6 Pages 1538 Words Immuron Annual Report

| March 17, 2019


You and your colleague are required to prepare a client evaluation report to the senior partners of your auditing firm. Client evaluation includes: evaluation of the integrity of management; identifying risks; assessing competence to perform an audit; and other ethical and legal considerations. This report will be used to provide preliminary information as to whether or not the auditing firm should consider tendering for the audit of Immuron Limited (Immuron), a pharmaceutical company. Assuming that the audit for Immuron will be coming up for tender, you are required to prepare a report based on your research. This will require extensive research and critical analysis of the annual report of Immuron for the year ended 30 June 2017 and any other information that you have obtained (a good source of information would be the company website). The Immuron annual report is available at: http://immuron.com/investor-centre/company-securities-exchange-announcements/ under the “2017 ASX announcements” caption. In your report you must address the following issues: 3. Pharmaceutical companies are required to follow a number of regulations and legislative requirements for therapeutic goods. Identify and explain four (4) legal requirements (acts/regulations) for pharmaceutical goods. (8 marks) 4. Identify four (4) significant business risks for Immuron and describe how those risks may lead to potential material misstatements in the financial statements. Explain why these particular areas are risky. (8 marks)

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