You have obtained employment in the accounting firm of Bing Lee and Partners as an audit assistant.

Question:

You have obtained employment in the accounting firm of Bing Lee and Partners as an audit assistant. You have heard that the firm is not very modern in its approach. On your first day at work, Mr Tom Lee, Bing Lee's son who is also an audit manager, calls you into his office and tells you that the audit is solely to provide assurance on the assets of the firm. The auditor must focus on this as their primary duty. He also states that the auditor's main role is to support management in ensuring that they properly communicate the financial situation of the firm to users of the financial statements — whoever they might be.

Required

Comment on the audit manager's view of auditing.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Modern Auditing And Assurance Services

ISBN: 9781118615249

6th Edition

Authors: Philomena Leung, Paul Coram, Barry J. Cooper, Peter Richardson

Question Posted: