Research Project for The reject shopRequired:You are required to conduct and document a business risk analysis for an Australian public company (one ASX listed company you select) and then prepare a broad audit strategy for the company for inclusion in the audit report.—————THE COMPANY HAS BEEN CHOOSE FOR The reject shop, ASX CODE:TRSAssignment Objectives:– practical experience in gaining an understanding of an auditee and the processes of conducting a detailed strategic risk analysis from an auditor perspective, and Fraud analysis from the view of a forensic accountant.– enhance your report writing skillsApproach– read background material on business risk assessment that you can find. Don’t limit yourself to the textbook. Use audit firm websites for example.IMPORTANT!!!!!!!!Consider the following matters and how they affect the financial statement assertions:Circumstantial information:a. key economic factors about company’s industryb. stage of company’s life cyclec. business success factorsd. notable accounting issues for this industrye. legal or regulatory matters of concernf. social mattersInternal information:g. its primary productsh. company size (sales, assets, employees)i. locations / segmentsj. related parties / associatesk. corporate governance issuesAnalyse the company’s position:l. financial strengthm. performance trendsn. sources of capitalo. market / media responses to company newsp. quality of earningsq. compare company to rest of industryr. use industry benchmarks, ratio analysisOutline your broad audit strategy, and forensic investigation:s. identify high-risk areas of the businesst. identify low risk areas for the businessu. explain how these risk areas are reflected in the financial statementsv. identify significant types of transactions and transaction cyclesw. Will it be appropriate to reduce assessed control risk?x. Use the Fraud Triangle and Fraud Scale to critically analyse your listed company?NOTE:The above list does not provide an appropriate structure for your report and is not intended to be exhaustive. It is merely a list of some things to consider and provides a default minimum task list.How much weight you place on any matter is an exercise in your judgement and you are expected to use your initiative in developing your own assessment.Grading Criteria (20%)– Company description (4%)Originality (non-annual report material)Relevant mattersDepth– Analysis (10%)Understanding of BusinessUnderstanding of IndustryAnalytical Review/Fraud AnalysisIndustry ComparisonsAttention to detailDepth/quality of interpretation– Conclusions and audit strategy (4%)Supported by the analysisPlausibilityUsefulness for audit planningIdentifies important audit matters– Presentation (2%)IndexingExecutive summaryPhysical layoutOrdering of materialMaximum Length: 10 double-spaced typed A4 pages