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LAW00150 Introduction to Business Law

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LAW00150 Introduction to Business Law

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Questions:

Q 1.

PR Money Limited (PR Money) is taking action against Joe & Associates (Joe) over the audit of Chicken Pty Ltd (Chicken) which went into liquidation owing almost $50 million dollars to its creditors, including $10 million to PR Money. PR Money claimed that the profits recorded were vastly overstated and inventory levels inflated in the financial report of Chicken. Joe has denied that they were negligent and that they relied heavily on the information provided by Chicken’s management.

Required:

Do you believe that Joe owes PR Money a duty of care? Provide reasons for your decision, citing relevant case law where appropriate.

Q 2.

You are an audit manager at Johns and Johns Chartered Accountants (Johns and Johns). The following situations have arisen in relation to two of your audit clients:

  1. One of your clients, Rain Limited, is an unlisted medium-sized box manufacturer. The year end trial balance has been prepared however, the financial controller has been off sick and has been unable to prepare the financial statements. The Directors have asked if you will prepare the year end financial statements.
  1. Johns and Johns has been approached by a new client, Hadley Constructions Limited (Hadley Constructions), to conduct its audit for the coming year. As part of your client acceptance procedures, you identify that the son of one of the partners at Johns and Johns has a substantial shareholding in Civil Constructions.

Required

For each of the two (2) situations, identify and describe the potential threats to independence .

Q 3.

You have been asked by your audit client Blue Water Ltd to prepare a report that analyses the potential acquisition of Ocean Pty Ltd. As part of your analysis, you decide to verify the accuracy and completeness of Ocean’s most recent cash flow statement. After reviewing a draft of your preliminary analysis, the chief financial officer (CFO) of Blue Water, Jill Symes, has asked you to focus your attention on Ocean’s sales and profitability and to avoid the distraction of cash flow reporting. She suggests that the acquisition will provide substantial future financial benefits to Blue Water and that confusing the board with cash flow issues would not be helpful to the acquisition or to the likelihood of your being asked to undertake similar engagements in the future.

Required

 

Identify and describe two fundamental ethical principles that are at risk of being breached.

LAW00150 Introduction to Business Law

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Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

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