This report, titled "AUDIT THEORY AND PRACTICE," examines the audit of the IOOF Group, an Australian financial services company. It identifies key business risks such as the number of advisors, climate change risks, and banking regulator issues. The report also analyzes accounts susceptible to material misstatements, including the valuation of assets, depreciation, and the valuation of goodwill. Furthermore, the report assesses the company's adherence to ASX Corporate Governance principles and provides recommendations, suggesting that a tender for the audit of IOOF Group should be considered to safeguard stakeholders from potential financial reporting inaccuracies. The analysis is based on the company's annual reports and relevant financial data, providing a comprehensive overview of the company's financial health and risk profile.
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