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QUESTION 1 Scenario: Audit client: ABC Plc, offering property...

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Accounting

QUESTION 1
Scenario:
Audit client: ABC Plc, offering property management, financing, and mortgage services.
During the audit, several matters arose:
An audit team member agreed to a mortgage with ABC Plc.
The HR Manager of ABC Plc resigned, and your firm was asked to provide a secondment staff.
ABC Plc management informed that there is no need to circularize the banks as they can rely on bank portal balances.
The audit committee asked your firm to design internal controls over revenue accounting and evaluate their effectiveness.
Required:
Prepare a 1 to 1.5-page memo to your manager commenting on the professional and ethical issues from the audit of ABC Plc.
Suggest ways to manage the identified issues.
Worth 10 marks.

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