Securimax Limited (Securimax) has been an audit client of KFP Partners (KFP) for the past 15 years.
Question:
Clarke Field has been the engagement partner on the Securimax audit for the last five years.
The board of Securimax is considering changing from an audit engagement to a review engagement and has approached the audit partner, Clarke Field, to discuss the implications of this change. Clarke suggests that KFP could perform the review engagement.
Required
Discuss the expectations gap that could exist for the audit of Securimax. Consider the existence of any special interests of the users of Securimax's financial statements.
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