1. Chum Nzito Limited is a company based in Nairobi that specializes in making construction stell. The company has clients all over the East Africa region. The audit committee of the company has contacted you to ask whether your audit firm can perform a review of the company’s internal control system. Several recent incidents have raised concerns amongst the management team that controls have deteriorated and that this has increased the risk of fraud, as well as inefficient commercial practices. The audit report for the audit of the financial statements of Chuma Nzito for the year ended 31 March 2023 was signed a few weeks ago.

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In respect of the request for your audit firm to review Chum Nzito Ltd internal control systems: Identify and discuss the relevant ethical and professional issues raised and recommend any actions necessary

Answer rating: 100% (QA)

The request for an audit firm to review Chuma Nzito Ltds internal control systems raises several ethical and professional issues Here are some of the key considerations and recommended actions 1 Indep... View the full answer