Plz use your own words when answering each case

There are two cases in this assessment. Your work should be in a clear font (Arial, Calibri, or Times New Roman etc.) with a 12-font size. Use double spacing and 1-inch margins. You are required to provide proper citations in the text and include a references page at the end. (You may use APA or Harvard style for referencing). Check for plagiarism (SafeAssign) before you submit your work.

Case one: M& M Chartered Professional Accountants is a Toronto based audit firm owned by three partners. Assume, you are one of the partners at the M & M Chartered Professional Accountants (audit firm), and you are dealing with various situations in relation to your firms audit clients. You are about to sign engagement letters with the following clients for the upcoming audit of financial statements.

Situation 1 XYZ Ltd. Your client XYZ ltd has just hired your father as a senior manager finance.

Situation 2 ABC Ltd. The tax manger of ABC ltd (one of your clients) had a serious car accident. As a result, he will not be able to come to the office or even work remotely for the next three months. As the financial yearend is approaching in a couple of days, the CEO of ABC ltd has asked you if the senior auditor in the audit team can help to calculate corporation tax and file the tax return.

Required:

For each situation, explain:

a) The ethical threats to auditors' independence in general and specifically in context of these situations. (Marks - 15)

b) The necessary safeguards which you think should be in place (by assuming your firm wanted to continue with these clients, initially). (Marks - 15)

Case two: You have recently enrolled an audit trainee in your audit firm, and he has some confusion about types of audit procedures.

Required: Explain types of general & specific audit procedures. Use simple examples to help him understand, as this is a very important part of his professional training and audit assignments. (Marks - 30)