Write brief notes on the following topics:

(a) Discuss the extent to which you believe that the inclusion of key audit matters and a brief description of the auditors’ responsibilities in the extended audit report are useful.

(b) Briefly outline the merits and limitations of the extended audit report.

(c) Discuss the arguments for and against auditors reporting on how they applied the concept of materiality in an audit.

(d) Comment on the extent to which you believe the auditors’ reporting responsibilities as contained in the UK Corporate Governance Code provide useful information to users of the financial statements.