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Hello Mike,
In ethics the texts have always suggested that a particular action should not be performed if the threat is too significant that no safeguards can lower it. But what if the action has already been performed?
For example, if the entire audit team had enjoyed a 2 week vacation with the finance director of the client, what should the firm do? I’m guessing it should inform the audit committee, but what would usually happen after that? It is reasonable to recommend the whole audit be re-performed?
Looking forward to hear from you, thanks 🙂
How improbable is this! I cannot imagine any set of circumstances where any single member of the audit team, let alone the entire team, has been on a 2 week vacation with the finance director of a client
I suppose that you could be thinking of the possibility that, befire s/he became finance director at the client, s/he had bonded with the proposed members of the audit team but that is, dare I say, beyond remote
I never, ever went on even a weekend break with any of my work colleagues nor, indeed, with any member of clients’ staff … but that’s maybe a comment on my non-magnetic personality!
Your proposition has to be considered as so remote an improbable, unlikely situation that I suggest we ignore it and move on to more plausible scenaria
Is that ok with you?
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