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Question 1 Audit Reports Part A This part requires you to explain the main requirements of ASA700 Forming an Opinion and Reporting on a Financial Report and to outline the different types of audit

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Question 1    Audit Reports

Part A
This part requires you to explain the main requirements of ASA700 Forming an Opinion and Reporting on a Financial Report and to outline the different types of audit opinions that may be provided in the Auditors Report and the circumstances leading to the expression of the different types of Audit Opinions

Part B

This part requires you to consider the following situations and state which type of Audit Opinion
you would offer in each providing a reason/explanation for each one.Assume that a...

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Question Preview:

Question 1    Audit Reports

Part A
This part requires you to explain the main requirements of ASA700 Forming an Opinion and Reporting on a Financial Report and to outline the different types of audit opinions that may be provided in the Auditors Report and the circumstances leading to the expression of the different types of Audit Opinions

Part B

This part requires you to consider the following situations and state which type of Audit Opinion
you would offer in each providing a reason/explanation for each one.Assume that any weaknesses
are material.
(a)The Connor Company has been having paying its debts during the last financial year and has been relying on its bank overdraft to pay debts. It has just been advised that the bank want repayment of the bank overdraft within one month. All other efforts to obtain finance have been unsuccessful as its cash flow does not cover its debts.
(b)A local company has an American parent company and so it uses the same inventory valuation method of LIFO instead of FIFO. The difference between LIFO and FIFO has been calculated and its
effects calculated and while material are limited to their effect on the Inventory anddo not have a material effect on the rest of the financial statements.
(c)The Victorian manufacturing company manufactures prefabricated concrete in its factories It includes its factories in the balance sheet at market value less accumulated depreciation.The Factory in Melbourne is included in the balance sheet based on a valuation carried out five years
ago .The directors have notasked foranother valuation because they have believed that the market
values have remained fairly stable over the past five years.

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Solution preview

The main requirement of ASA 700 have been aimed to address the appropriate balance in between the need for the consistency as well as comparability in the reporting of the auditor and  the requirement to incease the auditor’s reporting value through making the provided information in the report of the auditor relevant for the user of particular financial stement.  This standard of auditing also promotes consistency in regard to the auditor report but also

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