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ACTY7209 Advanced Auditing

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Question:

Independence is often considered as the ‘cornerstone of auditing’ and recognised as the most important characteristic of an auditor. The independence requirements set out in Code of Ethics for Assurance Practitioners (PES 1) (Revised) apply to all entities and all assurance practitioners. Answer the following questions with reference to the textbook and/or PES 1 (Revised). No other sources of information are required.
 
1.Briefly explain the main threats to independence. 

2. Assume you are an audit partner in Lynn & Co., a firm of public Accountants. You are preparing the engagement letter for the audit of Brien Ltd a public limited liability company, for the year ending 31st March 2018. Brien Ltd is one of your firm's most important clients. Brien Ltd has been an audit client for ten years and Lynn & Co has provided audit, taxation
and management consultancy advice during this time.

Brien Ltd has been satisfied with the services provided, although the taxation fee for the period to 31 March 2016 remains unpaid. Audit personnel available for this year's audit are most of the staff from last year, including Mr Allan and Mr Tua. Mr Allan has been the audit partner since Brien Ltd became an audit client. You are aware that Mellisa Allan, the daughter of Mr Allan, has recently been appointed as the financial director at Brien Ltd. To celebrate her new appointment, Mellisa Allan has suggested taking all of the audit staff out to an expensive restaurant prior to the start of the audit work for this year.  
 
Required

(i) Identify five threats to independence arising in carrying out your audit of Brien Ltd for the year ending 31st March 2018. 

(ii) Explain how auditor independence could be affected by each threat.

(iii)Suggest one safeguard to mitigate each threat
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