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Discuss three ethical threats which may affect

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Question - Jeremy Chan (Jeremy) is a sole proprietor of a medium sized manufacturing entity, Nutrifoods Enterprise (Nutrifoods). Nutrifoods is doing fairly well and has been enjoying positive growth over the past few years. Jeremy had started the company using his life savings and the entity is debt-free. Jeremy oversees the management of the company himself, with occasional help from his wife, Natalie Fong. Jeremy runs the company with a team of production operators consisting of local women. Most of these employees have been working for Nutrifoods since the company was incorporated. Jeremy and his wife are satisfied with the current state of affairs and have no future plans of expanding the company. The financial statements of Nutrifoods is not required to be audited since it is not registered as a company.

Required - Discuss whether it is advisable for Jeremy Chan to choose to have a voluntary audit on the financial statements of Nutrifoods by providing FIVE (5) reasons to justify your opinion.

You are the audit manager in Seri & Co. You have assigned Patrick Leong (Patrick) as the audit senior in charge of the audit of Globes Sdn. Bhd. (Globes) for the year ending 31 December 2020. The chief accountant of Globes had resigned two weeks ago and the company is unable to find a replacement at such a short notice. The Managing Director of Globes has requested you to assign Patrick to lead the preparation of the final accounts of Globes until a new chief accountant is hired. Globes has assured you that your firm will be well remunerated for this task.

Required -

(i) Discuss ANY THREE (3) benefits which will be gained by Seri & Co. by accepting the Managing Director's offer to assign Patrick Leong to lead the preparation of the final accounts for Globes Sdn. Bhd.

(ii) Discuss ANY THREE (3) ethical threats which may affect the independence of Seri & Co. in the audit of Globe Sdn. Bhd.

(iii) Assuming that Seri & Co. rejects the offer to assign Patrick for the task in part (i) above, suggest ANY TWO (2) viable alternatives available to the Managing Director of Globes Sdn. Bhd.

Reference no: EM132663989

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