The timeline for the release of Tasmanian Transport Ltds 30 June 2019 financial statements is as follows:

• 30 July 2019: Financial statements approved and signed by the directors and the auditors report is signed.
• 14 August 2019: Financial statements issued.

The following information has subsequently come to light:

1. On 23 July 2019, Noyers Nuts Pty Ltd (a customer of Tasmanian Transport) went into receivership. As at 30 June 2019, Tasmanian Transport had a trade receivables balance relating to Noyers Nuts of $800,000. Initial reports from the receivers indicate that Tasmanian Transport is likely to receive 20 cents in the dollar.
2. On 2 August 2019, one of Tasmanian Transports trucks was transporting peas late at night from a farm in Cressy, Tasmania. The truck left the road and ran into the side of a power pole causing a fire in an adjacent egg production facility belonging to a Tasmanian egg producer. The estimated damage to the egg production facility is $1,500,000. Tasmanian Transports insurers are refusing to pay out any insurance as the driver involved had exceeded his maximum number of driving hours permitted by law on the day of the accident.
3. On 25 July 2019, Tasmanian Transport Ltd agreed to purchase for cash the outstanding shares of another transport company, Tiger Freight Pty Ltd. This acquisition is likely to double the transport fees revenue of Tasmanian Transport Ltd.
4. During July 2019, Tasmanian Transport was approached by Spreyton Meats Pty Ltd, a wholesaler of chilled beef. Tasmanian Transport has an exclusive supply contract with Spreyton Meats. A term of the contract is that Tasmanian Transport must install special backup generators at their transport depots to ensure that the chilled meat remains refrigerated overnight in the event of a power failure. The total cost of the generators, including their installation is $150,000.
5. On 1 August 2019, a depot storage facility of Tasmanian Transport Ltd was damaged by a heavy inundation of rainwater. As a result, a clients inventory of chilled meat awaiting transport, was destroyed. The uninsured loss of inventory was estimated to be $200,000.

Required

Using Table below, for each of the abovementioned events:

1. Identify and explain whether it is an adjusting or non-adjusting event.
2. Identify the impact on the specific aspects of the financial statements (if any) and explain why. If there is no impact explain why.
3. Describe the action the auditor should take if any (refer to relevant auditing standards.

Event	Part a. answer	Part b. answer	Part c. answer
i
ii
iii
iv
v