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5B3030 Audit and Assurance 16-02-07 2.30pm - WINTER SESSION...

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WINTER SESSION 2006/2007 Summative assessment for the BA (HONOURS) ACCOUNTING AND FINANCE PATHWAYS BUSINESS SCHOOL OPTION FINAL YEAR 5B3030 AUDIT AND ASSURANCE UNIT LEADERS: NEIL RODDA/GRAHAM HOLT Friday 16 th February, 2007 2:30pm 4:30pm Instructions to Candidates Answer the one compulsory question in accordance with the requirements. Because this is an open book assessment you may take in whatever written material you consider useful to you.
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1 FINAL YEAR OPTION : 5B3030 AUDIT AND ASSURANCE ASSESSED WORK ASSIGNMENT 2006/7 Question Auditor independence has long been couched in terms of independence “in fact” and independence “in appearance.” An auditor who is independent in fact has the ability to make independent audit decisions even if there is a perceived lack of independence or if the auditor is placed in a potentially compromising position. Nonetheless, even when the auditor is in fact independent, one or more factors may lead the public to believe the auditor does not appear independent. This may cause users of financial statements to believe they cannot rely on financial information. Because auditor independence in fact is a mental state, investors and other users of financial statements cannot accurately assess actual auditor objectivity; they can only evaluate an auditor’s appearance of objectivity. Thus, even when an auditor acts
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