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.

Briefly describe the process in assessing a new client

Describe in detail five (5) specific banking audit requirements.

Explain which standards and/or regulations need to be followed.

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

. 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.

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

What would you recommend to the partners? Why?

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Posted on May 2, 2016Author TutorCategories Question, Questions