Question

1. Whatdoes itmeantoimprove audit qualityandhow canweconductmoreefficientaudits?

2.How shouldwemodel auditrisk assessment?

3. Whatfactors shouldyouconsider indecidingwhethertoissueaqualifiedor anadverse opinion?

Draft theexplanatory and opinionparagraphsfor:

1. aqualifiedopinion

2. anadverse opinion

Case Study

4.YouareanauditassistantallocatedtoperformtheauditofNewGrangeLtdforthe yearended30 June2020.Themanagingdirector ofNewGrangeisinterestedintheauditresponsibilitiesfor identifyingsubsequentevents.Theauditpartnerwouldlikeyoutodocumenttheseresponsibilities inmemotothemanagingdirectorofNewGrange.Thedetailedauditworkis expectedtobe completed by31August2020.Itis plannedthat:

theauditor's report willbesignedon15September2020

thefinancial statementswillbesenttoshareholders on 30September2020.

Required

a) Writeamemo, explaining the auditor's responsibilities for identifyingsubsequenteventsineach of the followingperiods

b) Discuss the procedures involvedinidentifyingsubsequenteventsineachperiods.

30June 2020to31August 2020

1 September 2020 to15September 2020

16September2020to30 September2020

1 October2020onwards.

5. Research theconceptofContinuousAuditinganditsimplications for independent auditors.Further analyzethehurdlesfortheimplementationofcontinuousauditinginFiji.

6. Researchtheinfluenceof Audit Committee onAudit qualityand further examinethegender diversity ofauditcommittee'scompositioninFiji.