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 TCG management argued that the requirements of Australian accounting standards were out of date.
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 TCG management argued that the requirements of Australian accounting standards were out of date.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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standards were out of date.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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