Identify and explain FIVE ethical threats which may affect the independence of Beech & Co’s audit of Willow Wands Co

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Identify and explain FIVE ethical threats which may affect the independence of Beech & Co’s audit of Willow Wands Co

1 You are an audit senior of Beech & Co and have been allocated to the audit of Willow Wands Co (Willow), a listed
company which has been an audit client for eight years and specialises in manufacturing musical instruments.
Bethan Oak was the audit engagement partner for Willow and as she had completed seven years as the audit
engagement partner, she has recently been rotated off the audit engagement. The current audit partner, Sandeep Pine,
has suggested that in order to maintain a close relationship with Willow, Bethan should undertake the role of
independent review partner this year. In addition Willow has requested that Bethan assist them by attending their
audit committee meetings, as a non-executive director has recently left the company.
Willow has also asked Sandeep and the other partners at Beech & Co to help them in recruiting a new non-executive
director.
The total fees received by Beech & Co for last year equated to 16% of the firm’s total fee income. The current year’s
audit fee has not yet been confirmed, but along with taxation and other possible non-audit fees the total income from
Willow this year could be greater than for last year. Last year’s audit fee was being paid monthly by Willow but no
payments have been made for the last three months.
The audit manager for Willow has just announced that he is leaving Beech & Co to join Willow as the financial
controller.
Required:
Using the information above:
(i) Identify and explain FIVE ethical threats which may affect the independence of Beech & Co’s audit of Willow
Wands Co; and
(ii) For each threat explain how it might be reduced to an acceptable level.
Note: The total marks will be split equally between each part.


 

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