(a) Identify and explain the business risk and the principal audit risks , the auditors had to consider while performing the audit of Mauritius Turf Club 2020.

1. ( b)The Independent Auditors Report to the members of the Mauritius Turf Club contains a section on Auditors Responsibilities for the Audit of the Financial Statements. An Independent Auditors report is required to contain a clear expression of opinion on the financial statements taken as a whole. Explain the conclusions which the Independent Auditor must reach in order to form an opinion on the financial statements taken as a whole.