement:........................................6
Evaluating the compliance of ASX with the ASX corporate governance council:...................7
Conclusion:................................................................................................................................8

AUDITING AND ASSURANCE
Introduction:
The paper is developed to perform an extensive research of the financial report of
AMP limited for assessing the business that would form the basis of undertaking audit risk.
The preliminary information in the financial report of the company is analyzed to decide
whether the tendering of the audit of AMP should be undertaken or not. AMP limited is a
company offering financial services and provides assistance to the customers in managing
their finances and achieving their financial goals. The company operates in New Zealand and
Australia offering retail superannuation, financial advice, self-managed superannuation
funds, corporate superannuation, and banking, insurance and investment management. In
addition to this, company is involved in managing investments in fixed income, equities,
multi asset and diversified funds (Corporate.amp.com.au 2020).
Discussion:
Identifying the areas of operations of AMP:
AMP is the company involved in managing wealth that operates in the areas and
offers solution such as wealth management, banking, superannuation, self-managed
superannuation funds, investing and retirement income. Wealth management is done by
helping customers in saving and living well in retirement. When it comes to banking,
customers are provided with services such as deposit, home loans, investment and residential
property and transaction accounts. AMP capital helps in managing the fixed income, equities,
infrastructure and real estate assets. Life insurance helps in serving customers by supporting
their family with solutions such as disability insurance and income protection. They also
operate in areas of managing superannuation and closed insurance products through mature
business (Cohen et al. 2017).