(ii) If a partner, who is an actuary, provides valuation services to an audit client, can we continue with the audit?(3 marks)Required:For each of the three questions, explain the threats to objectivity that may arise and the safeguards thatshould be avai

题目

(ii) If a partner, who is an actuary, provides valuation services to an audit client, can we continue with the audit?

(3 marks)

Required:

For each of the three questions, explain the threats to objectivity that may arise and the safeguards that

should be available to manage them to an acceptable level.

NOTE: The mark allocation is shown against each of the three questions above.

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(c) Explain the extent to which you should plan to place reliance on analytical procedures as audit evidence.(6 marks)

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(b) A sale of industrial equipment to Deakin Co in May 2005 resulted in a loss on disposal of $0·3 million that hasbeen separately disclosed on the face of the income statement. The equipment cost $1·2 million when it waspurchased in April 1996 and was being depreciated on a straight-line basis over 20 years. (6 marks)Required:For each of the above issues:(i) comment on the matters that you should consider; and(ii) state the audit evidence that you should expect to find,in undertaking your review of the audit working papers and financial statements of Keffler Co for the year ended31 March 2006.NOTE: The mark allocation is shown against each of the three issues.

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(c) In April 2006, Keffler was banned by the local government from emptying waste water into a river because thewater did not meet minimum standards of cleanliness. Keffler has made a provision of $0·9 million for thetechnological upgrading of its water purifying process and included $45,000 for the penalties imposed in ‘otherprovisions’. (5 marks)Required:For each of the above issues:(i) comment on the matters that you should consider; and(ii) state the audit evidence that you should expect to find,in undertaking your review of the audit working papers and financial statements of Keffler Co for the year ended31 March 2006.NOTE: The mark allocation is shown against each of the three issues.

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5 You are an audit manager in Fox & Steeple, a firm of Chartered Certified Accountants, responsible for allocating staffto the following three audits of financial statements for the year ending 31 December 2006:(a) Blythe Co is a new audit client. This private company is a local manufacturer and distributor of sportswear. Thecompany’s finance director, Peter, sees little value in the audit and put it out to tender last year as a cost-cuttingexercise. In accordance with the requirements of the invitation to tender your firm indicated that there would notbe an interim audit.(b) Huggins Co, a long-standing client, operates a national supermarket chain. Your firm provided Huggins Co withcorporate financial advice on obtaining a listing on a recognised stock exchange in 2005. Senior managementexpects a thorough examination of the company’s computerised systems, and are also seeking assurance thatthe annual report will not attract adverse criticism.(c) Gray Co has been an audit client since 1999 after your firm advised management on a successful buyout. Grayprovides communication services and software solutions. Your firm provides Gray with technical advice onfinancial reporting and tax services. Most recently you have been asked to conduct due diligence reviews onpotential acquisitions.Required:For these assignments, compare and contrast:(i) the threats to independence;(ii) the other professional and practical matters that arise; and(iii) the implications for allocating staff.(15 marks)

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(c) Explain the possible impact of RBG outsourcing its internal audit services on the audit of the financialstatements by Grey & Co. (4 marks)

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(ii) Briefly explain the implications of Parr & Co’s audit opinion for your audit opinion on the consolidatedfinancial statements of Cleeves Co for the year ended 30 September 2006. (3 marks)

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(b) As a newly-qualified Chartered Certified Accountant in Boleyn & Co, you have been assigned to assist the ethicspartner in developing ethical guidance for the firm. In particular, you have been asked to draft guidance on thefollowing frequently asked questions (‘FAQs’) that will be circulated to all staff through Boleyn & Co’s intranet:(i) What Information Technology services can we offer to audit clients? (5 marks)Required:For EACH of the three FAQs, explain the threats to objectivity that may arise and the safeguards that shouldbe available to manage them to an acceptable level.NOTE: The mark allocation is shown against each of the three questions.

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(ii) If a partner, who is an actuary, provides valuation services to an audit client, can we continue with the audit?(3 marks)Required:For each of the three questions, explain the threats to objectivity that may arise and the safeguards thatshould be avai

题目

更多“(ii) If a partner, who is an actuary, provides valuation services to an audit client, can we continue with the audit?(3 marks)Required:For each of the three questions, explain the threats to objectivity that may arise and the safeguards thatshould be avai”相关问题

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