FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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question 11

You are the auditor of TCG Ltd. On 5 September 2019, you were told that the Australian Securities and Investment Commission (ASIC) had started leal action against TCG. It was alleged that TCG has failed to comply with Australian accounting standards in the preparation of its 2018-2019 financial statements. TCG management argued that the requirements of Australian accounting standards were out of date. Additional information: • Annual balance date: 30 June 2019 Completion of audit fieldwork: 18 August 2019 The signing of audit report: 22 August 2019 Publication of financial statements: 3 September 2019 Required: State what the auditor will either do or request Management to do. Justify your response.
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Transcribed Image Text:You are the auditor of TCG Ltd. On 5 September 2019, you were told that the Australian Securities and Investment Commission (ASIC) had started leal action against TCG. It was alleged that TCG has failed to comply with Australian accounting standards in the preparation of its 2018-2019 financial statements. TCG management argued that the requirements of Australian accounting standards were out of date. Additional information: • Annual balance date: 30 June 2019 Completion of audit fieldwork: 18 August 2019 The signing of audit report: 22 August 2019 Publication of financial statements: 3 September 2019 Required: State what the auditor will either do or request Management to do. Justify your response.
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