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Discuss the audit evidence

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Question - Your audit client, PVE Pty Ltd (PVE), has been assessed as having going concern problems due to a significant local customer (representing 75% of PVE's revenue) who has recently withdrawn their support of the business, as well as pressure from ongoing economic uncertainties in the Australian market, further impacting the client's cash flow.

PVE's Directors' have indicated that they are currently rescheduling their loan payments as well as exploring and negotiating potential export contracts for their product to Asian markets, in order to alleviate the going concern issues.

a) Discuss the audit evidence that you would need to obtain for each of the two (2) mitigating factors indicated above.

b) Identify three (3) relevant additional mitigating factors that could be considered in relation to PVE's situation.

Reference no: EM132635674

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