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Discuss the steps that you need to consider before accepting to do an audit of the KGC
Ltd. mine in PNG? 30
b) If the inherent risk of the KGC Ltd. mine in PNG is estimated as 80% and the control
risk and detection risk are estimated at, respectively, 10% and 50%, should your audit
firm accept the role of doing an audit of the KGC Ltd. mine in PNG? (Explain)
30
c) List and discuss what should be included in an audit program for the KGC Ltd. mine in
PNG. Your program should include general coverage plus items 1 to 9, above. 40
d) If KGC Ltd. revalues its major PPE assets from historic cost to fair market value, what
are the major concerns for the auditor and what tests should the auditor perform to
resolve those concerns?
15
e) Review the future prospects of the mine. 20
f) In a triple-bottom line addendum (i.e. addition) to their GPFS, KGC Ltd. described their
operations as being socially responsible and environmentally friendly. Are you willing
to sign-off on that statement as being true and fair? (Explain)
25
g) KGC Ltd. is hoping to raise $5 billion AUD, KGC Ltd. via a share issue. In the share
prospectus,3 KGC Ltd. Noted that its PNG operations are its principal asset and
described the operations as low risk and indefinite (permanent) in duration. Are you
willing to sign-off on that prospectus as being true and fair? (Explain)
