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HI6026 Audit, Assurance And Compliance

tag 0 Download 5 Pages / 1,039 Words tag 14-07-2021

Questions:

1. Conversation with Chris, situation 1 Chris stated:
 
The board of directors were impressed with last year's audit and would like to propose reappointing CJ as the auditor of the 30 June 2015 financial report audit. The board would also like to invite Geoff to give a speech about LTH at the next travel agency seminar, to assist in promoting LTH's business to attract more investors. I understand that this is outside CJ's normal practice; however, the board expressed the view that it will be very difficult for LTH to continue any business engagements with C.I should Geoff refuse to provide such assistance'. 

2. Conversation with Chris, situation 2 

Chris stated: ' To express our sincerity towards CJ and Geoff, and to maintain the good relationship in anticipation of another smooth audit for 2015, LTH would like to present a complimentary 14-day holiday package voucher for four people to the Greek isles for both Geoff's and your family. All expenses, including accommodation and travelling cost, will be paid by LTH'. 
 
3. Conversation with Michael 

Michael stated: 'I am very excited to be part of the audit team. I believe that I will be a valuable asset to the team, as my dad is LTH's financial controller. He is responsible for the preparation of LTH's financial report.' 

4. Conversation with Annette 

Annette stated: 'I am glad that I have been allocated to this year's LTH's audit team. It's going to be a very efficient audit this year! I was on a temporary assignment at LTH's just a month ago, helping LTH with its tax calculations and preparing accounting entries that will be reflected in the 30 June 2015 financial report, so I don't think there will be much audit work required around the tax accounts. It will be great to catch up with everybody at LTH again, as they are so easy to work with.' 

Required: 

(a) For each situation, identify and evaluate any threats in relation to auditor independence 
 
(b) Identify any safeguards to those threats identified above.
 
2.(a) In relation to the purchasing of equipment and spare parts, describe two business risks to MSL that Crampton and Hasaad will consider in planning the 2015 audit
 
b) For each business risk identified in (a) describe a specific audit risk that could arise. Each responses should include the identification of account balances that are impacted directly by the audit risk ( 5 Marks). .
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My Assignment Help. (2021). HI6026 Audit, Assurance And Compliance. Retrieved from https://myassignmenthelp.com/free-samples/hi6026-audit-assurance-and-compliance/stakeholders-of-an-organization.html.

My Assignment Help (2021) HI6026 Audit, Assurance And Compliance [Online]. Available from: https://myassignmenthelp.com/free-samples/hi6026-audit-assurance-and-compliance/stakeholders-of-an-organization.html
[Accessed 03 February 2023].

My Assignment Help. 'HI6026 Audit, Assurance And Compliance' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/hi6026-audit-assurance-and-compliance/stakeholders-of-an-organization.html> accessed 03 February 2023.

My Assignment Help. HI6026 Audit, Assurance And Compliance [Internet]. My Assignment Help. 2021 [cited 03 February 2023]. Available from: https://myassignmenthelp.com/free-samples/hi6026-audit-assurance-and-compliance/stakeholders-of-an-organization.html.


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