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Investegate |Financial RepCouncil Announcements | Financial RepCouncil: Sanctions against Haysmacintyre and a partner


d)  Defined benefit pension scheme;
e)  Documentation of audit work on going concern; and
f)  Review and supervision of the audit.
 
The breaches admitted were pervasive, extensive and, in relation to the audit of inventory, serious. The requirements of multiple International Standards on Auditing (UK) (ISA(s)) were breached including ISA 220 (quality control for an audit of financial statements), ISA 230 (audit documentation), ISA 240 (the auditor s responsibilities relating to fraud) and ISA 330 (the auditor s responses to assessed risks). 
 
In their audit work on inventory, the Respondents failed to exercise both sufficient professional skepticism and reasonable professional judgement; they did not obtain sufficient appropriate audit evidence to provide a reasonable basis for the auditor s opinion.  In two other areas (journal entry testing and defined benefit pension scheme) the Respondents failed to ....

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