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threats to auditors–some confusion

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › threats to auditors–some confusion

  • This topic has 1 reply, 2 voices, and was last updated 13 years ago by Ken Garrett.
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  • June 8, 2012 at 3:25 pm #53232
    kateker
    Member
    • Topics: 14
    • Replies: 12
    • ☆

    dear tutor,

    what are these should be classified to? self-interest or familiarity threads? because i’ve both classification in different books. in the exam which should i classify them?
    hospitality and gifts
    long time association and relationship between auditor and clients

    and what about this? familiarity or self-review?
    Being the former employee in the client’s co., which can have impact on the audit.

    Thanks in advance!!

    June 8, 2012 at 5:10 pm #99749
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10594
    • ☆☆☆☆☆

    I don’t think the classification is vital. What is important is that a threat is recognised.

    So, gifts are self interest, bur perhaps arising from familiarity

    I think being a former employee is a bit more clear cut. Unless the ‘new’ auditor was recently an employee and was auditing his/her own work, self-review isn’t really an issue. However, familiarity could be a longer lasting problem as friendships can endure.

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