3 (8 marks) Consider each of the following independent situations concerning companies incorporated under the Corporations Act 2001. In all cases, assume that the amounts involved are material. (a) You are an auditor of JJJ Ltd, a manufacturing company for the year ended 30 June 2021. JJJ is currently negotiating with the bank an extension of a loan facility that is due for repayment shortly after the Annual General Meeting (AGM). You believe that without this refinancing JJJ will not be able to continue its operations. (b) You are the audit partner of Solid Road (Solid) Ltd, a construction company. The management of Solid have excluded from the financial report the necessary disclosures in relation to a contingent liability. (c) You are the auditor of Newcrest (Newcrest) Ltd. You believe that the management of Newcrest has overstated the value of investment properties by $6 million, a figure which is twice the level of materiality of $3 million set for the audit. As a result of discussions with the audit committee, the Chief Executive Officer (CEO) of Newcrest agreed to revise the valuations downward by $4 million. All other issues are resolved to your satisfaction, resulting in an overall misstatement in the financial report of $2 million. (d) You are the auditor of Coco Ltd. Management of Coco Ltd have decided not to disclose directors' fees in the accounts as they are not material. You cannot convince management to change its decision. However, you do agree that the amounts are not material. Required: For each of the above situations (a-d), determine the appropriate audit opinion to be issued. Give (4 situations 28 marks) reasons