Review the Financial Year 2021 audited annual reports including financial statements presented to the shareholders for the following organisations:

- Healius limited

- Telstra Ltd

Question:

1. Identify at least three inherent risks that you would have to consider for each company in the audit planning phase and justify your answer. Cite the relevant ASAs/ISAs to support your answer.

2. Which audit procedures and/or tasks would you have planned to carry out in response to the inherent risks identified above? Cite the relevant ASAs/ISAs to support answer and peer review.