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Should your audit firm can accept for the audit engagement

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Reference no: EM132743798

Question: Corona Ltd approached your audit firm Vaccine & Co to audit its financial statements for the year ended 31 December 2019. Corona Ltd informed Vaccine & Co that they have attempted to reach its auditor from Virus & Co for the past six months but to no avail and therefore decided to engage your audit firm Vaccine & Co to audit its financial statements for the year ended 31 December 2019 (the last financial year audited by Virus & Co was the financial year ended 31 December 2017). Given the above circumstances, Vaccine & Co has performed a search of audit firm Virus & Co from the Accounting and Corporate Regulatory Authority (ACRA) and found out the audit firm Virus & Co had been "removed" (dissolved). It was a sole proprietorship and the auditor being the sole proprietor, did not renew its practicing license.

Required: Clarify thoroughly whether should your audit firm Vaccine & Co can accept Corona Ltd for this audit engagement. Explain if your audit firm Vaccine & Co need to seek professional clearance given the above circumstances?

Reference no: EM132743798

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