ed

$1.$ Using the information provided $,$ identify and explain the business risk and the principal

audit risks $,$ the auditors had to consider while performing the audit of IBL LTD$.$

$(15$ marks$)$

$2.$ The $$Independent Auditor$$s Report to the Shareholder of IBL LTD $$ contains a section on

Auditor$$s Responsibilities for the Audit of the Financial Statements.

An Independent Auditor$$s report is required to contain a clear expression of opinion on

the financial statements taken as a whole.

Explain the conclusions which the Independent Auditor must reach in order to form an

opinion on the financial statements taken as a whole.