The responsibilities of foreign auditors are not always well-understood. When extraneous auditors provide non-audit services to their clients, it is essential that the auditors make a sporting distinction between their audit and non-audit responsibilities.
a)Explain why muddiness often arises as to who appoints external auditors. (5)
b)Outline the responsibilities of external auditors and the limitations of the external audit. (5)
c)Explain why it is essential for external auditors to be self-sufficient of their clients. (5)
d)Explain the advantages and disadvantages of external auditors providing consultancy services to their audit clients. (5)
Weeks 5 and 6
You relieve oneself been approached by a newly formed company, Whitehall Plc to serve as its auditor. As part of the preliminary efforts and in order to ensnare appropriate boundaries, you are scheduled to meet the directors to wrangle what the Companies good turn 2006 stipulates as rights and duties of an auditor.
a)Discuss what your duties would be as an auditor. (6)
b)Describe the limitations of auditors duties in relation to the detection of fraud and errors. (4)
c)Discuss the rights you should have as an auditor. (6)
d)Explain the significance of Companies Act 2006 emphasis on auditors rights.
(4)
Weeks 5 and 6
Lagoon Plcs Directors are planning to instigate the removal of its auditors, KPNG due to their inability to deliver quality audit plant life. However, the Audit Manager has insisted that this move by the Directors is as a result of his non-conforming stands on a number of fundamental issues detect in the financial statements of Lagoon Plc.
a)In consonance with the furnish of Companies Act 2006, outline and discuss the procedures Lagoon Plc should follow to wrap up KPNG as their auditors. (9)
b)Should KPNG decide to resign as auditors to Lagoon Plc, discuss the necessary procedures it should follow as stipulated in the Companies Act 2006. (6)
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