Please refer to the Annual report for IBL $2023.$ You may download the document on the

following address:

Required

Using the information provided, identify and explain the business risk and the principal

audit risks, the auditors had to consider while performing the audit of IBL LTD$.$

$(15$ marks$)$

The 'Independent Auditor's Report to the Shareholder of IBL LTD $\text{'}$ contains a section on

Auditor's Responsibilities for the Audit of the Financial Statements.

An Independent Auditor's 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.