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ACCT300 Auditing And Assurance Services

tag 0 Download 10 Pages / 2,445 Words tag 15-03-2021


1.The following situations involve potential violation of the general ethical principles as outlined in APES 110 Not' are asked to advise whether they involve a violation or not of the ethical principles and if there is a violation explain which ethical principle has been violated and the reason(s)why it Is or isn't a violation .
a) Peter Sung is the Senior Auditor on the audit of The Musical Company Pty Ltd , a large music business which publishes music,sells musical instruments and runs promotions where entertainers come to Australia .Dave Thompsonet he CFO asks Peter Sung if he wants tickets to the next two concerts at a 25% discount due to his long term relationship with the Musical Company having been the Auditor for the past six years .
b)Jana Went is the auditor on the audit of Gerroa Company Jana is auditing the company for the first time but has been auditing other companies in the same industry for the past three years.
c)A client requests the assistance of Jack back ,a chartered accountant ,in the installation of a new computerised inventory system for maintaining production and inventory records As Dack has no experience in this type of work he engages a computer inventory consultant who he has confidence in to carry out the review.Due to the highly technical nature of the work and other time pressures Dack is not able to review the computer consultant's work and once the client has agreed Dack gives the go ahead for the installation of the inventory system.
d)rour chartered accounting firms have been taking part in a quality assurance working paper review program.Under this review each firm reviews the working papers of another firm and the reviewer discusses the strengths and weaknesses of the audit with the auditor from the other firm.
e)Johan Geldens, a chartered accountant ,also runs an insurance agency which complements his auditing ,tax and superannuation services .He doesn't use his own name on anything relating to insurance agency and has a highly competent manager,Janine Borg, who runs it .Geldens often requests that Borg review the adequacy of the client's insurance with management if the client seems underinsured .
f)Edith Bailey, a public accountant in a small country town,runs a small partnership accounting firm which provides tax services,management advisory services ,bookkeeping services and conducts audits for the same client .Since the firm has only two partners and there are only two accounting firms in this town frequently the same person carries out these services over the last ten years . 
2.a Ones has been working as an auditor for the Andrew Capiul Chartered 'theme eve yaws and hasjust started an audit on the Maitland Coal coma* ad* company-The company has been produdne coal for the Past liniments1S saes kpey permissible metbad to dispose of its waste and has not adopted the new anti proposals by the government which must be adopted by the end of the year .You company has previously had unfavourable ankles about It in the local press. Your Audit Manager ,David Mann , has stated that it is your responsibility Just to peak% on the financial statements with the emphasis being on providing an opinionon wheelie financial statements are true and fair and whether there are any material misstatement'. Andrew Canino firm has been the Auditor for the Maitland Coal company past eight yams audit Comprises 25%of its total fees revenue currently. 

SITUATION 2 Ken Smith ,Senior Auditor of Artarmon Accountants ,has just started to do the audit on dm financial statements of Moonies and has lust made the following notes from the opening with Kirk Wilson,CF 0 of Moonier. Kirk has apologised for not oral payment of 20% of the prior years audit lee but haw explained that he will ensure th,- r n,.:..•s .vi.:tel• once his monthly fees come in.Kirk has your firm for providing the sm .e.lny one of your firms Accountant as Assistant Accountant at the firm for the past loin Mile the previous person was on leave. Kirk has advised that the firm vain be able .bet deliberations about the selection of Auditor for following year.The audit at rl'IlYISN. thirty percent of the annual audit fees for the Drat This is the sixth year ii the audit at Moonies This year he is joined by Dave Dural: who has been on the ()irk' or ;fie onipany for the past mile years and Teena Dean who has just finished her Accounting degree tl•o previous week and is the daughter of the Managing Partner of the Managing Partner of Artarmon Accountants and has done no previous Accounting or Auditing work. Ken Smith is concerned with several aspects of the current audit as Moonies do not appear to following the accounting standards in their valuation of inventory and their treatment of the research carried about by the firm. Kirk wants to discuss this with Ken the day before the considers the selection of Auditor . 
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