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Perfectly answered according to auditing assurance practical approach right standards right assertions please
Problem 1: Look at the list of potential indicators in ASA 570 and see if any of those exist at MMF.
For part (b) I recommend you look at the flowchart I discussed in the lecture
Problem 2: Make sure you cover the difference between the two types (& supporting references) in your background theory.
The question asks for the appropriate treatment - make sure you cover whether an adjustment and or disclosure is required. You may need to consider also looking at accounting/auditing standards related to the specific items in each scenario.
Problem 3: Watch the YouTube video on subsequent events! Make sure you consider all possible actions that the auditor may request of the client.
Problem 4: Check the flowchart for handling a going concern problem. It could be useful to view the sample audit reports in this week's folder on UTSOnline.
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