500 words needed on below accounting assignment

Consider each of the following independent and material situation. In each case:

1.The financial report date is 31 Dec 2014

2.The field work was completed on 12 Feb 2015

3.The directors’ declaration and the audit report were signed on 19 Feb 2015

4.The completed financial report accompanied by the signed audit report were mailed

to the shareholders on 18 Mar 2015

Q Limited is a major public company involved in the property development industry.

Prior to signing your audit report you sought a letter of comfort from the company’s

bankers that the bank would continue to support the company by providing finance

over the coming year. The bank agreed that it would continue to provide finance. It

was your view that without such support the company had severe assumption. On

15 Mar 2015, the company’s bankers wrote to you advising that the company had

breached its loan covenant with the bank in Feb 2015 and that the loan facility was

now due and payable and would not be renewed.

Required:

1. Outline the required treatment in the financial report,if any, justify your answer.

2. Determine whether additional audit evidence needs to be obtained. If so,

describe the nature of the audit evidence to be obtained and the audit

procedures used to obtain it.

3. If no action is taken by management, determine the most appropriate audit

report to be issued.

 

Answers

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