Question
In: Accounting
Matthew Damon has been appointed as a junior auditor of AwesomewaterhouseCoopers (AwC). One of his first...
Matthew Damon has been appointed as a junior auditor of AwesomewaterhouseCoopers (AwC). 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:
(1) Jessica Parker is an assurance manager with AwC and it has just been decided to allocate her to the audit of Fresh Foods Limited (FFL). Jessica’s financially dependent daughter, Sarah, who is still in high school has recently used all her inheritance from her grandfather to buy a small parcel of shares in FFL.
Required:
Using the conceptual framework in APES 110 (Code of Ethics for Professional Accountants), identify potential threat(s) to independence & recommend safeguards (if any) to reduce the independence threat(s) identified. Also, provide an objective assessment of whether audit independence can be achieved.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Matthew Damon has been appointed as a junior auditor of AwesomewaterhouseCoopers (AwC). One of his first...
Matthew Damon has been appointed as a junior auditor of
AwesomewaterhouseCoopers (AwC). 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:
(a) AwC has recently been approached by Jamaican Metals Pty
Limited (JM) to conduct its audit to which AwC has agreed. Rich
Brian, one of the partners at AwC, is being considered to...
Matthew Damon has been appointed as a junior auditor of AwesomewaterhouseCoopers (AwC). One of his first...
Matthew Damon has been appointed as a junior auditor of
AwesomewaterhouseCoopers (AwC). 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:
(1) AwC is soon planning to commence its audit work for Blue
Metals Limited (BML). James Grage will be the engagement partner
for the BML audit. Paul Levesque is also a partner at...
Matthew Damon has been appointed as a junior auditor of AwesomewaterhouseCoopers (AwC). One of his first...
Matthew Damon has been appointed as a junior auditor of
AwesomewaterhouseCoopers (AwC). 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:
(1) AwC has recently been approached by Metal Mining Limited
(MML) to conduct its audit. The accountant at MML, Jennifer
Lawrence is the daughter of one of AwC’s audit partner Brian Adams.
Being...
Matthew Damon has been appointed as a junior auditor of AwesomewaterhouseCoopers (AwC). One of his first...
Matthew Damon has been appointed as a junior auditor of
AwesomewaterhouseCoopers (AwC). 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:
(1) Wendy Machineries Limited (WML) has been an audit client of
AwC since the past two years. AwC has recently completed a review
of internal controls for WML. AwC has been requested by...
Matthew Damon has been appointed as a junior auditor of AwesomewaterhouseCoopers (AwC). One of his first...
Matthew Damon has been appointed as a junior auditor of
AwesomewaterhouseCoopers (AwC). 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:
(1) AwC has performed the audit of Jamaican Metals Pty Limited
(JM), a large proprietary company (NOT public interest entity) for
the last two years. AwC has also been providing services related to...
Matthew Damon has been appointed as a junior auditor of AwesomewaterhouseCoopers (AwC). One of his first...
Matthew Damon has been appointed as a junior auditor of
AwesomewaterhouseCoopers (AwC). 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:
(a) Jessica Parker is an assurance manager with AwC and it has
just been decided to allocate her to the audit of Fresh Foods
Limited (FFL). Jessica’s financially dependent daughter, Sarah, who
is...
Matthew Damon has been appointed as a junior auditor of AwesomewaterhouseCoopers (AwC). One of his first...
Matthew Damon has been appointed as a junior auditor of
AwesomewaterhouseCoopers (AwC). 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:
(a) AwC is soon planning to commence its audit work for Blue
Metals Limited (BML). James Grage will be the engagement partner
for the BML audit. Paul Levesque is also a partner at...
Matthew Damon has been appointed as a junior auditor of AwesomewaterhouseCoopers (AwC). One of his first...
Matthew Damon has been appointed as a junior auditor of
AwesomewaterhouseCoopers (AwC). 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:
(1) Wendy Machineries Limited (WML) has been an audit client of
AwC since the past two years. AwC has recently completed a review
of internal controls for WML. AwC has been requested by...
Matthew Damon has been appointed as a junior auditor of AwesomewaterhouseCoopers (AwC). One of his first...
Matthew Damon has been appointed as a junior auditor of
AwesomewaterhouseCoopers (AwC). 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:
(1) AwC is soon planning to commence its audit work for Blue
Metals Limited (BML). James Grage will be the engagement partner
for the BML audit. Paul Levesque is also a partner at...
Assume that you are a newly appointed junior auditor in KPMG, an auditing firm. After a...
Assume that you are a newly appointed junior auditor in KPMG, an
auditing firm. After a 3-month rigorous training on the job, you
have been awarded the certificate of completion and is now ready to
embark on your very first assignment. Today, your first job was to
evaluate the audit evidence
gathered by your team fromMuscat Trading and see if they are
reliable or not based on ISA 500. The following are the evidences
gathered in various forms:
a) You...
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