Question
You are an audit partner with Nelson Lim & Associates. Your client Majestic Ltd has requested that you: (i) Check if Majestic has complied with
You are an audit partner with Nelson Lim & Associates. Your client Majestic Ltd has requested that you: (i) Check if Majestic has complied with the laws and regulations relating to environmental protection and provide a verbal(oral) report to the local environmental council. (ii) Prepare a report providing a written opinion addressed to management indicating whether the annual financial statements give a true and fair view in accordance with International Financial Reporting Standards. (iii) Prepare a report providing a written opinion addressed to a government department indicating whether Majestic has complied with the legal requirements of a government grant. (iv) Identify new risks that arise from a changing business environment due to the global pandemic. (v) Perform random visits to offices identified by the client to observe that the employees report to work on time.
Required:
(a) For each of the services (i) to (v) above, indicate if it is an assurance engagement. Explain your answers briefly.
(b) Describe the FIVE (5) elements of an assurance engagement.
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