Pleasant Beverages Ltd has the following audit problems:
• The company did not update the listing for the changes in shareholding of the company
• The director’s minutes were not prepared for the current year
• No annual general meeting (AGM) was held last year • There was no written consent from the directors to act
• The company did not even justify the reason for not keeping proper records and holding the AGM
Required : For this scenario discuss the audit issues to be considered and what impact these issue would this have on the audit opinion. You may also justify the answer using relevant legislation such as the Corporations Act and relevant auditing standards.