Task:
You are the owner of a Hong Kong CPA firm. In a meeting with one of your clients Peter, Peter asked you a few questions:
1 What's a true and fair view? Is it the same as everything being correct in my financial statement?
2 Is it correct that you as an auditor should be responsible for the prevention and detection of fraud and error? If that is not the case, why should Ispend so much to hire you?
3 How come you said that you can finish the audit within 4 weeks? How come your staff have sufficient time to check all the vouchers and statements for the last year?
Required:
Explain to Peter on the questions he has raised.