Professional issue

Hi there

I am student. the professional issues are those effect you as professionals, such as fees , up / downs ; more time for the work/ need external expert opinion/ quality issues on the audit . etc . thanks Jen

if you give me a question i can have a look if you wish ?

the question is mainly focus on quality control issues. its under professional issue.
1. materiality should be reviewed and adjusted thought out the audit process, and it should be documented each time that it has been reviewed and by who. the materiality level usually changes as our understanding gain from the audit process. in fact it hasn’t documented for whether is was reviewed and level remained or it hasnot been reviewed at all, that is a significant quality control issue to us. the re-determined materiality should be agreed and signed by audit partner,and reviewed accordingly. no explanation and no documentation were the concern here.
2. it could argue that the person allocated for the job wasn’t suitable ? too little fees ? it looks like they want to finish the job quickly. why ? poor planning ?
3. auditor should have professional scepticism and always to questioning about client’s motive. their words some time can not be 100% rely on. and when you rely on third party, you must assess their qualification/ experience and independence/ in fact, the third party here has directly material financial link to the client, so he is not independent, he words can not rely on. and auditor should know that, if they don’t , then review our training program, and training all the staff ( one of the professional issue).
4 the relationships about the management partner and his brother should be disclosed. there is lack of quality checks from the audit firm (same surname) and the lack of the integrity of the partner should be noted. disciplinary action need ? training for him ? review the work done by him , to see if he has done things before. if he has, we might be liable for shareholders, (one of professional issue)
5. audit process usually reveiwed 3 times. 1 by audit senior 2,audit manager 3 by audit partner. in fact, the 2 +3 was coming at the same time is a professional issues to us.
i just run from my memory, there are lots of professional issues there, but mainly for quality. if you can find quality issues and talk about it ,it should be fine.
Hope it helps
THanks
Jen

I am so sorry Sir i didn’t know the rules. its my first time here. sorry again over step your mark. i have contacted with the student ,and wish to recall my comments.