Consider each of the following independent and material situations. In each case:

the balance date is 31 October 20X7.

the fieldwork was completed on 5 December 20X7.

the financial report and audit report were signed on 12 December 20X7.

the financial report and audit report were mailed to the members on 20 December 20X7.

(i) Your client, Outback Mining, owns a mineral exploration licence in Central Australia. At 31 October this licence was valued by an independent expert at $50,000,000. This valuation is reflected in the financial report. On 8 December Outback Mining received notice that a claim was being lodged under the Native Titles Act for land which included that subject to the exploration licence. If the claim is successful the exploration licence will be worthless.

Identify the periods during which the auditor is responsible for identifying subsequent events and indicate the extent of the auditors responsibility.