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The partners of Abernethy and Chapman believed that the public offering of shares by Lakeside was not an issue which would affect their acceptance of the engagement to act as auditors of the Lakeside Company. There were many issues that were identified by the Audit manager, Wallace Andrews who rose before the engagement review committee that the accounting system of Lakeside had any weaknesses and were not suitable according to the size of business operations of the Lakeside Company. This information was gathered by Wallace Andrews upon a visit of the headquarters of Lakeside Company. Moreover, the firm had also had a discussion with the previous auditors who had issued a qualified audit report in year 2011. However, even though there were several issues that were evident in the engagement of the Lakeside Company, still the firm decided to accept the engagement.
After the acceptance and formal signing of the letter of engagement, Abernethy & Chapman formed a team comprising of three members and prepared the audit plan. This team included one senior auditor, and there were other audit staff members who were required to help in carrying out the audit procedures. However, there was negligence on the part of the firm to develop the required level of expertise regarding the industry in which the company operated. The audit partner Dan Cline was responsible for evaluating the audit risk and there were certain fraud risk factors that were considered as a part of evaluation of audit risk and determining the materiality level and acceptable audit risk. It was considered by the partners of the firm that audit risk should be monitored on regular basis throughout the engagement and carried out certain analytical procedures to assess inherent risks. However, the determination of acceptable audit risk made by the firm was not appropriate.
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