You are a part of the team responsible for planning the Bank of Queensland (ASX code - BOQ), a retail bank, audit engagement for 2021. You are required to gather relevant background information and prepare a report for a meeting with your audit seniors. Assume that this is the first time that the audit will be conducted by your audit firm for this client. The report should:

Required:

(a) Discuss the principal sources of BOQ's revenue.

(b) List and describe three principal government laws/regulations (other than financial-related categories which include legislations such as Corporations Act 2001, Australian Taxation Laws, etc.) that govern BOQ's operations.

(c) Identify and explain three key accounts that could be at risk of material misstatements. These accounts should be selected based on risk analysis and understanding of BOQ and its environment. Also, list the key assertion at risk for each identified account.

(d) Identify an appropriate base and set planning materiality for BOQ. Explain why you have chosen this base and the percentage you have used.

The answers to the above questions should be reflective of your in-depth understanding of how the BOQ operates. You should conduct extensive research and perform an analysis of the annual report of BOQ for the year 2020 and any other relevant information* that you have obtained.

*(Hint: company's website and financial results, financial press, and other business media). BOQ's 2020 Annual Report is available via the link below: https://www.boq.com.au/content/dam/boq/files/shareholder-centre/financialresults/2020/annual-report-2020.pdf