In this assignment you are assumed to be an auditor who has just been appointed by your auditing firm to perform the audit at a particular client. You are in the process of understanding the client and produce part of an audit strategy to help plan the audit for the 2019 financial year (1/7/2018 to 30/6/2019), in accordance with the Australian Standard on Auditing (ASA) 315 Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and Its Environment, and guidance (paragraph A25 to A49)

Below are the issues and topics that I would like you to address in your assignment. Please be noted that the assignment should be divided into 2 parts: Part A contains information relating to the client, most of which can be easily derived from the clients annual report; whereas in part B you are expected to do research to provide a deep understanding and assessment of the related information that might have an impact on the auditors future work

Measurement and review of financial performance -

Identify the measurement and review of financial performance (e.g. Directors remuneration, employees performance measure and incentives, loans with conditions such as maintaining a specific liquidity ratios, etc.).

- Discuss the potential impact of those identified on the future audit work.

Objectives, strategies and related business risks

- Identify the objectives or strategies (any plan to develop new products or services, or to expand the business locations, use of information technology)

- Identify the related business risks (the risk that that an entitys business objectives will not be attained as a result of external and internal forces brought to bear on an entity).

- Discuss the potential impact of those identified on the future audit work.

My company is Retail Food.