Reference no: EM132844844
Question - You are an audit partner finalising your 30 June 2021 audit. The following matter have come to your attention:
Telken Ltd is the parent entity of the Telken Group, a reporting entity. Your firm did not act as auditor of either Telfast Ltd or Teldane Ltd - the entities controlled by Telken.
You were unable to obtain the auditor's report for Telfast, although you do have a copy of the final draft auditor's report, and the other auditor's verbal assurance that an unqualified auditor's report was issued.
In addition, despite receiving a copy of the audited report for Teldane, you do not believe the financial report is suitable for consolidation with the other entities in the group. This is because Teldane operates in Afghanistan, which has a vastly different accounting framework from that used in Australia. You have been able to quantify the financial effect of the required adjustments on the financial report of the Telken Group.
However, management has refused to make the adjustments and has consolidated the existing version of Teldane's financial report.
REQUIRED - What type of opinion that should be issued for Telken Group, and justify your answer.
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