Problem 1: Discuss the similarities and differences between the two types of services provided by audit firms.
Problem 2: Review Enron scandal case on the internet, and explain the misconduct of auditors and how they hide management's manipulation.
Problem 3: Identify for each of the following cases if the auditor independence is impaired or not and if yes, indicate due to which categories of threats.
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Cases
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In Dependence impaired?
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Categories of threat
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A An audit partner assigned to a new audit client holds
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sh 1,000 shares of the client's stock.
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A A member of the audit team joinsas an ordinary
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M member a charity association which the client is also a m member.
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A A member of the audit team provides recruiting
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Se services to an audit client.
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A A member of the audit team accepting a gift from a cliclient and the acceptance of the gift is made public.
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T The compliance department noted that a member of the th audit team had performed tax services for the client ovthe past 2 years. After further investigation, it was deemedm that these services were not material in nature.
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A A new employee recruited of the audit client having
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re recently been a member of the audit firm.
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Problem 4: The risk of material misstatement is a combination of two client-controlled factors: what are these factors? Explain which factor is more important and give 2 examples for each risk factors.
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