Topic background: First reported to the World Health Organisation as an unknown virus in late December 2019, coronavirus/COVID19 developments throughout 2020 are causing great uncertainty for the global economy. This uncertainty is creating risks that entities may not have encountered before, and gives rise to new and rapidly changing conditions that auditors may not have previously encountered. Required: Conduct research on the impact of coronavirus/COVID19 on external financial report audits, then answer the following questions: Travel restrictions: 1. What impediments do travel restrictions present to the performance of the audit? (300 words); Assessing financial impact: 2. What specific elements/accounts within a financial report are most likely to be impacted by the COVID19 pandemic? What would the audit focus be? (200 + 100 = 300 words); Going Concern: 3. What COVID19 considerations would management take into account when determining whether its business is still a going concern? (200 words); and 4. Distinguish between an assessment of solvency and an assessment of going concern - are they two ways to report the same thing? (600 words); 5. What are the obligations of the auditor under section 311 of the Corporations Act 2001 in relation to solvency and going concern? (100 words).