Undertake some research and prepare a report for presentation at the next meeting of the Audit Committee, to be held on 1 June 2017. Your report must address each of the following:
a) The role of ASIC as a Corporate Regulator, specifically in relation to their Financial Reporting Surveillance Program. In your discussion provide a summary of ASIC's findings from their review of 31 December 2015 financial reports in relation to asset values and impairment testing.
b) A critical analysis of some of the complexities and key issues involved in impairment testing for mining assets. In your analysis, refer to one or more publications issued by the 'Big 4' in relation to the mining industry.
c) Provide a detailed explanation of the impairment write-down made by Evolution Mining in the year ended 30 June 2016. Your explanation should include a discussion of the asset/s that were impaired, the amount of the impairment write-down, and relevant disclosures in the 30 June 2016 financial report in relation to impairment testing.
d) In relation to the company that you are employed by, identify five specific issues that the Audit Committee should consider when reviewing the impairment calculations that will shortly be prepared by management. For each issue identified, explain how it is specifically relevant to your company.