AUDITINGASSURANCE MC: You are the auditor of Noah Limited (Noah) for the financial year ending 30 June 2018.

11. You are the auditor of Noah Limited (Noah) for the financial year ending 30 June 2018. Noah carries various financial assets including negotiable instruments and derivatives on its balance sheet. The company has not recorded any impairment in respect of its financial assets for the 2018 financial year (vs. $3.8 million in 2017). Your work indicates that there should be an impairment charge of $10,000 in respect of one of the financial assets held by Noah. Noah’s management refuses to record this impairment on the basis that the amount is immaterial, which you agree with. Which of the following is the most likely opinion you will issue for the Noah audit?
a) Unmodified.
b) Unmodified with emphasis of matter paragraph.
c) Qualified.
d) Adverse.
12. During the final review of a client’s annual report, you have noted that the ‘Management Commentary’ section of the annual report contains information that is materially inconsistent with the audited financial report. You have asked management to address the matter and change the relevant information in the ‘Management Commentary’ section. They have declined and subsequently amended the financial report to be consistent with the information in the ‘Management Commentary’ section. If the matter is material, the most appropriate course of action would be to:
a) Issue an adverse opinion with an other matter paragraph describing the situation.
b) Issue an unmodified opinion and include the matter in the letter to the client’s audit committee.
c) Issue a qualified opinion and include the matter in the basis for qualified opinion paragraph.
d) Issue an unmodified opinion with an other information section outlining the matter.
13. Which of the following is NOT an example of a performance audit in the public sector?
a) Reporting to the minister on the outcomes of programs to support equitable access to education in regional areas.
b) Reporting to the minister on the extent to which the corrections department has prevented the supply and use of drugs in prisons.
c) Reporting to the minister on how well health services are managing occupational health and safety risks for their workforce.
d) Reporting to the minister as to whether the state infrastructure department has followed the government procurement guidelines.

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