Solution-Identify any threats to compliance with the ifac

Identify any threats to compliance with the ifac code

Assignment Help Auditing

Reference no: EM13486501

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.

Reference no: EM13486501

Questions Cloud

Cash in available-for-sale marketable securities : Fisher Corporation invested $320,000 cash in available-for-sale marketable securities in early December. On December 31, the quoted market price for these securities is $337,000. Which of the following statements is correct?

Explain the impact that the pacific acceptance case : Explain the impact that the Pacific Acceptance case had on existing auditing practice. B. List four of the procedures or practices that were identified in the ruling as being part of a competent audit.

Evaluate the accuracy of each method : Steam at 1200 degrees F has a specific volume of 0.0963 ft^3/lbm. Estimate the pressure of steam at this state using the ideal gas equation of state, evaluate the accuracy of each method

For managerial accounting at nova southeastern university : For managerial accounting at nova southeastern university.

Identify any threats to compliance with the ifac code : 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.

Determine the angle the cable will make with the horizontal : A 2-m-long, 0.2-m-diameter cylindrical pine log (density = 513kg/m^3) is suspended by a crane in the horizontal position. determine the angle (theta) the cable will make with the horizontal

Explain reaction in cell notation form and calculate the e : For a standard cell made using gold (Au) and gold (III) nitrate, and cobalt and cobalt (II) nitrate write the spontaneous reaction and the reaction in cell notation form and Calculate the E^(degree sign) for this cell

Classify each of the following threats : Classify each of the following threats as either; self-interest, self-review, advocacy, familiarity or intimidation.

The company''s tolerance rate and industry standards : How can an auditor find a balance between the company's tolerance rate and industry standards

User Account

All Pages

Identify any threats to compliance with the ifac code

Reference no: EM13486501

Reference no: EM13486501

Questions Cloud

Reviews

Write a Review

Auditing Questions & Answers

Internal audit

Accounting professional and ethical standards

Prepare swag''s consolidated balance sheet

Auditing and assurance

State of the company’s industry and associated risk factors

Prepare a memo to the audit partner

Adjusting or non- adjusting events

Audit financial data

Identify principal audit risk

Auditing and assurance

National health reform

Prepare a memo on the state of the company''s industry

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT