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In this paper, you are expected to present a report on your decision as a banker be influenced if you learned that Mary Frost, the wife of Tim Frost, the audit partner on the TS Company audit engagement, wholly owned a company of which TS Company was a significant customer and discuss if you associate this situation to the analogy made in the Video between auditors and baseball umpires. Furthermore, discuss why or why not do you think that the federal government’s adoption of legislation to address financial catastrophes, such as the 1929 market crash and the corporate failures of the early 2000s, have helped to restore public confidence. Finally, explain in the context of the audit profession, can government and regulators really legislate an auditor’s actions, objectivity, and professional skepticism.
The Deloitte Foundation, in conjunction with the University of Illinois Center for Professional Responsibility in Business and Society, has created Auditor Independence Education Materials to help students to learn about core concepts, real-world applications, and prevailing rules related to auditor independence.
Please watch the FULL video (3 sections) titled “the Importance of Being Independent” which focuses on the public interest, professional skepticism, financial statements users, and independence in fact and appearance.
The video can be found at ……………………………
After watching the video, please respond to the following questions.
1) Suppose you are a banker considering whether to lend money to TS Company. According to its audited financial statements, TS is current on all of its obligations; however, the company has struggled this past year with operating cash flows. The financial statements arguably support a decision to extend the loan, but you are undecided. Frost & Rudin, CPAs gave a “clean” (unqualified) opinion on TS’ financial statements.