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King & Queen

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Submitted By faizzanw
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AUDIT & ASSURANCE
ASSIGNMENT 1

SUBMITTED BY:
FAIZZAN WAHEED KHAN
ID: APS3120

SUBMITTED TO:

DATE:
06/05/2016

Q.1. (A)

Would King & Queen be liable to EFL? Provide specific case references to support your answers

King & Queen will be liable to EFL in as the firm has been at fault in providing the accurate credentials in the financial report. As mentioned in the case study, it clearly states that the audit report was unqualified and it did not state the drop in both the debtor’s turnover and the inventory turnover. In addition to this, the case study also tells us that King & Queen did not deem necessary to carry out additional auditing work for the valuation of the assets of Impulse Pty Ltd, which lead to false statements in the financial report showing that Impulse Pty Ltd was still in the game and doing good in business. Based on the financial report from the auditors, Impulse Pty Ltd applied for a further loan from EFL to boost up their sales and help them with their working capital, but because of the existing losses the loan amount did not help either. Based on the credentials provided by King & Queen in the financial report, EFL decided to approve the loan for Impulse. As per the rules, if the financial report is misleading, the party granting the finance or investment has the right to sue the auditing company and the company taking the loan or investment itself. Based on all these specific issues highlighted in the case study, we can conclude that King & Queen will be liable to pay the damages to EFL resulting in the failure to provide accurate credentials for Impulse Pty Ltd.

(B).

Would your answer change if EFL had written to King & Queen advising you that they intended go make a loan to Impulse and were relying on the 2012 audited financial report to assist them in making their decision?

If EFL had

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