Chan & Chow offer their clients a range of professional services, including: a. providing…

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Chan & Chow offer their clients a range of professional services, including:

a. providing advice on accounting policies and accounting standards

b. auditing annual financial reports

c. providing assistance to management and the board in strengthening internal controls and corporate

governance practices

d. providing assistance with the establishment and training of internal audit teams

e. checking compliance with company policies and legislative regulations

Required: For each of the five (5) services (a. – e.) listed above, determine whether it is an assurance

engagement or not and explain your answer.

Week 2 Question (10 marks)

Shelly, Kelly & Mark (SKM) are the auditors of Bass. SKM’s IT consulting division has undertaken a

number of accounts receivable management system implementation projects and is actively looking

for opportunities to perform more of this type of work. As a result, SKM’s IT consulting division is

planning to submit a proposal to implement an accounts receivables management system at Mass.

(a) Identify and explain the two primary threats to independence for SKM. (5 marks)

(b) Outline an appropriate safeguard to address each of the threats identified above. (5 marks)

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