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Hi,
Can you please advise on solution to what audit firm should do if it has been auditing a client for several years and has issued a combination of qualified(not keeping adequate records) and unqualifed report, and now for the current year the client had inflated revenue and profits aswell as the ceo getting arresting for embezzlement.Many thanks
Adila
Sounds to me like they should have resigned a number of years ago! What are they still doing as the company’s auditors?
I suggest they resign immediately, with “circumstances” and notify any proposed replacement auditor of the professional reasons why a new firm should not get involved.
If the firm feels in some strange way obliged to give an audit opinion, there is no alternative to giving an adverse opinion. But resignation is really the only course of action
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