Discuss the below:
Q: What are the key business risks to CSIRO and how will these impact the financial statements and your audit? What strengths or weaknesses in internal control have you identified? Through ratio, risk and other analysis form an assessment of going concern, the potential for fraud and the relevance of this for your audit. You may need to refer to the notes of CSIRO's financial statements to calculate current assets & liabilities. What further steps will you undertake during the audit with regard to the risk of fraud? For three significant classes of transactions or accounts, identify preliminary audit risk components, proposed audit approach and four specific audit procedures for each that you intend to perform, one of which needs to be performed around balance date. Develop a timetable of when you will undertake your audit procedures leading to Board approval of the financial statements and distribution in August 2011.