Describes the current australian recommendations

Assignment Help Auditing
Reference no: EM131177032 , Length:

Question 1:

Task

Case:

Battersby and Associates Chartered Accountants is a successful mid-tier accounting firm with a large range of clients across Australia. During the 2015 financial year Battersby and Associates gained a new client, Medical Services Holdings Group (MSHG), which owns 100 per cent of the following entities:

- Green Grass Hospital, a private hospital group
- Green Gardens Nursing Home Pty Ltd, a private nursing home
- Complete Cancer Care Limited (CCCL), a private oncology clinic that specialises in the treatment of cancer.
Year end for all MSHG entities is 30th June.

CCCL owns two relatively old linear accelerators used in radiation therapy. Recently radiographers using these linear accelerators have raised concerns that they have adverse radiation impacts on patients.

The CEO of CCCL, Adam Chase, has approached Belinda Battersby, the audit partner responsible for the financial report audit, about undertaking an engagement in respect of the linear accelerators. Adam has requested Belinda provide an opinion that the linear accelerators are fit for use. Adam pointed out that the CCCL audit is up for tender the following year and suggested that Battersby and Associates might like to take on the linear accelerators engagement without charging a fee as a gesture of goodwill.

Source: Adapted from the CA Program's Audit and Assurance exam, December 2008.

Required

What should Belinda do? Use the Code of Ethics for Professional Accountants and the American Accounting Association (AAA) Model to help consider your response to this question.

The best way to present your answer is in a table as below:

Question 2

Good corporate governance reduces the audit risk. Independent directors have been recognised as critical to good corporate governance.

Task

Prepare a report for your fellow students that:

- describes the current Australian recommendations for the inclusion of independent directors in a board of directors,
- evaluates the continuing need for independent directors, and
- identifies barriers to the effectiveness of the role of independent directors.

Rationale
This assessment has been designed to assess your ability to:
- Be able to explain and critically evaluate influences on audit and assurance services including: Australian and international professional standards, statutory and common laws, regulatory bodies, and public expectations within a global market;
- Be able to exercise critical and reflective judgment and appreciate the value of ethical practice.

Proper APS referencing

Verified Expert

The work is in 2000 words for the two questions in APS format in MS word. The focus of the first question is on the decision making process where there is a need of the accounting APES 1110 rules to set the structure of the organsiation where Belinda is asked for the help in free under the legitimate valuation of the auditing of the Adam company. The other question deals with the indepenedent directors requirement for the coroporate governance. This is important as there has been a proper identification of the different barriers to the same.

Reference no: EM131177032

Questions Cloud

What information did the whistleblower convey : Give 2 examples of whistleblower cases that involve or occurred in the United States in the past 10 years. What information did the whistleblower convey? Why was the information important and to whom?
Charges a nominal interest rate on loans equal : According to the Fisher equation, what should the nominal interest rate be? Suppose Bank A charges a nominal interest rate on loans equal to 6%. What will borrowers do? Suppose Bank B charges a nominal interest rate on loans equal to 4%. What will..
What are the dimensions if the river side is also be fenced : Consider the farmer in Exercise 7 whose field borders the river. Assume he wants the area of the plot to be 800 square feet. What should its dimensions be if he wants to use the least amount of fencing?
Political and the economic concepts of monopoly : Discuss the political and the economic concepts of monopoly. What does each say constitutes a monopoly? It was said that the economic concept leads to confusion over which firms are monopolies.
Describes the current australian recommendations : What should Belinda do? Use the Code of Ethics for Professional Accountants and the American Accounting Association (AAA) Model to help consider your response to this question.
Which corporal punishment is an effective form of sentencing : Debate the degree to which corporal punishment is an effective form of sentencing when given in conjunction with a prison term.
What is the least amount of fencing needed : 180,000 square feet of land is to be enclosed in a rectangular plot which will then be subdivided into three plots by a pair of fences both parallel to the sides. What is the least amount of fencing needed? (see Figure 8.)
Levels of short-run output : Consider another economy in which the unemployment rate over the next three years is 6%, 7%, and then 4%. Use Okun's law to solve for the levels of short-run output, Y, expected in each year
Discusses a low-income and high-crime area : Briefly describe the situation discussed in your article and then explain how a relationship between income and the crime rate is not the same as income level causing crime.

Reviews

Write a Review

Auditing Questions & Answers

  Internal audit

Describe and evaluate this type of internal audit. What types of organisation would it be most useful for?

  Accounting professional and ethical standards

Code of Ethics for Professional Accountants

  Prepare swag''s consolidated balance sheet

Prepare Swag's consolidated balance sheet

  Auditing and assurance

Notable operational challenges for 4X Heavy Ltd faced in 2012/2013 were but not limited to

  State of the company’s industry and associated risk factors

Audit partner is concerned about his lack of knowledge of the industry the company is operating in, state of the company's industry and associated risk factors

  Prepare a memo to the audit partner

Prepare a memo to the audit partner on the ‘state of the company's industry' and associated risk factors.

  Adjusting or non- adjusting events

State whether Event is adjusting or non-adjusting event.

  Audit financial data

As a consequence an accounts payable clerk and financial accountant were made redundant from the business during the year.

  Identify principal audit risk

To identify principal audit risk and corresponding audit procedures

  Auditing and assurance

Show the audit inherent risk and rate the risk as low, medium or high.

  National health reform

Explain the role of the following three 'bodies' in National Health Reform

  Prepare a memo on the state of the company''s industry

Prepare a memo on the 'state of the company's industry' and associated risk factors.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd