You have been assigned to a team to determine if your audit firm should accept the audit for Immuron Limited (ASX Code: IMC). Your team is required to prepare a client evaluation report for the audit partners, to enable the partners to make the final decision. Please include the following in your report:

1. Provide an overview of Immuron's business and industry (Pharmaceutical industry) which you believe will be relevant to an audit and explain why this information would be relevant. You need to consider any recent developments. Note: There will be many issues that should be included here but for this assignment, please discuss 2 major areas for business and 2 major areas for industry.