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State your responsibilities with respect to the event

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Reference no: EM132741102

Question: You have recently completed the audit of Elizabeth Pty Ltd (Elizabeth) for the year ending June 30th 2020. Elizabeth operates a six star luxury resort north of Adelaide. You expect to sign the audit report on November 22nd 2020, and the financial statements are to be issued to shareholders at the annual general meeting on December 4th 2020. On November 16th you are informed that, due to the outbreak of an infectious disease, the government is banning all travel for the next six months. You believe that this will have a significant impact on Elizabeth because it has very high borrowings and a loan covenant with strict conditions attached.

Required: (i) State your responsibilities with respect to the above event.

(ii) Outline any further audit work (including any specific audit procedures) you believe
is necessary.

(iii) Do you believe that Elizabeth's financial statements should be amended? If so, what type of amendment is required? Provide reasons for your answer.

Reference no: EM132741102

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