Question 1 (25 marks) Advanced Auditing-ACF3003 (5) SECTION A (COMPULSORY) You are the audit manager of the Visible Associates, an accounting and auditing firm. You have been assigned the responsibility to carry out the audit of Value Group for the year ending 30 June 2018.The Group has more than ten subsidiaries in different countries and specializes in the manufacture of high-quality and fashionable watches for men and women under the brand name 'ValWat'. You are preparing to start the audit planning soon and the Group's Finance Director has provided you various documentation including the forecast Financial Statements with comparatives figures as given below: Consolidated Statement of Financial Position Forecasted 30 June 2018 Actual 30 June 2017 $m $m Assets Non-Current Assets Tangibles Intangibles Current Assets Total Assets 101 86 135 157 157 118 393 361 Equity and Liabilities Equity share capital 110 110 Reserves 117 108 Non controlling interest 25 25 Total Equity 252 243 Non current Liabilities Debentures 121 90 96 Current Liabilities Total Liabilities Total Equity and Liabililties Page 1 of 5 20 28 142 118 393 361