BFA713 AUDIT AND ASSURANCE

INTRODUCTION

The assignment is based on KNeoMedia Limited (ASX Code: KNM, hereinafter referred to as "KNeoMedia").

REQUIRED

1. List and explain five (5) key audit risks which would impact on the audit of KNeoMedia. For each of the key audit risks identified, identify the account and explain the main assertion at risk. The risks must be specific and relevant to the context of the audit of KNeoMedia. Each of the risks needs to be clearly elaborated.

Please note that you cannot adapt any audit risks that have been described in the auditor's report. For example, in 2017 Annual Report, stated that the auditor, Grant Thornton, is concerned about the Convertible Notes as part of the "Other financial liabilities" stated in their Consolidated Statement of Financial Position. As it has been stated in the auditor's report, you cannot use/adapt the same account as one of your key accounts at risk.