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Question -
(a) Daisy Company
On 28 April 2020, one of the company's aircrafts crashed into the south Indian Ocean. The financial impact of the crash and the potential damage to reputation could have a significant effect on the future of the company. Further information will not be available until after the auditor's report has been signed.
Required: Briefly discuss further audit procedures to be carried out in respect of the event and explain how the event could affect the audit report for the year ended 31 March 2020.
(b) Jasmine Company
You expect that the audit will be finalized and the auditor's report be signed on 15 July 2020. Today is 27 June 2020, you have just identified that there is an invoice from a financial data vendor of $1.3 million, which the company did not book at year end. It is related to the subscription of financial data for research and analysis. The whole system and software was fully delivered and installed properly before 31 March 2020 but just that the billing was delayed. A net profit of $5 million was reported for the year.
Required: In relation to the above, explain your understanding about the type of the event and your responsibility towards it.
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