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Assignment: Auditing & Assurance Services

   

Added on  2021-06-17

17 Pages3957 Words33 Views
Running head: AUDITING & ASSURANCEAuditing & AssuranceName of the Student:Name of the University:Author’s Note:Course ID:

1AUDITING & ASSURANCEExecutive SummaryThe main discourse of the report aims to provide the overview of the industry in which Vectusoperates and also present a recent development brought in this industry. The report has furthersuggested the regulations and legislative requirements for therapeutic goods. In this section thestudy has identified and briefly discussed four legal requirements for pharmaceutical goods. Thenext section of the study has identified four significant business risk factors into the auditorsneed to consider for Vectus group engagement. Some of the main findings include that hisconcerns associated to Credit Risk, Liquidity risk, Interest rate risk and Financial instrument risk.The important depictions on Auditing Risk concern to four accounts are discerned withLiabilities, Financial results of the subsidiary, sales revenue and assets.

2AUDITING & ASSURANCETable of ContentsIntroduction......................................................................................................................................3Industry Overview...........................................................................................................................4Identification of legal requirements for pharmaceutical goods.......................................................5Business risk factors which needs to be considered for Vectus Group...........................................6Auditing Risk concerned to four accounts.......................................................................................7Likelihood of potential reliance which could be placed on overall control environment.............10Rationale for undertaking the audit after assessment of client’s business and audit risks............12Conclusion.....................................................................................................................................13References......................................................................................................................................15

3AUDITING & ASSURANCEIntroduction“Vectus Biosystems Limited” engages in the field of development activities and medicalresearch in Australia. Vectus Biosystems is responsible for scientific observations associated tometabolic change as a result of salt intake which came into discovery by Dr Karen Duggan in2003. In 2005 the company was officially formed by Dr Duggan’s discovery via orallydeliverable drug. It is further depicted that company “holds patents around vasoactive intestinalpeptide and its fragments” for treating “cardiovascular fibrosis” and “systolic blood pressure”(Vectusbiosystems.com.au 2018). The main discourse of the report aims to provide the overview of the industry in which itoperates and also present a recent development which has been brought in this industry. Thesecond section of the report aims to follow a number of regulations and legislative requirementsfor therapeutic goods. In this section the study has identified and briefly discussed four legalrequirements for pharmaceutical goods. The third section of the study has identified foursignificant business risk factors into the auditors need to consider for Vectus group engagement.It further aims to describe the different types of risk potential associated to maturitymisstatements in the financial report. The evaluation of annual report published by the companyin 2017 the study has identified four accounting concerns and also reflected an in-depthunderstanding of Vectus group and its operating environment. The fifth section of the report hasstated on corporate governance and arrangements made by the company in order to assess thepotential reliance which could be placed on the control environment. This particular aspect issupported by three factors. The final section of the study has shown the understanding of theclient and assessment of client’s business and audit risks and provide the rationale forundertaking the audit.

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