Statutory and professional duties You are an audit senior working in a Big Four accountancy practice in
Question:
Statutory and professional duties You are an audit senior working in a Big Four accountancy practice in Australia. It is April and not long until the ‘busy’ season, which generally starts from about May. A number of audit managers and seniors will come from the United Kingdom on secondment for the Australian busy season.
Your audit partner notes that you do not have much work at the moment and he suggests that you prepare a memo for the new UK arrivals to help their acclimatisation into the Australian audit environment. He wants the following outlined in the memo:
• statutory duties to report, as outlined in the Corporations Act
• a discussion of the purpose of Australian auditing standards.
Required
Prepare the memo as requested by the audit partner.
Step by Step Answer:
Modern Auditing And Assurance Services
ISBN: 9781118615249
6th Edition
Authors: Philomena Leung, Paul Coram, Barry J. Cooper, Peter Richardson