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Identify the independence factors, that you will need to consider in order to determine whether your firm can put itself forward to act as the first auditors of Gadget limited and the measure that may be taken to resolve any perceived conflicts.
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Coursework -Semester 2 2003/2004 1. Identify the independence factors, and any other issues, that you and your co-partners in Ernest Peat & Co will need to consider in order to determine whether your firm can put itself forward to act as the first auditors of Gadget limited and the measure that may be taken to resolve any perceived conflicts. The purpose of an audit is to provide an 'independent Examination by an appropriately qualified person for the benefit of interested parties to whom the auditor reports to'. The principle of auditor independence is established via the Companies Act, and also an ethical code. Auditors are therefore expected to be independent of those whose work they are auditing and to whom they are reporting. There are two types of audit independence 1- Practitioner independence 2- Profession independence Practitioner independence: is the state of mind of the actual auditor. There are three types of independence that may...
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