Explain inventory valuation system

Assignment Help Auditing

Reference no: EM13184331

Classify each of the following threats as either; self-interest, self-review, advocacy, familiarity or intimidation.

1 The CEO threatens to change auditors unless an unqualified opinion is issued

2 Each member of the audit team received a holiday cruise as a gift from the client

3 The audit partner owns a significant amount of shares in the client company

4 The audit partner is the brother-in-law of the client company's director

5 The audit firm is promoting a new issue of shares from the client company

6 The audit firm is acting as an advocate on behalf of the client in a dispute with a third party

7 Management is pressuring the firm to reduce its audit hours in order to reduce the fees

8 The audit partner has been approached about becoming a board member with the client company next year

9 A member of the audit team was recently a director of the client company

10 The audit must cover an inventory valuation system which was implemented by the audit firm after last year's audit

Reference no: EM13184331

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