Client Risk Profile Of Suncor Energy Inc. - 2716 Words

CLIENT RISK PROFILE December 21, 2014 financial statements are being prepared in the form of annual report in accordance with IFRS with the previous year corrections and restatements. In 1967, Suncor was established for the first time as development of Canada’s oil sands. Suncor energy inc. is an energy provider company, where it is headquartered in Calgary, Canada. Suncor Inc. operates in the energy sector where its primary operations include crude oil extraction, its conversion to oil, gas and, diesel; further trading the manufactured product in the open market. Across our operations, we intend to achieve production of one million barrels of oil equivalent per day. Across our operations, we intend to achieve production of one million†¦show more content†¦The client had seen a record oil sand production through important milestones and operational performance. Building strong midstream capabilities had provided Suncor with triple their production to compete the market. During 2002, wit h the major competitors Suncor was not doing well, however once they bought petro Canada over, then they came to the second place in the energy industry. Suncor has made an improvement through the use of technology to lower the long run costs through innovation for sustainable energy development. Suncor has started decline with the market, for pipeline constraints, new entry of energy companies, and by higher costs to produce oil. In order to find the risks of this company, client risks must be identified, testing according to the plan must be done to improve the profit and revenue. As I was reviewing the financial statements of 2013, I have found that, the company has more volatile industry which makes the investors to buy and sell. Through their improvement globally, their oil sands had become effective and efficiency through the public. Business risk of this client will be very high since the energy sector is more volatile, especially the oil sands of energy sector. Since Suncor has the lowest prices and operating costs, they will face huge competition within Canada and internationally. Such risks will affect the auditor’s assessment of audit risk for this client. Therefore, the auditor can