You are audit manager in a CK Chartered Accountants and you have been asked by your Engagement partner to draft an advert. He is of the view that CK chartered Accountants has not been advertising its services for quite some time now. As a starting point he has given you a draft advert which was done by a former audit manager. Below were the contents of the advert: 1. CK chartered Accountant is the best accountancy firm in the SADC region if not the entire Africa. 2. CK offers external audit, internal and accountancy services. 3. The adverts were to be displayed on every tree by way of a poster throughout the country The information gathered so far points to the fact that the Audit firm does not provide other services as earlier claimed. a) You are required to critique the above draft advert b) You have been assigned as Team Leader to the audit of Nyasaland enterprises for the year ended 31/12/2021. Nyasaland is a manufacturing firm which produces butter for exports both locally and internationally. At the time you were appointed you were already working on another audit client and as such audit planning was done in a hurry. Your team is made up of two audit juniors (interns from The Copperbelt University and one assistant audit manager who has been with the audit firm for six months. Because of the tight schedule, most of the time the interns are left alone so that you supervise other audit assignments elsewhere. Required to evaluate the quality control procedures over the audit of Nyasaland and advise on how they could be improved. c) Audit fees are based on the nature of work to be carried out, the time to be taken and the expertise to be involved on the audit. Some firms decide to low ball. What is low balling and why is it unethical d) List and explain 4 contents of an audit tender proposal
You are audit manager in a CK Chartered Accountants and you have been asked by your Engagement partner to draft an advert. He is of the view that CK chartered Accountants has not been advertising its services for quite some time now. As a starting point he has given you a draft advert which was done by a former audit manager. Below were the contents of the advert:
1. CK chartered Accountant is the best accountancy firm in the SADC region if not the entire Africa.
2. CK offers external audit, internal and accountancy services.
3. The adverts were to be displayed on every tree by way of a poster throughout the country
The information gathered so far points to the fact that the Audit firm does not provide other services as earlier claimed.
a) You are required to critique the above draft advert
b) You have been assigned as Team Leader to the audit of Nyasaland enterprises for the year ended 31/12/2021. Nyasaland is a manufacturing firm which produces butter for exports both locally and internationally. At the time you were appointed you were already working on another audit client and as such audit planning was done in a hurry. Your team is made up of two audit juniors (interns from The Copperbelt University and one assistant audit manager who has been with the audit firm for six months. Because of the tight schedule, most of the time the interns are left alone so that you supervise other audit assignments elsewhere. Required to evaluate the quality control procedures over the audit of Nyasaland and advise on how they could be improved.
c) Audit fees are based on the nature of work to be carried out, the time to be taken and the expertise to be involved on the audit. Some firms decide to low ball. What is low balling and why is it unethical
d) List and explain 4 contents of an audit tender proposal
Step by step
Solved in 6 steps
