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You have just been employed as a junior auditor at the chartered accountant firm of PMG.
Upon joining the firm, the partners request that you review the firm’s audit clients to ensure that the independence requirements of APES 110 are being met. Your review has revealed the following:
(a) Paul Smith, the current senior manager on the audit of John Deer (JD) Ltd which
specialises in the production in mining equipment, has just entered into a business
venture (PJ Motors) with the CFO of JD Ltd, whereby they are both equal partners in
a business retailing motor vehicles. Paul has informed you that this is not a problem
since the 2 entities (JD Ltd and PJ Motors) are in different non-competing industries.
(b) PMG has recently accepted an engagement to provide audit services to Stocky Ltd.
Upon discussion with the manager of the Audit Team for Stocky Ltd, you were
informed that one of PMG’s partner, Jeff Bates’ daughter
 
 
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