Auditing
Storyboard Text
- Well, thanks for trusting me. Unfortunately, I cannot lead the audit because of such familiar relationship. If I lead the audit, this could affect my audit independence, which can reduce the audit quality. I believe that your banker will not trust such audited financial report if she knows such fact. But I can help to introduce another auditor, Ann, who can help you regarding the audit.
- Hi, Jack. Your sister Sophie passed your information to me, and I would like to discuss the financial report audit issues of our company. I expect you to lead the audit, Is that Ok?
- Yeah, Based on Corporations Act and AASB Standards, we will be responsible for preparing a true and fair financial report for users' decision making, especially this time, the banker required us to have the financial report to be audited
- Thank you for trusting us. Before we engage in the audit, do you know your company's responsibility for preparing financial statement?
- Sure, I will discuss with our audit committee regarding this audit, and then let you know. XYZ is a good accounting firm though, I can try this. They have an experienced Auditor, who is my brother.
- We had a problem, the Bank would require us to have our financial report to be audited. But we never did this before. Could you please handle this audit arrangement?
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