You are part of the audit team required to prepare a report

| October 14, 2019

You are part of the audit team required to prepare a report to the senior partners of your auditing firm. This report will be used as part of the information provided to the audit team.
You and your colleagues have been assigned to prepare a report based on your research of Billabong International Limited (Billabong). Assume that this is the first time that the audit will be conducted by your audit firm, La Trobe Partners. The report must cover the areas detailed below. This will require extensive research and critical analysis of the annual reports and any other information that you have obtained.

In your report you must address the following issues:
1. Provide an overview of the client’s business and industry in which it operates. The overview must include a discussion on recent developments. (5 marks)
2. What are the significant business and/or audit risks for Billabong? You need to explain at least FIVE (5) risks. DO NOT DISCUSS THE AUDIT RISK MODEL. (7.5marks)

3. Referring to the financial statements for 2016
 Calculate and comment on the listed ratios below. Your comments must also include a comparison with the Industry figures.

Ratio Summary Table

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