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ISSUES IN ACCOUNTING EDUCATION Vol. 22, No. 1 February 2007 pp. 79-88 Identifying and Evaluating Audit Issues: The Case of VITALOGISTICS Stephen...
1. Did KPVI’s client-acceptance process follow the applicable standards and regulations?Evaluate the engagement letter in light of the decision in the 1136 Tenants’ case (1136Tenants’ Corp. v. Max Rothenberg & Co., 36 A.D.2d 804, N.Y. App. Div. 1971).2. Identify and discuss the pressures faced by Andy Card, the audit partner. How mightthose pressures affect the decision to accept the client and the performance of the audit?3. Ace Fritz, an audit manager in the office, was left off the audit team because he owned5,000 shares of VITALOGISTICS stock. Is KPVI required to disqualify Ace? Howdoes the analysis change if you assume Ace was (a) a partner? (b) an associate?Planning Phase4. At the team planning meeting in February 20X4, the audit team set overall audit riskat moderate and concluded that detailed testing of all significant balances was stillnecessary. Identify and evaluate the factors relevant to these decisions. Explain whyyou agree or disagree with the decisions made.
