I. The auditor of ABB insurance Ltd hires an actuary to assist in corroborating a client’s…

I. The auditor of ABB insurance Ltd hires an actuary to assist in corroborating a client’s complex superannuation calculations concerning accrued superannuation liabilities that account for 40 percent of the client’s total liabilities. The actuary’s findings are reasonably close to the client’s calculations and support the financial report. What type of auditor’s report should you issue? Explain the reason for your answer. II. On 5 July, Spring Pty Ltd, a major customer of Tom Ltd, was placed into liquidation. As Spring Pty Ltd had confirmed the balance due to Tom Ltd as at balance date,

»I. The auditor of ABB insurance Ltd hires an actuary to assist in corroborating a client’s complex superannuation calculations concerning accrued superannuation liabilities that account for 40 percent of the client’s total liabilities. The actuary’s findings are reasonably close to the client’s calculations and support the financial report. What type of auditor’s report should you issue? Explain the reason for your answer. II. On 5 July, Spring Pty Ltd, a major customer of Tom Ltd, was placed into liquidation. As Spring Pty Ltd had confirmed the balance due to Tom Ltd as at balance date, management of Tom Ltd has refused to write off or provide for the Spring Pty Ltd account in the 30 June 2020 financial report. However, they are prepared to disclose this information as a note to the financial report. What type of auditor’s report should you issue? Explain the reason for your answer. III. On 10th July 2020, Summer Ltd entered into a new contract to supply wine to Liquor Ltd, a major new wine store that had set up operations in New South Wales. The contract was similar in nature to other contracts previously negotiated with other wine stores. Management does not believe that any change to the financial report is required. What type of auditor’s report should you issue? Explain the reason for your answer. IV. Johnson Ltd is an Australian wine producer that is well known for their commitment to sustainable production and continuous improvement. The Johnson Ltd has capitalized significant funds incurred in developing an improved new wine cap that allows the wine to continue to develop in the bottle. On 19 July, Johnson Ltd applied for a patent for the cap, only to discover that a competitor had lodged a similar application on 15 June. The granting of Johnson Ltd.’s patent application is now in serious doubt. Management do not believe any change to the financial report is required. What type of auditor’s report should you issue? Explain the reason for your answer. V. The entire Victoria operations of the company are under investigation by the Australian Tax Office for alleged failure to pay the appropriate amount of PAYG tax. As auditor, your preliminary investigations reveal that the Tax Office has a strong case against the company. However, there is no note to 4 | P a g e financial report regarding this issue. What type of auditor’s report should you issue? Explain the reason for your answer.

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