Carol is a senior auditor and a member of the team auditing a long-standing client, the listed

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Carol is a senior auditor and a member of the team auditing a long-standing client, the listed public company AnnAnn Industries Ltd. AnnAnn Industries has just announced a takeover bid for Discord Ltd. Carol has a substantial shareholding in Discord through her self-managed superannuation fund. Carol did not know about the takeover bid until she read it in the paper over breakfast one morning. Carol’s husband is very worried because he knows that Carol must abide by strict rules laid down by her audit firm about holding shares in client companies. He asks her if she will be dismissed because of this.

Required

Advise Carol’s husband of the options available to Carol to avoid any conflict of interest, and thus avoid being dismissed from the audit firm.

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Carols situation poses a potential conflict of interest due to her substantial shareholding in a client company Discord Ltd which is subject to a take...View the full answer

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Auditing A Practical Approach

ISBN: 9780730382645

4th Edition

Authors: Robyn Moroney, Fiona Campbell, Jane Hamilton

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Question Posted: Sep 16, 2023 01:10 PM

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Carol is a senior auditor and a member of the team auditing a long-standing client, the listed

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Carols situation poses a potential conflict of interest due to her substantial shareholding in a client company Discord Ltd which is subject to a take...View the full answer

Auditing A Practical Approach

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