Great Barrier Adventures Ltd $($GBA$)$ is a major client of your audit firm, Coral Cove Consultants $($CCC$).$ GBA contributes around $13\%$ of CCCs total audit fee revenue and $18\%$ of CCCs non$-$audit fee revenue. GBA has not settled any of its fees for the past two years, citing financial challenges from COVID and the recent Cyclone Jasper which severely impacted its North Queensland operations.

CCCs partners have been hesitant to apply any pressure on GBA for outstanding fees, as GBA is a prominent client that they aim to retain. Audit fee revenue and non$-$audit fee revenue constitute an equal share of CCC$\text{'}$s total revenue.

Required

With reference to APES$110$:

identify and explain any professional standards that may have been breached or at risk of breached; and

recommend possible courses of action that Coral Cove Consultants should take.

Use the following table format to structure your response:

Professional standards breaches Possible courses of action

Answer rating: 100% (QA)

Professional Standards Breaches and Courses of Action Professional Standards Breaches Possible Courses of Action Independence APES 110 Part B Review I... View the full answer