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Threats-safeguards and objective assessment

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Reference no: EM133169805

Use a tabulated format if helpful having "Threats", "Safeguards" and "Objective Assessment" as column headings.

Stephen Tiler CPA has been appointed as a junior auditor of Best Solutions Limited (BSL). One of his first tasks is to review the firm's audit clients to ensure that independence requirements of APES 110 (Code of Ethics for Professional Accountants) are being met. His review has revealed the following:

(c) Superior Chrome Limited (SCL) has been a long standing client of BSL. Since the past few months SCL has been having issues with its existing information technology (IT) system which appears to be dated. SCL has approached BSL to design and implement its IT system. SCL feels that BSL can do the best job in this regard given BSL's familiarity with SCL's operations. SCL has also requested BSL to recruit staff to work its newly implemented IT system.

1. Identify potential threat(s) to independence & recommend safeguards (if any) to reduce the independence threat(s) identified.

2. Provide an objective assessment of whether audit independence can be achieved

Reference no: EM133169805

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