Reference no: EM132416830

Advanced Auditing Topics

150 words and reference

Question No.1
Good post! It is good to highlight lack of transparency, accountability and fairness in transacting business as unconscious biases for Arthur Andersen as the auditor for WorldCom. You are correct, integrity, credibility, independence and public confidence could have made a difference. I personally believe that auditors could have made a difference if they were truly independent. Would it be a good idea for elite audit firms to be assigned randomly to their public clients by an independent agency?

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Question No.2
Members in public practice (MIPP's) are required to be independent while they are performing attest services for their clients. There are four types of relationships that can threaten their independence while performing their duties. The four threats are financial relationships, employment relationships, family relationships and consulting relationships.

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Question No.3

Inside the class materials the threats to independence fall into four different categories: Financial relationships, employment relationships, family relationships, and consulting relationships (APUS ACCT606 - Advanced Auditing Topics December 2019, 2019).

Attachment:- Advanced Auditing Topics.rar