Evaluate the nature, purpose and scope of an audit and the legal, regulatory and ethical framework for auditing Audit & Assurance
Assignment Brief: You are the audit senior with SBM Chartered Accountants (‘SBM’) and have been notified by your audit manager that you will be on the audit of SHARP Limited (‘SHARP’) for the financial year ended 31 December 2021. SHARP, a non-listed Irish based company, is a supplier of office equipment to commercial clients across Ireland, with retail units situated in Dublin, Cork and Limerick. Due to the recent pandemic COVID 19, SHARP have experienced a downturn in sales. In response to this, SHARP have offered a 20% discount to all customers in order to generate sales and reduce their current inventory levels. You are delighted to be appointed audit senior on this audit engagement as you are familiar with the company due to the fact the company leases their Dublin based warehouses from your parent’s property investment company. Willie Murphy, audit partner on this engagement, has been heavily involved in the Consumer Technology Business audit department of SBM for many years, having a vast wealth of experience and expertise in this sector. SHARP is normally a straightforward audit, as Willie has been audit partner since their establishment in 2009 and knows the business very well, having a fantastic working relationship with SHARP. For example, Willie has agreed to advise SHARP on how to fund its financing requirements arising from some financing issues due to COVID 19.
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