Situation 3 Your client Suits Ltd is a event management company. Suits Ltd arranges for popular overseas entertainment artist to perform in Australia. Bruno Mars concert was booked to be played in major cities in Australia. Suit's written contract required the company to pay the artist in US dollars, but in order to reduce costs, it did not hedge the amounts. Subsequent to year end, the Australian dollar fell against the US dollar and a substantial loss relating to the Bruno Mars concert was predicted. The management of Suits Ltd tried unsuccessfully to renegotiate the Bruno Mars contract and has been unable to obtain finance to cover the expected shortfali. Suits has now cancelled the concert and expects a substantial claim from Bruno Mars. It is clear to you, as the auditor, that Suits does not have the income, cash. or the other assets to sustain such a toss. Audit opinion {1 mark) Explanation (1 mark)