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In: Accounting• read audit standard ASA315 focusing on audit responsibilitywith respect to client governance, • read...• read audit standard ASA315 focusing on audit responsibilitywith respect to client governance, • read the web page on the ASICreport on the Commonwealth bank which details the governance issuesraised by ASIC(http://www.apra.gov.au/MediaReleases/Pages/18_17.aspx), and• prepare a report that: o summarises and justifies theauditor’s responsibility to review the governance of an auditclient, and o includes a table for use in the audit which explainsthe impact of each of the ASIC identified Commonwealth Bankgovernance issues on audit risk. The table should further explainwhy each of the ASIC recommendations would reduce audit risk. Thetemplate below should be used.IssueImpact on raising audit riskRecommendationReduction in audit risk because of the recommendation