Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Case study Saudi Goody Products Marketing Company Graduated 10 years ago from PSUs accounting degree, and after achieving CMA and CPAcertifications, Ali Bellinghem became the

image text in transcribed
Case study Saudi Goody Products Marketing Company Graduated 10 years ago from PSUs accounting degree, and after achieving CMA and CPAcertifications, Ali Bellinghem became the mansging partner of Saudit LLC, an audit firm based in Ryadh. There are two other offices of SaudirLL, one in Jeddah and the other one in AI Khobar: Recently, Saudit LLC was appointed as the auditor of Saudi Goody Products Marketing Company, a Saudi company based in Jeddah. Alis the managing partner of the three offices, as the Jeddah and Al Khobars branches' managers report to All, Alis responsible to assign teams to the services to be provided and Ali supervises the overall outcome of all work done by the three offices. The auditing of Goodys financials statements will be carried out by the Jeddah branch, as they are dose to the headquarters of Goody. Al appointed Noura and Yousef, junior auditors of the Jeddah branch, to be the auditing team for the Goody engagernent. Please find below further information about the accountants invotved in this auditing: + Al purchased six months ago 1,000 shares of Goody, paying SRA,000, Alistill heeps those stocks when the contract was about to be signed. This investment is not material to All. - Noura's ex husbands cousin, named Meshari, works as Goodys marufacturing engineer in the factory operating in South Africa. Noura has not talked to Meshari for the last 15 years. - Youset has been providing essential tax consulting services to Goudy lor the last 3 ywars. In fact, due to the high qualiry of the iob done by Yousef, Soudit LLC got the auditing consract with Goody. Please, explain any threats to independence in agreement with AicPA code of ethics

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Issues In Management Accounting

Authors: David Ashton

2nd Edition

0131892509, 978-0131892507

More Books

Students also viewed these Accounting questions

Question

Describe the scope of strategic alliances.

Answered: 1 week ago