Reference no: EM132680637
Question - Your client is NTCorp Pty Ltd ("NTCorp"), a diversified business operating throughout Australia. Yearend was 30 June 2017, the auditor's report was signed on 31 July 2017 and the financial statements were mailed to shareholders on 14 August 2017.
During your subsequent events review, you noted the following independent and "material" items:
1. NTCorp has been involved in a legal dispute with a competitor for a number of years. The dispute relates to alleged breaches of copyright by NTCorp. On 27 July, you discovered that NTCorp had settled the legal action out of court on terms more favourable than expected.
2. As for (1) above, except that the legal action was settled on 5 August 2017.
3. On 10 July, one of NTCorp's major product lines developed a fault that rendered the product unusable. NTCorp became aware of the fault on 30 July. Although the fault posed no safety risks to consumers, NTCorp decided to launch a full product recall on the following day.
4. On 30 July, the Bureau of Meteorology issued a cyclone warning for parts of Far North Queensland. NTCorp has a large sugar cane plantation in this area. On 2 August 2017, the cyclone hit, wiping out about 90% of the crop.
5. In early June, one of NTCorp's largest debtors informed NTCorp that it was experiencing serious financial difficulties. On 5 July 2017, NTCorp was informed that the debtor had gone into receivership. Preliminary reports suggest NTCorp will recover only 10 cents in the dollar of the outstanding debt.
(a) Outline the key additional procedures you should have performed in relation to each of the above events.
(b) What actions should you have recommended to management in relation to each of the above events?
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