Astor Electronics (AE) is a public traded company and has been audited by the firm Maxwell and King Chartered Professional Accounts (M&P) for the past four years. After completing the 2022 audit and issuing an unqualified opinion M&P decided to rotate the existing AE engagement partner, Frank Thomas, to a new partner, Lily Segal. Lily has not had any prior contact with AE or involvement in the audit of its of financial statements. Lily is a senior partner with the firm and was chosen because of her strong technical knowledge and his ability to deliver tough messages to clients. After accepting the engagement to do the 2023 year end audit, Lily obtained the 2022 audit file and reviewed the revenue recognition policy for AE. The audit file contained a memo which was signed off by Frank analyzing this same issue. After significant analysis Frank concluded in the memo that the revenue recognition policy at AE was in compliance with IFRS. Lily disagreed with Frank's analysis, and she concluded that the revenue recognition policy was not in compliance with IFRS and the financial statements for previous years were materially misstated. Lily was very concerned and discussed the issue with another senior