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Ken ,Senior Auditor of Auditing Accountants ,has just started to do the audit on the latest financial statements of Dorm and has just made the following notes from the opening interview with Kirk Wilson,CEO of Dorm.
Kirk has apologised for not making the final payment of 20% of the prior years audit fee but has explained that he will ensure the cheque is written once his monthly fees come in.Kirk has thanked
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your firm for providing the services of Emma Feeney one of your firms Accountants as Assistant Accountant at the firm for the past four months while the previous person was on leave .
Kirk has advised that the firm will be able to start deliberations about the selection of Auditor for the following year.The audit at Dorm comprises thirty percent of the annual audit fees for the firm .
This is the sixth year Ken Smith has done the audit at Dorm .This year he is joined by Dave Dunne
who has been on the audit of the company for the past nine years and Teena Dean who has just finished her Accounting degree the previous week and is the daughter of the Managing Partner of the Managing Partner of Auditing Accountants and has done no previous Accounting or Auditing work.
Ken Smith is concerned with several aspects of the current audit as Dorm do not appear to be following the accounting standards in their valuation of inventory and their treatment of the research carried about by the firm. Kirk wants to discuss this with Ken the day before the Board considers the selection of Auditor .
What are the different threat’s to the auditor’s independence?
How the threats impact on the auditor’s independence?