Please refer to the financial report of the Mauritius Turf Club 2020. You may download the document on the following address: https://media.mauritiusturfclub.com/images/stories/pdf/Financial%20Report%20- %20Dec%202020.pdf

Required 1. 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 Mauritius Turf Club 2020. (15 marks)

2. 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.