good day, could someone please assist with this auditing question thank you

COAG221A - Take Home Test C2 2020 V10 Page 3 of 4 Question 2 Your friend, Patrick Wilson, gave you a call this week to arrange a meeting. He was very secretive as to why he wants to see you. After a few beers Patrick told you about one of his audit clients (Cheap Trick Limited) that gave him a lucrative offer, al he had to do is to make sure that they get an unqualified opinion. Patrick is a senior partner at one of the big auditing firms and is not up to scratch when it comes to the theory of audiing, since his primary focus is on tax. Cheap Trick Limited is one of the biggest entities listed on the JSE. There is a lot of users that wil rely on the company's audited financial statements to make investment decisions kawa H Mai, M (2020) Required: Patrick is aware of the fact that you are a second-year student and that auditing is your best subject. He asks you to advise him in terms of the Auditing Professions Act on the following matters. 2.1 Should he decide to accept the offer from Cheap Trick Limited and a lot of people lose money due to an incorrect unqualified opinion, wil he be liable? (6 Maris) 2.2 Will a reportable irregularity exist if Patrick decides to accept the offer? Explain the steps that need to be followed. (15 Marks) 2.3 What requirements need to be met before an audit opinion can be issued? (9 Marks) End of Section A COAG221A-Take Home Te C2 2020 V1.0 Page 404 COAG221A - Take Home Test C2 2020 V10 Page 3 of 4 Question 2 Your friend, Patrick Wilson, gave you a call this week to arrange a meeting. He was very secretive as to why he wants to see you. After a few beers Patrick told you about one of his audit clients (Cheap Trick Limited) that gave him a lucrative offer, al he had to do is to make sure that they get an unqualified opinion. Patrick is a senior partner at one of the big auditing firms and is not up to scratch when it comes to the theory of audiing, since his primary focus is on tax. Cheap Trick Limited is one of the biggest entities listed on the JSE. There is a lot of users that wil rely on the company's audited financial statements to make investment decisions kawa H Mai, M (2020) Required: Patrick is aware of the fact that you are a second-year student and that auditing is your best subject. He asks you to advise him in terms of the Auditing Professions Act on the following matters. 2.1 Should he decide to accept the offer from Cheap Trick Limited and a lot of people lose money due to an incorrect unqualified opinion, wil he be liable? (6 Maris) 2.2 Will a reportable irregularity exist if Patrick decides to accept the offer? Explain the steps that need to be followed. (15 Marks) 2.3 What requirements need to be met before an audit opinion can be issued? (9 Marks) End of Section A COAG221A-Take Home Te C2 2020 V1.0 Page 404