Philip is an auditor whos client is SMFL, could anyone plase tell me from reading the small article if there is any breach of professional ethics or if there is something wrong with the auditrors actions or the clients actions ?
On reviewing the files for the firm's largest client, Specialist Metal Fabrications Limited ( SMFL )( annual recurring fees having risen steadily over the last five years to £90,000 pa ), she noted that , due to cash flow problems, the prior year's audit and other fees were still unpaid. Philip, who has been the engagement partner since SMFL was established some ten years ago, has now started to attend the regular monthly board meetings of SMFL and to advise the directors on the
financial position as shown in the management accounts ( also prepared by a separate member of the Braithwaite staff ). From the various file notes, it is evident that SMFL's bank is taking a close interest in it's performance
2007-11-21
03:03:13
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2 answers
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Anonymous