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Identify the key inherent risk factors that could have an impact on the audit of The Suncorp Group for the year ended 30 June 2011. For each risk factor state why you consider the issue may create a risk of potential misstatement in financial statements of the Suncorp Group. Identify what audit evidence you would have gathered during the audit to establish the true nature and effect of the inherent risks you have identified. Using the information collected to assist you in above questions explain and justify your overall assessment of inherent risk for Suncorp. Using the audit risk model and the risk factors discussed above, discuss how your assessment of inherent risk will impact on the evidence mix for the planning of the audit of the company you have chosen. 3000 words, due 01 November 2011.
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