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- Diapositiva: 1
- The impairment model looks too optimistic
- You assume things will get better quickly
- five-year average price ✅short-term price❌(too volatile)
- Adrian (Auditor 1) and Jack (Audit Manager) found that Waylong's Violation of the prudence principle due to an overly optimistic impairment test model
- Diapositiva: 2
- The book value of Waylong's 2024 wine stock is also overestimated.
- Adrian (Auditor 1) highlights a Value Assertion Problem;The overvalued inventory book value needs to be revalued.
- Diapositiva: 3
- Green certificates and carbon neutual sign were expired, but not mentioned in the report.
- Such incomplete disclosures may mislead investors
- Emily (Auditor 2) and Jack (Audit Manager) investigated Waylong’s disclosure might be outdated or incomplete
- Diapositiva: 4
- We looked at the local climate data. It’s not likely production will fully recover in the next three years. Your forecast is a bit too optimistic.
- I don't think so......
- Megan (Expert) thinks Waylong's forecastof production is overly positive.
- Diapositiva: 5
- So, we’ve got 3 BIG ISSUES:1. The impairment model needs fixing – it’s too positive.2. Some ESG stuff is missing or out of date.3. We need better proof of production in the supply chain and estimated sales.
- Understood. I’ll ask our team to do these.
- We’ll add those documents into the audit evidence.
- Jack (Audit Manager) summary of the main issues
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