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Describe the additional audit procedures

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Question: Office4Us Limited is major public company involved in the stationery and office supplies market. Before signing the audit report of the company you requested a letter of comfort from the company's bankers that the bank would continue to support Office4Us Ltd. financially over the next twelve months. The bank agreed that it would continue to provide finance to the company. It was your view that without the financial support of the bank, Office4Us Ltd. would have severe cash flow problems and its financial report would need to be qualified on a going concern assumption. On 10 August 20Y6 the company's bankers wrote to you to advise that in July 20Y6 the company breached its loan covenant with the bank. As a result the bank requested that Office4Us Ltd. immediately repay the bank loan and it also informed Office4Us Ltd. that it was not prepared to provide it with additional loan funds. You have not yet signed the company's audit report for the year ended 30 June 20Y6.

a. Describe the additional audit procedures you would perform prior to issuing your audit report.

b. Describe the audit opinion you intend to issue of the above entities for the year ended 30 June 20Y6.

Reference no: EM131749186

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