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Auditing

Table of Contents

Question 1: Factors:

Question 2: Comparison with previous year

Question 3: Going Concern:

Question 4: Brief plan for auditing.

Ratio Analysis.

Reference.

Question 1: Factors:

• Nature of Business

The company is engaged in airline industry and Covid 19 pandemic is the most important and biggest factor as the overall business and operational activities of the company has been stopped and the possibilities of early restart are negligible. Moreover, the overall Australian economy might go under recession.

• Going concern issue

The CEO and CFO looks confident for a strong comeback, but the circumstances are not in their support. The company has presented its current year financial items by averaging figures for 8 months (excluding the pandemic period from March to June). If the oper....