Solution-Identify if any of the above would prevent the

Identify if any of the above would prevent the audit

Reference no: EM13486536

Clements & Partners are the audit firm of Manufacturing Co. and have been for 3 years. The audit firm is considering if there are any ethical or legal requirements that would prevent them from accepting the audit engagement of Manufacturing Co. again this year. The audit partner has noted the following information which may be relevant to this decision. I. One of the junior staff members of the audit firm is related to a supervisor at Manufacturing Co. II. One of the audit partners owns 100 shares in Manufacturing Co. III. Clements & Partners provided taxation services to Manufacturing Co. in the last financial year. IV. Frank Thomas, one of the audit partners at the firm, is the Uncle of one of the new directors of Manufacturing Co. V. The audit partner on this engagement for the last 3 years has been James Underwood. Identify if any of the above would prevent the audit firm from accepting the engagement.

Reference no: EM13486536

Questions Cloud

A cost reduction project for business : A cost reduction project for your business

What is the mass defect of the nucleus : The binding energy of a nucleus is 441.3 MeV. What is the mass defect of the nucleus in atomic mass units

Describe acidic and basic medium : In one beaker: 10 mL of .005 M KMnO4 + 8 mL 1M NaOH + 15 mL .01M Na2SO3 In another bkr: 10 mL of .005 M KMnO4 + 15 mL .01 M Na2SO3 In another: 10 mL .005 M KMnO4 + 10 mL 1M H2SO4 + 25 mL .01 M Na2SO3 Write/balance 3 redox reactions (half-reactions..

Find the de broglie wavelength of a baseball pitched : Find the de Broglie wavelength ? for an electron moving at a speed of 1.00×106m/s. Find the de Broglie wavelength of a baseball pitched at a speed of 40.5m/s

Identify if any of the above would prevent the audit : The audit partner on this engagement for the last 3 years has been James Underwood. Identify if any of the above would prevent the audit firm from accepting the engagement.

The anticipated constant growth rate for dividends : A share of stock is currently selling for $31.80. If the anticipated constant growth rate for dividends is 6% and investors are seeking a 16% return, what is the dividend just paid?

Compute the rms speed of a nitrogen molecule : Compute the rms speed of a nitrogen molecule at 36.0Â°C. At what temperature will the rms speed be half that value

Explain the reaction rapidly establishes equilibrium : Nitrosyl bromide, \rm NOBr, is formed in the reaction of nitric oxide, \rm NO, with bromine, \rm Br_2: \rm 2NO(g)+Br_2(g)\rightleftharpoons 2 NOBr(g) The reaction rapidly establishes equilibrium when the reactants are mixed.

Poto corporations''s interst tax shield in the upcoming year : 1. Tomy Inc. has a 0.6 probability of a good year with operating cash flow of $50,000, and 0.4 probability of a bad year with operating cash flow of $30,000. The company has a debt of $35,000 with 8% interest due next year. Assuming the compa..

User Account

All Pages

Identify if any of the above would prevent the audit

Reference no: EM13486536

Reference no: EM13486536

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