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Auditing and Data Analysis Assignment

   

Added on  2021-01-01

13 Pages3970 Words374 Views
Auditing and DataAnalysis

EXECUTIVE SUMMARYThis document describes specific information about the AMP’s business. This will likelyto be only project having an effective prospective auditor’s analysis and hence proper clarity areof the utmost significant aspect that is being done accordingly under this report. It is prepared toguide company on the creation of the critical decision regarding, whether auditing is essential forthe AMP’s business. The questions which are answered in this evaluation report is based on indepth research of this company. Various analyses and evaluation related to financial andmanagerial position of this company is conducted in order to convey better decision to thesuperiors of audit firm.

Table of ContentsEXECUTIVE SUMMARY.............................................................................................................1INTRODUCTION...........................................................................................................................2TASK...............................................................................................................................................21. Overview of AMP's operations...............................................................................................22. Laws affecting AMP's operations...........................................................................................33. Business risks impacting audit of AMP..................................................................................54. Key assertion at risk................................................................................................................65. Royal commission affecting the tendering decision...............................................................86. Audit decision.........................................................................................................................8CONCLUSION................................................................................................................................8REFERENCES..............................................................................................................................102

INTRODUCTIONAudit is a systematic and independent inspection of financial statements of organisationsby using vouchers, statutory records, documents and vouchers. The process of auditing can beperformed efficiently using data analysis method as it helps in procure and interpret all thenumerical related data which is related to company's financial position. In this project report,decision has to be taken by audit firm whether they should conduct audit for AMP Limited ornot. AMP is a financial services company in Australia and New Zealand which is listed on ASX.They provide financial services such as insurance, financial advice, banking products and manymore. The main aim of this report is to identify various laws and regulations affectingoperations of AMP is mentioned along with its business risks. Case of Royal Commission is alsohighlighted in this project to understand client's business risks and audit risks (Bazeley andJackson, 2013).TASK1. Overview of AMP's operationsAMP is a public limited company listed on ASX and has headquarters in Sydney,Australia. This organisation is engaged in providing finance related services to their client. Theirservice mix includes financial advice, customer solutions and may more. Some of the mainoperations of this company are listed below:Banking – AMP is one of the Australia's largest retail and corporate banking servicesprovider. They offers few selected banking products and services to their clients whichare distributed using a network of self employed financial planners. These bankingservices also includes advice to their clients by which client get benefited as they haveclear view of what to do and what not to do. AMP provides advices to their clients aboutinvestment, financing and stocks. These operations are spread in whole of Australia andNew Zealand (Charnes, 2013). Insurance – AMP provides personal risk insurance products and self managed superfund administration, support and design. These products are distributed through anetwork of self employed financial planners. Along with insurance, superannuationproducts are also distributed by super fund administration. 3

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