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H2 AutoSave OR BUACC5935_Deferred Exam_Sem 12020 (U) - Word Home Insert Design Layout References Mailings...

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H2 AutoSave OR BUACC5935_Deferred Exam_Sem 12020 (U) - Word Home Insert Design Layout References Mailings Review View Help Click or tap here to enter text. A share Question 2 (3 + 4 + 4 + 3 = 14 marks) You are the audit partner of Payton audit firm, assigned to the audit of Howard Lid You issued an unmodified auditor's report for the year ended 30 June 2019. in December 20 three employees of Howard Ltd. were charged with systematically and deliberately entering fictitious transactions and embezzling about $9 million Your firm has been notified by the legal representatives of Howard Lid that they are taking legal action against your firm based on the audit for the year ended 30 June 2019. TI claim that you and your audit team were negligent in conducting the audit, due to your failure to identify the activities of the employees of Howard Lid Required: a. Describe the nature of the activity that the three employees had engaged in? (3 marks) Suggested Answer: b. What are the legal requirements to successfully suo an auditor for negligence? (4 marks) DS troch Type here to search * e S55 AM o ENG IN

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