a. Martha Painter, a PA, was appointed as the trustee of the So family trust. The So family trust…

a. Martha Painter, a PA, was appointed as the trustee of the So family trust. The So family trust owned the shares of the So Manufacturing Company, which is audited by another partner in Martha’s office. Martha owns 15 percent of the shares of the So Manufacturing Company and is also a director of the company, in the position of Treasurer. b. Marie Godette, LLB, has a law practice. Marie has recommended one of her clients to Sean O’Doyle, a PA. Sean has agreed to pay Marie 10 percent of the fee Sean receives from Marie’s client. c. Theresa Barnes, a PA, has an audit client, Choi, Inc., which uses another public accounting firm for management services work. Unsolicited, Theresa sends her firm’s literature covering its management services capabilities to Choi on a monthly basis. d. Alan Goldenberg leased several vehicles from his friend Norm. Norm said that he would give Alan a $200 commission for each referral. Alan referred to Norm several clients who were interested in leasing vehicles. After a few months, Alan was pleased to receive a cheque for $3,000 in the mail. Several of his clients had decided to change automobile leasing companies. e. Edward Golikowski completed for his client financial projections that covered a period of three years. Edward was in a hurry and inadvertently stated that they covered five years; so he redid the client’s calculations, rather than checking assumptions and doing field work, even though he attached an assurance report, f. Marcel

 

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