Reviewing the scenarios given bellow, we need to make sure that…

Reviewing the scenarios given bellow, we need to make sure that independence requirements of APES 110 (Code of Ethics for Profession Accountants) are being met. If not, idetify potential threats to independence  and recommend safeguards if any to reduce the threat.  Required: For each of the independent situations above, and using the conceptual framework in APES 110 (Code of Ethics for Professional Accountants), answer the following questions:

1. Identify potential threat(s) to independence & recommend safeguards (if any) to reduce the independence threat(s) identified.

2. Provide an objective assessment of whether audit independence can be achieved


For example if threat is Self-interest threat or Self-review threat it needs to state which Section of the Code of PART 4A – INDEPENDENCE FOR AUDIT AND REVIEW ENGAGEMENTS it relates.


Dennis Cooper CPA has been appointed as a junior auditor of Convergence Accounting Limited (CAL). One of his first tasks is to review the firm’s audit clients to ensure that independence requirements of APES 110 (Code of Ethics for Professional Accountants) are being met. His review has revealed the following:

(a) Watson Partners (WP) is a law firm. CAL has performed the audit of WP’s solicitors’ trust account for many years. The two firms are considering on combing their collective expertise in the luxury small ship cruises industry to set up a ‘one-stop shop’ for small ship luxury cruise dealers. The firms are hoping that the new business capitalizes on the profile of the two firms to woo luxury small ship cruise dealers away from their current advisors.


(b) The now retired founding partner of CAL, Mr. Thompson, has long operated a small proprietary company (not a Public Interest Entity) through which he and his brothers own several investment properties. CAL has performed the annual audit (as per the company’s constitution) for the past two years. In addition, it also processes the journal entries prepared by Mr. Thompson, extracts the trial balance and prepares the financial report.


(c) Rick Rude CA is an audit partner at CAL. CAL has recently been approached by Western Mining Limited (WML) to conduct its audit. Rick’s daughter Michelle works as an accountant at WML. Rick informs Dennis that he doesn’t see this to be a problem as he will not be involved with the WML audit.

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