Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question Two (total of 3 marks) For each of the four independent situations described below, indicate the audit report the auditor should issue and proyide

image text in transcribed
image text in transcribed
Question Two (total of 3 marks) For each of the four independent situations described below, indicate the audit report the auditor should issue and proyide justication for your answer. Note, except for the matters discussed in each question, assume that the nancial statements present a true and fair view. {a} Due to the failure of a major customer ve days after the balance date, you hate determined that it is highly unlikely that your client will be able to continue in business as a going concern for a period of 12 months after reporting date. The client has agreed to disclose this fact in the directors' declaration. [2 marks] Opinion [1 mark]: Justication {1 mark}: (b) Your audit client has decided against disclosure of employee long seryice leaye entitlements information as required by AASB 119 Empioyee Benets in the notes to the nancial statements, on the basis that doing so will result in nancial statements that do not present a true and fair yiew and that the information cannot be disclosed due to condentially agreements in employment contracts. [2 marks] Opinion (1 mark]: Justication {1 mark)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Understanding Financial Accounting

Authors: Christopher D. Burnley

2nd Canadian Edition

1119406927, 978-1119406921

More Books

Students also viewed these Accounting questions