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I understand there is a conflict of interest when an auditor has two clients who are competitors…….
but what if these two clients are not competitors……however if A is planning to acquire B….Would there be any conflict interest ?
Also, in June 2013 Q1……isnt there an audit risk that lease maybe wrongly classified as finance lease ?thanks in advance for the prompt reply as always 🙂
In your A and B example, there certainly IS a conflict and in that situation you would probably contact both and work for neither – recommend that both take advice from another firm of professionals
Yes, I see no reason why you couldn’t bring in risk of mis-classification of lease into an audit risk answer
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