The audit manager has asked you to write a report as part of the process of determining your suitability as a candidate for a permanent role in the audit firm. The manager wants to assess your ability to apply the knowledge you gained, to the audit planning process and developing appropriate substantive procedures as well as your report writing skills. You are required to address the following in your report (refer to rubrics on page 5 & 6 of this document for breakdown of marks and achievement criteria by component): 1. Identify 4 business risks of The Company, 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. 2. 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. 3. Refer to additional requirements on the next page. Additional Requirements: 1) Do not use the same combination of account balance/class of transaction and assertion as used in the sample case study discussed in week 6 and week 12 (Refer to workshop notes for week 6 and 12). 2) Do not repeat the same combination of account balance/class of transaction and assertion in your answers. For example, if you have identified existence of inventory as the assertion and account balance at risk of misstatement for your first business risk identified, do not use existence of inventory for the second, third or fourth business risk. You can identify inventory as at risk but for an assertion other than existence; or you can identify existence of a different account balance to be at risk of misstatement. Remember though, that whatever account balance/class of transaction and assertion that is identified as at risk of misstatement, you must logically and convincingly explain why this is the case based on the business risk you have identified. Where the same combination is repeated, marks will not be awarded for requirement 2 (description of appropriate substantive procedures) as the substantive procedure will be the same. 3) You must include the following in your report: a) Title page b) Table of contents c) Executive summary d) Introduction e) Body of report f) Conclusion g) References. Company name, (Blackmores Limited (ASX Code: BKL) You can access Blackmores Limiteds 2022 annual report here. It is a good idea to download the annual report for easy access. You can also get additional information about Blackmores Limited from the company website at this link. You will also be able to find a lot of information about Blackmores Limited and the industry it operates in, online.)