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ACC5218 Auditing Practice
Question:
Legal and Ethical Issues in Audit Practice
This Assignment is designed to give you an opportunity to apply and understand the legal and ethical issues in audit practice including auditor’s duties and responsibilities?Critically analyse and understand the audit process, beginning with the planning phase.
Q: You are a senior accountant in a second-tier accounting firm. A senior partner at your firm is concerned about the impact the corona virus (Covid-19) is having on the way businesses use cash. The senior partner has identified an existing client that is no longer using cash for business transactions but is now mainly using cryptocurrencies. The senior partner is convinced that the increased use of cryptocurrencies may lead to material cryptocurrency-related balances on the client’s books at the end of the financial year.
Your firm has provided audit and other assurance services to the client for many years and the audit fee alone forms a substantial component of the overall revenue for your firm. Your firm has no expertise in the audit of cryptocurrency. You have been asked to prepare a report for the senior partner evaluating the audit and ethical issues associated with the continued audit engagement.
Your report should cover the following:
1. Determine the steps and considerations relevant to continuing client engagements. Supported by appropriate references.
2. Apply the concept of auditor competence to continuing client engagements. Supported by appropriate references.
3. Discuss materiality and its importance in relation to your assessment of continuing client engagements. Supported by appropriate references.
4. Describe the ethical principles which apply to all audit engagements and identify the main ethical issues associated with the continued client engagement. Supported by appropriate references.
5. Provide a recommendation to your partner as to whether you believe the audit should be continued or not. Justify your opinion using reputable sources.
Please consider the following article which discusses the impact the corona virus (Covid-19) is having on the use of cash and use this as a starting point for your research for your report to the senior partner.
You should use a mixture of academic journals, newspaper articles and other relevant financial commentary. Do not use websites like Wikipedia, Investopedia and Lumen Learning. As this is a report, do not use direct quotes. When you are referring to sections from the code of ethics and auditing standards, summarise them in your own words and provide a reference. As per point three (3) in the general requirements section, referencing is as per the Harvard system.
ACC5218 Auditing Practice
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