Assignment Task: Audit & Assurance Assignment Brief:
Ethics:
The objectivity of external auditors may be threatened or appear to be threatened in the following circumstances:
a) The audit firm is heavily financially dependent on one significant client;
b) The audit firm, its partners or staff have a financial interest in the audit client;
c) There are family relationships between the firm, its partners, staff and the audit client;
d) The audit firm provides non-audit services to the audit client;
e) The audit firm has been the external auditor of the client for the past 10 years.
Requirement:
Part 1: Define independence and objectivity as they apply to an auditor
Part 2: Discuss the importance of auditor independence in the auditor-client relationship.
Part 3: For each of the five circumstances (a) - (e) above, explain the type of threat it creates and analyze the possible consequences of such threats to the conduct and outcome of the audit.
Part 4: Recommend the steps to be taken by the audit firm to reduce the threat to the auditor's objectivity for each of the above circumstances (a) - (e).
Part 3 and 4 needs to be written together and each of them needs to be supported by real life example, company etc
Appropriate and professional presentation of assignment.
o Signed assignment submission sheet
o Word document, Times New Roman, Font size 12, 1.5 line spacing
o Contents page
o Introduction
o Main body (Answers to 1), 2) 3) & 4)) max 2000words
o Conclusion
o List of references
o Headers/ footers/ page numbers
Appropriate presentation of assignment correctly referenced using the Harvard Referencing System.
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