Why would the owners of Lakeside as well as the company’s banks require that an independent CPA firm perform an annual audit
Discussion Question 1
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Why would the owners of Lakeside as well as the company’s banks require that an independent CPA firm perform an annual audit?
Discussion Question 2
This case implies that no auditor with the firm of Abernethy and Chapman has an in-depth understanding of the consumer electronics industry. Is a CPA firm allowed to accept an engagement without having established the necessary expertise to oversee the audit? Would the knowledge required to audit a consumer electronics company differ significantly from that needed in the examination of a car dealership? Does the auditor have an obligation to discuss his lack of expertise, or his plans to obtain the expertise with the client?
Discussion Question 4
Rogers wants Abernethy and Chapman to assist his company in developing new accounting systems. Does a CPA firm face an independence problem in auditing the output of systems that the same firm designed and installed? Does your answer depend on if the client is publicly traded or not? How so?
Case 1 – Exercise 2
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