Paper, Order, or Assignment Requirements

you are required to prepare a preliminary client evaluation report to the senior partners of your auditing firm. This report will be used to determine whether or not the auditing firm should consider tendering for the audit of a well-known bank.

Client evaluation includes: identifying risks; assessing competence to perform an audit; and other ethical and legal considerations. Audit firms undertaking bank audits must also comply with a number of additional regulatory requirements.

Assuming that the audit for ANZ Bank (Australia and New Zealand Banking Group Limited) will be coming up for tender, you are required to prepare a report based on your research. This requires extensive research and critical analysis of the annual report and any other information available to present to the senior partners.

MUST INCLUDE REFERENCES TO: accounting and auditing standards and guidelines; regulations; Corporations Act 2001 etc.

In your report please identify and discuss the following:

Questions 1&2 are already done. you are required to the the following:

3. Client risk assessment.

• Describe in detail four (4) specific business/audit risks for a banking client.

4. The areas of concern.

• Using the ANZ Bank 2015 Annual report identify and describe (8)

accounting/auditing matters that may be of concern.

• Explain why you have identified these particular matters.

5. The limitations of your report.

• Is there any other information you require but do not have access to?

6. Conclusion

• What would you recommend to the partners? Why?