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Question - The financial year of your audit client Alice Ltd ended on 31 December 2020. Your audit report is due to be signed on 19 February 2021 and the financial statements were due to be issued on 10 March 2021. The auditors have discovered the following material event:
On 6 February 2021 the auditor discovered that a debtor of Alice Ltd had been placed in liquidation on 31 January 2021. The insolvency was the result of ongoing cash flow problems. The amount owing by the customer was from a single sales transaction that had taken place on 4 January 2021.
Required -
-Identify and explain the auditor's responsibilities in relation to this event.
-What is the appropriate course of action for the client?
-Assume that management do not agree with any recommendations that you make as the auditor. What type of audit opinion would you provide?
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