Claire Madden is an audit partner at Conner Accounting and is concerned that Corrina Barry, an...
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Claire Madden is an audit partner at Conner Accounting and is concerned that Corrina Barry, an audit manager, is not complying with the professional and ethical requirements that professional accountants must follow. In a recent conversation between the two, Corrina explained that she is not required to be independent if it is a review engagement and the independence requirements are even more relaxed if it is an agreed-upon engagement. Required: a) Summarise the independence requirements for an assurance practitioner in review and agreed-upon engagements. (10 marks) b) Summarise the obligations Conner Accounting, the accounting firm, and Claire Madden, an audit partner, has if their audit personnel do not comply with the professional and ethical requirements that professional accountants must follow. (10 marks) Claire Madden is an audit partner at Conner Accounting and is concerned that Corrina Barry, an audit manager, is not complying with the professional and ethical requirements that professional accountants must follow. In a recent conversation between the two, Corrina explained that she is not required to be independent if it is a review engagement and the independence requirements are even more relaxed if it is an agreed-upon engagement. Required: a) Summarise the independence requirements for an assurance practitioner in review and agreed-upon engagements. (10 marks) b) Summarise the obligations Conner Accounting, the accounting firm, and Claire Madden, an audit partner, has if their audit personnel do not comply with the professional and ethical requirements that professional accountants must follow. (10 marks)
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Answer rating: 100% (QA)
a Independence Requirements for Review and AgreedUpon Engagements Review Engagements In a review engagement the objective is to provide a moderate level of assurance that the financial statements are ... View the full answer
Related Book For
Auditing and Assurance services an integrated approach
ISBN: 978-0132575959
14th Edition
Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley
Posted Date:
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