MGAD20H3 Lecture Notes - Deferred Income, Internal Control, Going Concern

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Q1: draft the memo to the engagement partner outlining your alternatives and what course of action you feel should be taken. First time in charge, audit was started, from performing procedures to review, cost was significant, hiding sth. Not possible, immediately stop, talk to the partner to determine what to do next. Go back to replan as risk increase someone may hide sth. Yes we can do that as long as it is not required by the bank. We can do that if: owner is aware of it, right person made the decision, no restriction by the bank. Even if we are going to do the review, we still need to do the assess of risk. I don"t recommend this because: hurt business relationship, loss money, etc. I recommend this because, e. g we may not want to involved with some illegal behavior. Q2: give jon advice about alternative actions, considering the constraints of the icao"s.

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