Confidential information
Information obtained during an audit is normally held to be confidential; that is it will not be disclosed to a third party.
However, client information may be disclosed where:
– Consent has been obtained from the client
– There is a public duty to disclose or
– There is a legal or professional right or duty to disclose.
Wilfykil answered the question on April 12, 2019 at 08:35
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a) Describe the matters to consider within your firm and the other procedures that must be
undertaken before accepting the appointment as auditor to a new...
(Solved)
a) Describe the matters to consider within your firm and the other procedures that must be
undertaken before accepting the appointment as auditor to a new client.
b) Explain why it would be inappropriate to commence the audit before consideration of
the matters and the procedures referred to in (a) above have been completed.
Date posted:
April 12, 2019
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Answers (1)
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The objectivity of the external auditor may be threatened or appear to be threatened where:
(Solved)
The objectivity of the external auditor may be threatened or appear to be threatened where:
i. There is undue dependence on any audit client or group of clients.
ii. The firm, its partners or staff have any financial interest in an audit client.
iii. There are family or other close personal or business relationships between the firm, its
partners or staff and the audit client.
iv. The firm provides other services to audit clients.
Required:
a) For each of the four examples given above, explain why the objectivity of the external
auditor may be threatened, or appear to be threatened, and why the threat is important.
b) Describe requirements that reduce the threats to auditor objectivity for each of the four examples given above.
Date posted:
April 12, 2019
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Answers (1)
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The purpose of an external audit and its role are not well understood. You have been asked to
write some material for inclusion in your firm’s...
(Solved)
The purpose of an external audit and its role are not well understood. You have been asked to
write some material for inclusion in your firm’s training materials dealing with these issues in the
audit of large companies.
Draft explanation dealing with the purpose of an external audit and its role in the audit of large
companies, for inclusion in your firm’s training materials.
Date posted:
April 12, 2019
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Answers (1)
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Restmount Kenya Ltd. was formed on 1 October 2006 in order to export tea and coffee to
European markets. The Directors are unsure as to their...
(Solved)
Restmount Kenya Ltd. was formed on 1 October 2006 in order to export tea and coffee to
European markets. The Directors are unsure as to their responsibilities and the nature of their
relationship with the external auditors. The audit partner has asked you to visit the client and
explain to the directors, the fundamental aspects of the accountability of the directors and their
relationship with the auditor.
Required:
Explain to the directors of Restmount Kenya Ltd.
a. The need for an audit
b. Procedures for the appointment of an auditor of a public company under the Companies Act.
c. Directors responsibilities in relation to the accounting function of the Company.
d. Auditors’ statutory responsibilities in relation to the audit of the company’s financial statements.
Date posted:
April 12, 2019
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Answers (1)
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What is Debtors’ circularization and what are it's purposes?
(Solved)
What is Debtors’ circularization and what are it's purposes?
Date posted:
April 12, 2019
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Answers (1)
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Discuss on the types of circularization during auditing
(Solved)
Discuss on the types of circularization during auditing
Date posted:
April 12, 2019
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Answers (1)
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What is the problem encountered in the verification of stock during auditing?
(Solved)
What is the problem encountered in the verification of stock during auditing?
Date posted:
April 12, 2019
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Answers (1)
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Which are the qualities of a good audit sample?
(Solved)
Which are the qualities of a good audit sample?
Date posted:
April 11, 2019
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Answers (1)
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Which are the factors considered before adopting statistical sampling?
(Solved)
Which are the factors considered before adopting statistical sampling?
Date posted:
April 11, 2019
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Answers (1)
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Which are the disadvantages of statistical sampling?
(Solved)
Which are the disadvantages of statistical sampling?
Date posted:
April 11, 2019
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Answers (1)
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Give the disadvantages of judgmental sampling
(Solved)
Give the disadvantages of judgmental sampling
Date posted:
April 11, 2019
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Answers (1)
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Give cases where sampling is inappropriate
(Solved)
Give cases where sampling is inappropriate
Date posted:
April 11, 2019
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Answers (1)
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Give the reasons for audit sampling
(Solved)
Give the reasons for audit sampling
Date posted:
April 11, 2019
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Answers (1)
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Which are the qualities of audit evidence?
(Solved)
Which are the qualities of audit evidence?
Date posted:
April 11, 2019
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Answers (1)
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What actions are taken when internal control system is identified as weak?
(Solved)
What actions are taken when internal control system is identified as weak?
Date posted:
April 11, 2019
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Answers (1)
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Which are the problems in developing and implementing audit plan?
(Solved)
Which are the problems in developing and implementing audit plan?
Date posted:
April 11, 2019
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Answers (1)
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Discuss Professional Ethics in auditing
(Solved)
Discuss Professional Ethics in auditing
Date posted:
April 11, 2019
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Answers (1)
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Which categories does auditor’s liability fall under?
(Solved)
Which categories does auditor’s liability fall under?
Date posted:
April 11, 2019
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Answers (1)
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List the properties of a statutory audit that are different from a private audit.
(Solved)
List the properties of a statutory audit that are different from a private audit.
Date posted:
April 11, 2019
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Answers (1)
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Which are the factors necessitating growth in Internal Audit?
(Solved)
Which are the factors necessitating growth in Internal Audit?
Date posted:
April 11, 2019
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Answers (1)