Reference no: EM132225297

You have recently graduated from MIT having successfully completed the MPA and with an IELTS of 8.0 overall have Permanent Residence in Australia. You have been successful in gaining employment with "P Partners", a large Public Accounting Practice in Melbourne. You have been assigned to the following jobs: "Job A" You are a junior member of an audit team assigned to the audit of "XYX Limited", a Public Interest Entity. When visiting the client you discover that "P Partners" have been auditors for 8 years and that the Key Audit Partner has been in this role for the past 8 years. What should you do? Explain. You also discover that the Chief Finance Officer of "XYZ Limited" is married to the Key Audit Partner of "P Partners". Is this appropriate? What should you do? "Job You are assisting another client in the preparation of the annual accounts. All the journal entries and postings to the General Ledger are done by the client firm. You notice another member of your firm is at the client firm and at lunch this other member of your firm tells you he is conducting the audit of this client. Is this satisfactory? What should you do about this knowledge? Explain fully. When using the computer system of this client you note that "Bill" also from your accounting practice, is a Consultant to the client providing Computing consultancy advice including advice regarding the financial accounting systems. Is this satisfactory? Explain fully.