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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.
Selzer Equipment Company sold 610 Rollomatics during 2012 at $6,580 each. During 2012, Selzer spent $25,950 servicing the 2-year warranties that accompany the Rollomatic. All applicable transactions are on a cash basis.
Discuss the ethical issues involved with this situation. Explain how you should handle this situation. Explain what type of report you should issue and why.
Discuss the following in your essay and what each of the above actually refers to and what it means.
Prepare a common-size income statement and balance sheet for McDonough Products. The first column of each statement should present McDonough Products common-size statement, and the second column should show the industry averages.
Name the various types of opinions expressed by an independent auditor. List the three types of going concern issues. Describe very briefly three conditions under which an auditor issues a qualified report
Create a Global Organizational Hierarchy for Champion Pharmaceutical, Inc. (CPI) using the information about the company provided in the Introduction to the TeamMate Practice Case
Given the increased emphasis on corporate fraud, should auditors be required to look aggressively for fraud factors like collusion, circumvention and management override? Why or why not?
Lowe Inc.'s bank statement from Western Bank at August 31, 2010, gives the following information. Determine deposits in transit. (Assume the July 31 deposit in transit cleared the bank in August). b) Determine outstanding checks. (You are calculating..
List the internal controls that should be in effect solely because a EDP system is employed, classifing them as (1) Those controls pertaining to input of information and (2) All other types of computer controls.
A number of corporate failures took place in Australia and United states between 2000 and 2002 causing major credibility crisis in the accounting and auditing profession. Discuss briefly the accounting irregularities found in ENRON and HIH's corpo..
The manager in Lansing has been stealing from the company. To cover the theft, he understates the amount of the outstanding checks on the monthly bank reconciliation. As a result, each monthly bank reconciliation appears to balance.
Illustrate the tax issues that are raised and the relevant sections of the legislation.
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