You have been the auditor of Data Ltd for two years
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You have been the auditor of Data Ltd for two years

Week 2

You have been the auditor of Data Ltd for two years. Your auditor’s report for Data for the year ended 30 June 2018 was unmodified, indicating that in your opinion the financial report gave a true and fair view. In August 2018, Data obtained a large loan from Better Bank Ltd, to provide additional working capital. Subsequently Data suffered severe trading difficulties and was placed into liquidation in late December 2018, with insufficient funds to repay the loan to Better Bank.

Required:

Outline a defense for your audit firm to any legal action taken by Better Bank to recover its loss.

Hint
Accounts and Finance Audit report refers to a written report released by an auditor to state the opinions of an entity financial statements if they are true based on the evidence provided. Audit Defense means that Tax Audit will stand for you through the accomplishment of any income tax audit for the tax return year recognized on the affiliation certificate during the time of affiliation....
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