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Assignment 1 – Auditing 300 (Semester 1/Trimester 1A, 2014) You have just been employed as a junior auditor at the chartered accountant firm of SGT. Upon joining the firm; the partners reque sted that you review the firm’s audit clients to ensure that the independence requirements of APES 110 are being met for the financial year ending June 2013 . Your review has revealed the following: (a) Sara Adnan, one of the senior partners of SGT responsible for the Sunrise Ltd’s audit team for the finan cial year ending June 2013 , recently came back from a 6 nights and 7 days cruise with her partner . It w as an expensive trip but she received a 65% discount. The CEO of Sunrise Ltd arranged this concession for her as a gesture of his appreciation for a job well done . (b) Adam P arker, is the current senior m anager on the audit of Synergy T echno Ltd. Synergy special izes in the production of electronic e quipment and they have showrooms only in Melbourne and NSW. Besides working for SGT , Adam also owns a car showro om in Perth ( a family business). The business is not doing very well at the moment. After having a brief conversation with the CEO of Synergy , he decided that he is going to dis play and promote Synergy’s equipment here in WA. Adam has informed you that this is not going to be a problem since he is just going to promote Synergy’s product . (c) Leon Ziller , is the current senior manager on the audit team of TMG Ltd , the newest client of SGT . TMG specializ es in the produc tion of mining equipment. Leon use d to work for TMG Ltd, as one of their senior accountants. He left TMG during the end of 2009 and joined SGT on March 2012. (d) Other than the provision of audit services , SGT is also reputable for the quality of its non – assurance services. The non – assurance service department of SGT is highly regarded because they have several experienced and qualified members. S GT’s strict policy does not allow the

Assignment 1
Auditing 300 (Semester 1/Trimester 1A, 2014)
You have just been employed as a junior auditor at the chartered accountant firm of SGT. Upon joining
the
firm;
the partners reque
sted that you review the firm’s audit clients to
ensure that the independence
requirements of APES 110 are being met
for the
financial year ending June 2013
.
Your review has revealed the following:
(a)
Sara Adnan, one of the senior
partners of SGT responsible for the
Sunrise Ltd’s
audit team
for the
finan
cial year ending June 2013
, recently came back from a 6 nights and 7 days cruise
with her
partner
. It w
as an expensive trip but she received
a
65% discount. The CEO of Sunrise Ltd
arranged this concession for her as a gesture of
his appreciation for a job
well done
.
(b)
Adam P
arker, is the current senior m
anager on the audit of Synergy T
echno Ltd. Synergy
special
izes in the production of electronic e
quipment and they have showrooms only in
Melbourne and NSW. Besides working for SGT
,
Adam also owns a
car showro
om in Perth (
a
family business). The business is not doing very well at the moment. After having a brief
conversation with
the
CEO of Synergy
,
he decided that he is going to dis
play and promote
Synergy’s equipment
here in WA. Adam has informed you that this is not going to be a problem
since he is just going to promote Synergy’s product
.
(c)
Leon Ziller
,
is
the current senior manager on the audit
team
of
TMG
Ltd
, the newest client of
SGT
. TMG
specializ
es in the produc
tion of mining equipment. Leon use
d to work for
TMG Ltd,
as one of their senior accountants. He left
TMG during the end of 2009
and joined SGT on March
2012.
(d)
Other than
the provision of
audit services
, SGT is also reputable
for
the quality of its
non
assurance services. The non
assurance service
department of SGT is highly regarded
because
they have several experienced and qualified members. S
GT’s strict policy does not allow
the

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