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ACC321 Auditing And Professional Practice

tag 0 Download 5 Pages / 1,128 Words tag 20-09-2021


Question 1
The following situations may or may not breach the ethical requirements of APES 110. You need to state whether they are or arc not a breach of the ethical requirements of APES 110 and if they are a breach of the ethical requirements state which ethical principle has been breached : 
(a)The Mondale Accounting firm had carried out several audits of public companies in the last now provided the working papers to the Penshutst Accountants who were carrying out a peer review of the audits by Mondale Accountin&The Mondale Accounting firm does not advise its clients of these reviews. 
(b) Jan Dungog.a CPA. applies to a local public accounting firm of Chartered Accountants, for a position but asks the local public accounting firm not to contact her current employer.The local public accounting firm do not contact her contact her current employer but hire her without contacting them or her other referees . 
(c)Wendal Sailor ,a chattered aceountant,acquires an insurance and superannuation business as well as conducting audits.During audits %Venda! Sailor frequently contacts the firms during the audit advising them of their other services prior to providing their final Audit Opinion. 
(d) Judith Durham is the partner on an audit of a not for profit charitable organisation.She is also a member of the Board of Directors but this position is honorary and does not involve her performing any management function. 
(e) Ernie Dengue sells his accounting practice which includes bookkeeping, tax and auditing.He obtains permission for the release of tax working papers but does not request permission for the others.] le releases all the working papers from these functions to the new accountantJago .who has bought the practice . 
(1) Fred Neat .a public accountant in a small country townprovides tax advisory services and does audits for the same clients.Sometimcs the same person provides all these services. 
Question 2
Indicate the type of opinion that should be expressed in each of the following situations, providing reasons for your choice. 
(a) The auditor was unable to obtain confirmations from eight of the client's major customers that were included in the sample however the auditor was able to satisfy himself about the balances of these accounts using other audit procedures. (b)'t he client restricted the auditor from carrying out procedures to verify the property .plant and equipment .The property, plant and equipment comprises 35% of total assets.. 
(c) Management hate excluded from the financial report the necessary disclosures in relation to a contingent liability If this becomes an actual liability it will have a material effect on the financial report when it becomes an actual liability. (d) A significant proportion of a retailer's sales are made on a cash basis but the internal controls art inadequate and the valtue.
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