QUESTION 1 QUESTION 1 (15 MARKS, 30 MINUTES) Bowen Limited, a public company, is an internet-based company created to sell sporting equipment online. The company has a March 31 year-end. The company had a promising start, the COVID 19 crisis has negatively affected the company, and the company's sales and cash flow have deteriorated significantly. You, CPA are the audit partner in charge of Bowen Limited, and have reservations about the ability of Bowen Limited to continue operations. You have completed the audit and feel you have sufficient, appropriate evidence. Required: Part 1 Identify possible implications of the above situation on the audit report of Bowen Limited, and reach a supported conclusion on the appropriate audit report that you would issue, based on your explicit assumptions. (8 marks) Part 2 The CEO Bowen Limited just called you. He is not happy about your conclusion on the audit report and says. "What is the value of the audit anyway?" Respond to the CEO and discuss the future of auditing of historical financial statements. Reach a supported conclusion on whether you feel the audit of historical financial statements will continue to be demanded in the market place. (5 marks) TT TT Paragraph . Arial 3 (12pt) YE . E . T . P. fx Mashups . 1 4 0 4 B . HE HTML ESS Words:0 Path: p QUESTION 2 BUSI 3170 Final Question 2POSTED.pdf Question 2 T T T T Paragraph Arial 3 (12pt)