Reference no: EM133102850
Question 1 - Professional Judgment Problem - A. Mobile Home Manufacturing Company is audited by the public accounting firm Miller and Morris. Canoe Manufacturing has decided to issue shares to the public and wants Miller and Morris to perform all the audit work necessary to satisfy the requirements for filing with the Ontario Securities Commission (OSC). The public accounting firm has never had a client go public before.
a. What are the implications of Miller and Morris accepting the engagement?
b. List the additional issues confronting the auditors when they file with the OSC, as compared with dealing with a private company audit engagement.
c. Using the auditors' personal and performance responsibilities and performance requirements as outlined by Canadian Auditing Standards, explain how these issues will impact the audit engagement of Mobile Home Manufacturing.
d. What important quality controls would ensure that Miller and Morris perform a high-quality audit of Mobile Home Manufacturing Company?
Question 2 - Many people believe that a professional accountant cannot be truly independent when payment of fees is dependent on the management of the client. Explain two approaches that could reduce this appearance of lack of independence.
Question 3 - After accepting an engagement, a PA discovers that the client's industry is more technical than at first realized and that the PA is not competent in certain areas of the operation. What should the PA do in this situation?
Question 4 - A common type of lawsuit against public accountants is for the failure to detect a defalcation. Should the auditor be responsible for failure to detect a defalcation? Explain why. Give authoritative support.
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