Great Barrier Adventures Ltd ( GBA ) is a major client of your audit firm, Coral Cove
Fantastic news! We've Found the answer you've been seeking!
Question:
Great Barrier Adventures Ltd GBA is a major client of your audit firm, Coral Cove Consultants CCC GBA contributes around of CCCs total audit fee revenue and of CCCs nonaudit 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 nonaudit fee revenue constitute an equal share of CCCs total revenue.
Required
With reference to APES:
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
Related Book For
Auditing A Practical Approach
ISBN: 9780730364573
3rd Edition
Authors: Robyn Moroney, Fiona Campbell, Jane Hamilton
Posted Date: