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For each of the five independent situations described below. indicate the audit report the auditor should issue and provide justication for your answer. Note. except for the matters discussed in each question, assume that the nancial statements present a true and fair view. (1) AusZinc Ltd is a mining exploration company that raised $30 million by listing on the AS)( in July 2018. It has invested this money to explore for zinc ore deposits on a mining tenement in Tasmania. So far, the company has spent $13.4 million on an exploratory drilling program and has some promising geological results but has not succeeded in finding a commercially viable ore body where it can develop a zinc mine. Because of this the company has noted that it has a risk of future insolvency in the directors' declaration and in the notes to the accounts. You believe these disclosures are adequate and that the current financial statements present a true and fair view. Which kind of audit report should you issue? (2 Marks) (2) Your client has determined that the cash basis of accounting provides a more faithful representation of its nancial position than accrual accounting, as it is a cash rich business. Based on your audit work you have determined that the difference between cash and accrual accounting if adjusted, would not significantly change profit. What type of audit report should you issue? (2 Marla.) (3) Cabram Ltd is dual listed on the Australian Securities Exchange (ASK) and the London Stock Exchange (ISE). Because ofthis dual listing, it has prepared two sets of nancial statements, one in accordance with the Corporations Act (2001) for its Australian investors and one in accordance with UK Companies Act {2006) for its UK investors. Your audit firm has audited both sets of nancial statements and is satisfied that they both present a true and fair view and are in accordance with the laws of Australia and the UK, respectively. Which type of audit report should you issue for the Australian financial statements? (2 Marks) (4) Your client develops sonar equipment for the Royal Australian Navy (RAN) submarine eet. Due to the highly secretive nature of the technology the Government has banned you from auditing the inventory of the company and has ordered a RAN accountant to give you a list ofthe quantities on hand. What type of audit report should you issue? (2 Marks) (5) On 29th January 2021, your client Elphin Ltd (ELP) took over German company Zolder AG. This takeover signicantly increased the size of ELP, with monthly revenue increasing by 45% in the months following the takeover. Due to the difculty caused by having many of ELP's accounting records in German and held at the Zolder offices in Munich, as well as the need to extract information from two separate accounting systems, your firm has found the audit of the 31St March 2021 nancial statements particularly difcult. However. you were able to determine that ELP's financial statements are true and fair. Which kind of audit report should you issue? (2 Marks)