Identify $3$ business risks of The Medibank Pvt Limited, that will increase the risk of material

misstatement $($specifically inherent risk$)$ at the assertion level for classes of transactions

or account balances. For each business risk, identify only $1$ class of transaction or

account balance $($income statement or balance sheet line item$),$ and for each class of

transaction$/$account balance please identify the assertion most $($only one$)$ at risk of

misstatement. You need to explain why each business risk will lead to a risk of

misstatement to the specific class of transaction$/$account balance and assertion that you

have identified.

Describe in detail, the appropriate substantive procedure that will address each of the

class of transaction or account balance and assertion identified as at risk of material

misstatement. The description of procedures must be detailed enough for someone with

limited auditing knowledge to be able to carry out the procedures correctly.

Refer to additional requirements on the next page.