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Biofuel Solutions LtdBiofuel Solutions Ltd (BSL) is a continuing client of your firm for the last five years. You have been assigned to the audit of BSL replacing your supervisor, Jodie Baxter. The replacement resulted from the periodical rotation of lead auditors as required by s. 324DA of the Corporations Act. You have been advised by Jodie that past audits have run smoothly and the financial reports of BSL have always been unqualified.You are currently planning the annual 31 December 2018 audit. You have obtained the following information from the past working papers and review of the audited financial reports for the years ending 31 December 2016 and 2017:• Biofuel Solutions Ltd is an industrial biotechnology company listed on the Australian Securities Exchange since 2013. Prior t

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Introduction

The project outlines the different kinds of things related to the auditing for the organisation where the different kinds of needs are to be found out by the management and the solution is to be brought out so that these problems do not rise again and again. This is very much necessary for the management of the organisation to do as because if the risks are not taken care of then there will be huge problems in the future. This is the main reason behind the problems of the risks in the business. The other things that can be seen in the project is about the strengths, weaknesses, threats and opportunities that might affect in the working of the business. This is very much important for the management of the organisation so that they can know where they are strong at and where they need to improve so that they can make the weak points strong in the future.

The project will give the reader a complete look about the different kinds of things which will give them proper knowledge about the different kinds of risks that are associated with the business and as well as how they can overcome those risks. The other things that they will learn is about the analysis of the business which will help them to grow in the future. The company that is chosen for the research in this project is Biofuel Solutions Limited. As the name suggests this company works in the field of manufacturing and selling of biofuel for the purpose of household and as well as for the

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