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Discuss the ethical and professional issues faced by chai

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Reference no: EM132842345

You are the audit engagement partner at Chai & Co, Chartered Accountants, planning the Loan Shark audit, a financial services provider listed in Bursa Malaysia. Loan Shark offers loans and credit facilities to both the commercial and retail sectors. An announcement was made by the Securities Commission Malaysia (SC) in January 2021 that one of the subsidiary entities, Naughty Boy, of Loan Shark was to cease undertaking financial services activities.

  • You are evaluating the current makeup of the engagement team members of Loan Shark and note that Ms. Linda Lai, the audit manager in charge of the engagement, has applied for a loan from Loan Shark to finance her purchase matrimonial home. The CFO promised Ms. Lai her loan would be offered on favourable terms.
  • The CEO of Loan Shark has planned a meeting with you regarding the audit fees for the year ended 31 December 2020. The previous years' audit fees were based on a total of 1000 hours. The CEO argues that as the engagement team is familiar with Loan Shark's business, the audit fees should be lower than in previous years.

Required

Problem 1: Discuss the ethical and professional issues faced by Chai & Co regarding the audit of Loan Shark and any actions that need to be taken by the engagement partner.

Reference no: EM132842345

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