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Question - Burwood Assurance Partners (BAP) is a small accounting firm based in Melbourne. BAP's audit clients are mainly small and medium scale businesses. After working for BAP for 6 years, you have been appointed as the audit manager in 2020. One of your responsibilities is to review ethical matters which have occurred in different audit engagements. You found the following issues in your recent investigations.
Key Solution Pharmacy Ltd. (KSP) is a discount beauty and health care product provider. It is also one of the largest clients for BAP. BAP provides a range of services: taxation, consultancy, and financial audit. The audit fee and other non-audit service fees from KSP represent around 12% of BAP's total income. Page 4 of 6 In 2020, due to the influence of COVID-19 pandemic, KSP earned much lower sale revenue compared to its prior estimation. KSP requested BAP to decrease the audit fee for the financial year 2020 by at least 30%, otherwise, it will switch to another auditor in 2021. However, you believe that BAP cannot perform all necessary audit procedures and collect sufficient audit evidence with a 30% decrease in audit fees. You have concerns about this engagement.
Required -
1. Identify and discuss the ethical and other professional issues found in above three cases.
2. Recommend the actions that should be taken in relation to each of the issues identified in the above three cases.
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