1. From the period of global financial crisis during 2007-2012, select four Australian companies as

1. From the period of global financial crisis during 2007-2012, select four Australian companiesas follows: one insolvent company, one company that issued financial reports with an unmodified audit opinion, and two other companies with their auditor’s opinion highlighting going concern issues. Answer the following questions:

i) Describe the structure and independence of the audit committees in the companies selected in 3) above.

ii) Using financial ratios, analyse the risk and performance of these companies and draw conclusions on the continuity of these companies.

iii) Critically examine and report whether the independence and activisms of the audit committees had potential impact on the auditor’s opinion as to continuity of the selected companies.