Answered: You are an audit partner of Thomas Yeo…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

You are an audit partner of Thomas Yeo & Co. and have been newly allocated the audit of Golden Ltd, a listed company which has been an audit client for eight years. You have been informed that the father of a new audit trainee assigned to the Golden Ltd audit team owns a 5% interest in Golden Ltd.

Which of the following safeguards are appropriate in this situation?

     I.        Thomas Yeo & Co. should resign from the current period audit engagement
    II.         Disposal of the interest by the audit trainee’s father
III.        Independent reviews of the audit work performed by the audit trainee
IV.        Removal of the audit trainee from the Golden Ltd engagement

Question 7 options:

1)	I, II and IV

2)	II, III and IV

3)	I, II and III

4)	I, III and IV

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