estion 13 Considerath of the Fontent and maniche the case the carport and wo w 200 the financial report and report to the en 30 The envio do your device Leon why ING Your Own Cedrich wemment on the d. You werful on 2.0. Your Wormon the way Does the che htthewebe both endomen mech 20 . what what would Talas Marka Moving to another question will save this response. Question 13 Consider each of the following independent and material situations. In each case: the balance date is 30 June 20x9 the financial report and audit report were signed on 12 August 20X9 the financial report and audit report were mailed to the members on 20 August 20X9 a.The Research and Development (R&D) division of your dient Neptune Limited had developed a new type of photocopy p Limited capitalised the development cost relating to the new photocopy paper in its 30 June financial reports. However, June b. Your client, Outback Mining Limited, owns a mineral exploration licence in Central Australia. At 30 June this licence was va Limited received notice that a claim was being lodged under the Native Titles Act. If the claim is successful the exploration c. Your client. Gem Limited, made an out of court settlement on 1 August 20x9 of $300,000. The settlement related to a litiga d. You are the auditor of Turbo Limited, a professional services client. On 15 August 20X9. Turbo Limited settled and paid pe previously recorded a liability for the claim. e. On 22 August 20X9. you discover that a debtor of your client, Galaxy Limited, was placed in liquidation on 16 August. The d preliminary information, the likely payout to client is zero. Required: i. Describe your obligations as the auditor to each of the above subsequent events (5x1 mark - 5 Marks) iiFor each of the events described above, select the appropriate action from the list below and justify your response: (5 x 2M a. Adjust the 30 June 20x9 financial report. b. Disclose the information in a note to the 30 June 20x9 financial report c. Request the client recall the 30 June 20x9 financial report for revision. d. No action is required il What additional information would you obtain in relation to each of the events described above? (5 x 2 Marks - 10 Marks) Total: 25 Marks response and material situations. In each case: 25 points were signed on 12 August 20x9 were mailed to the members on 20 August 20X9 division of your dient Neptune United had developed a new type of photocopy paper, and the directors believed that the new photocopy paper would double the sales volume ore Neptun cost relating to the new photocopy paper in its 30 June financial reports. However, on y 26x9 the granting of the application for patentirted becauses.competere repeda mantin owns a mineral exploration licence in Central Australia. At 30 June this licence was valued by an independent expert at 50.000.000. Tautinis reflected in the final report on puit Outback Me was being lodged under the Native Tities Act. If the claim is successful the exploration licence will be worthless ut of court settlement on 1 August 20x9 of $300,000. The settlement related to connecting back. A provision of 30,000 was recorded in the 30209 Trance report slo a professional services client. On 15 August 2019, Turbo Limited settled and paid personal injury cam to former employees a result of the accident that occurred in Marth20 The company lud not claim. at a debtor of your client, Galaxy Limited, was placed in liquidation on 16 August. The debtorowed 5600.000 as a sounela specific provision of $300,000 of this amount was made at the date on very ayout to client is zero. ditor to each of the above subsequent events (5xmark 5 Mard) ove, select the appropriate action from the list below and justify your response: 5x2 Mars 10 Mars cial report note to the 30 June 20x9 financial report 30 June 20x9 financial report for revision you obtain in relation to each of the events described above? (5 x 2 Marks - 10 Maria 67 33 TERN-1 (MC) 2 I > 14px EM Anal Isothout warem estion 13 Considerath of the Fontent and maniche the case the carport and wo w 200 the financial report and report to the en 30 The envio do your device Leon why ING Your Own Cedrich wemment on the d. You werful on 2.0. Your Wormon the way Does the che htthewebe both endomen mech 20 . what what would Talas Marka Moving to another question will save this response. Question 13 Consider each of the following independent and material situations. In each case: the balance date is 30 June 20x9 the financial report and audit report were signed on 12 August 20X9 the financial report and audit report were mailed to the members on 20 August 20X9 a.The Research and Development (R&D) division of your dient Neptune Limited had developed a new type of photocopy p Limited capitalised the development cost relating to the new photocopy paper in its 30 June financial reports. However, June b. Your client, Outback Mining Limited, owns a mineral exploration licence in Central Australia. At 30 June this licence was va Limited received notice that a claim was being lodged under the Native Titles Act. If the claim is successful the exploration c. Your client. Gem Limited, made an out of court settlement on 1 August 20x9 of $300,000. The settlement related to a litiga d. You are the auditor of Turbo Limited, a professional services client. On 15 August 20X9. Turbo Limited settled and paid pe previously recorded a liability for the claim. e. On 22 August 20X9. you discover that a debtor of your client, Galaxy Limited, was placed in liquidation on 16 August. The d preliminary information, the likely payout to client is zero. Required: i. Describe your obligations as the auditor to each of the above subsequent events (5x1 mark - 5 Marks) iiFor each of the events described above, select the appropriate action from the list below and justify your response: (5 x 2M a. Adjust the 30 June 20x9 financial report. b. Disclose the information in a note to the 30 June 20x9 financial report c. Request the client recall the 30 June 20x9 financial report for revision. d. No action is required il What additional information would you obtain in relation to each of the events described above? (5 x 2 Marks - 10 Marks) Total: 25 Marks response and material situations. In each case: 25 points were signed on 12 August 20x9 were mailed to the members on 20 August 20X9 division of your dient Neptune United had developed a new type of photocopy paper, and the directors believed that the new photocopy paper would double the sales volume ore Neptun cost relating to the new photocopy paper in its 30 June financial reports. However, on y 26x9 the granting of the application for patentirted becauses.competere repeda mantin owns a mineral exploration licence in Central Australia. At 30 June this licence was valued by an independent expert at 50.000.000. Tautinis reflected in the final report on puit Outback Me was being lodged under the Native Tities Act. If the claim is successful the exploration licence will be worthless ut of court settlement on 1 August 20x9 of $300,000. The settlement related to connecting back. A provision of 30,000 was recorded in the 30209 Trance report slo a professional services client. On 15 August 2019, Turbo Limited settled and paid personal injury cam to former employees a result of the accident that occurred in Marth20 The company lud not claim. at a debtor of your client, Galaxy Limited, was placed in liquidation on 16 August. The debtorowed 5600.000 as a sounela specific provision of $300,000 of this amount was made at the date on very ayout to client is zero. ditor to each of the above subsequent events (5xmark 5 Mard) ove, select the appropriate action from the list below and justify your response: 5x2 Mars 10 Mars cial report note to the 30 June 20x9 financial report 30 June 20x9 financial report for revision you obtain in relation to each of the events described above? (5 x 2 Marks - 10 Maria 67 33 TERN-1 (MC) 2 I > 14px EM Anal Isothout warem