Commonwealth Bank of Australia is the target company

Download the latest Annual Report for these companies (some maybe provided in a separate file). Based on your selected companys annual report, the audit partner, Mr John Park, has advised you to prepare a planning memorandum which includes the following:

Required: 1. Describe the core business of the company, and explain how why gaining on understanding of the clients business is so important to auditor. 2. Identify four major business risks of the company and provide a detailed explanation of why each factor is identified as a risk to the business.

5. Identify a key account and a key related auditor assertion at risk of material misstatement based on the inherent risk you identify in point 4. (Note: Identify One key account and One key assertion for each of the four inherent risks identified in point 4).

(1000 words)