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Auditor’s Liability, Appointment, Resignation, Removal & Client Screening - AUDIT AND ASSURANCE - Lecture 4 notes £4.19
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Lecture notes

Auditor’s Liability, Appointment, Resignation, Removal & Client Screening - AUDIT AND ASSURANCE - Lecture 4 notes

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Audit & Assurance is a module for students studying Accounting and Finance. This document covers: coursework guidance on completing the coursework for the module, auditor's liability, Auditor’s liability – statutory duties CA 2006 s.498 & 499, Caparo Industries PLC vs Dickman & Others (1989) �...

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  • June 2, 2021
  • 4
  • 2020/2021
  • Lecture notes
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  • Auditor’s liability, appointment, resignation, removal & client screening
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Module: Audit and Assurance


Lecture 4 – Auditor’s Liability, Appointment, Resignation, Removal & Client
Screening


In the exam, it is very likely that you will get questions on ethics and independence
and internal controls.

Coursework Guidance
Requirement 1 – “Critically evaluate…”
 Auditing has changed because businesses have changed.
 Consider what has happened to businesses over time.
 Audit is ‘dynamic’  you will need to look at the changes that has gone on for
a few decades in order to see the current changes today.
 Business expansion is happening all over the place and it has become a
complex matter.
 It now uses risk-based auditing to deal with the complexity in businesses.
 You have to research on what the situation is right now and what the situation
was before.


Requirement 2 – “Discuss how the ‘new normal’…
 ‘New normal’  means that it’s going to stay and is going to become a way of
life.
 Example: teaching online because of COVID
 How has the ‘new normal’ changed auditing?
 Do you think auditors would now be able to go to the place of their clients and
count stock? The answer is no.
 It is a requirement of audit that you must observe stock-taking. The solution
would be to do remote auditing. But the question is: have you got the facility to
do that? You are going to depend a lot on computer systems. People will have
to develop applications to count inventory.
 Challenges: to what extent can auditors rely on scanned documents? To what
extent can auditors rely on pictures taken of inventory?


Requirement 3 – “Examine the guidance given by IFAC…”
 Audit quality has always been very important in the UK – it’s about the people
in the UK being able to rely on the audit report.
 It is a requirement by IFAC that every audit practice has a quality control
department headed by someone who has the responsibility of monitoring what
is going on. Consider how this is going to work with the advent of COVID. The

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