User Account

All Pages

Identify any threats to compliance with the ifac code

Assignment Help Auditing
Reference no: EM13486501

Read the following scenario and identify any threats to compliance with the IFAC Code. ABC firm is the auditor of Company Ltd and has been for 10 years. During this time, the audit partner responsible has always been John. The other partner in the firm, Robert, has been the review auditor for this assurance engagement. Robert has not been the lead audit partner as his wife's father is the CEO of Company Ltd. Every year Company Ltd celebrates the end of the audit by throwing an all-expenses paid weekend away for their staff that worked on the audit and for the audit firm. This has led to a good relationship between the auditors and the company that makes the audit less formal. The staff all know each other well and the company believes it is money well spent. Recently John was approached by the board of Company Ltd with an offer of employment as a director starting in two years time. The only condition was that the audit fees have to be reduced for the current and next year's audit.

Reference no: EM13486501

Questions Cloud

Cash in available-for-sale marketable securities : Fisher Corporation invested $320,000 cash in available-for-sale marketable securities in early December. On December 31, the quoted market price for these securities is $337,000. Which of the following statements is correct?
Explain the impact that the pacific acceptance case : Explain the impact that the Pacific Acceptance case had on existing auditing practice. B. List four of the procedures or practices that were identified in the ruling as being part of a competent audit.
Evaluate the accuracy of each method : Steam at 1200 degrees F has a specific volume of 0.0963 ft^3/lbm. Estimate the pressure of steam at this state using the ideal gas equation of state, evaluate the accuracy of each method
For managerial accounting at nova southeastern university : For managerial accounting at nova southeastern university.
Identify any threats to compliance with the ifac code : Read the following scenario and identify any threats to compliance with the IFAC Code. ABC firm is the auditor of Company Ltd and has been for 10 years.
Determine the angle the cable will make with the horizontal : A 2-m-long, 0.2-m-diameter cylindrical pine log (density = 513kg/m^3) is suspended by a crane in the horizontal position. determine the angle (theta) the cable will make with the horizontal
Explain reaction in cell notation form and calculate the e : For a standard cell made using gold (Au) and gold (III) nitrate, and cobalt and cobalt (II) nitrate write the spontaneous reaction and the reaction in cell notation form and Calculate the E^(degree sign) for this cell
Classify each of the following threats : Classify each of the following threats as either; self-interest, self-review, advocacy, familiarity or intimidation.
The company''s tolerance rate and industry standards : How can an auditor find a balance between the company's tolerance rate and industry standards

Reviews

Write a Review

Auditing Questions & Answers

  Define inherent risk reason procedure

In a discussion with the accountant you discover that the company is experiencing cash flow problems, both with the failure to secure the contract with the US prisons and due to foreign exchange losses.

  Difference between net cash provided by operating activities

Difference between net cash provided by operating activities and net income. Speculate on which number is likely to be the better indicator of long-term profitability.

  Bank investment risks

What is you opinion on the Chase Bank trade? They lost 2 Billion on a risky investment; it caused their stock price to loose 10%. It supposedly was a "Hedge" that went wrong.

  Giving a rational explanation to view

Discuss the following in your essay and discuss the following in your essay so what is your view, giving a rational explanation to your view.

  Job order costing-over and under applied overhead

Reston Company uses a job-order costing system. The company applies overhead cost to jobs on the basis of machine hours. For the current year, the company estimated that it would work 36,000 machine-hours and incurs $153,000 in manufacturing overh..

  Would king and queen be liable to efl

Would your answer change if EFL had written to King and Queen advising you that they intended to make a loan to Impulse and were relyingon the 2012 audited financial report to assist them in making their decision?

  Information about cost of borrowing

Pyramid Products Company has a revolving credit agreement with its bank. The company can borrow up to $1 million under the agreement at an annual interest rate of 9 percent.

  Why it is desirable for corporations

Using a standard format memo please discuss the why it is desirable for corporations, charities, and NGOs to change their External Audit firms every 7-10 years.

  Current liability journal entry

Explain. What journal entry would be made for the days worked and what entry would be made when the wages are paid on Saturday?

  Audit cases available on flecs blackboard

You will then be required to audit cases available on FLECS Blackboard or 20 hospital records.

  Analytical procedures and substantive testingnbspbelow are

analytical procedures and substantive testingnbspbelow are the financial statements and additional information for

  Five types of audit tests

There are five types of audit tests. List one audit test and describe at least two types of evidence that may be obtained from this test.?

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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