Question Tag: Legal Dispute

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BL – Nov 2022 – L1 – SA – Q20 – Alternative Dispute Resolution

Identifying the essential element of arbitration.

Which of the following is an essential element of arbitration?

A. The dispute must be criminal
B. The parties may reject the award
C. The parties must not use services of lawyers
D. The dispute must be justiciable
E. The award is unenforceable

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AAA – May 2017 – L3 – Q2b – Professional responsibility and liability | Reporting

Discuss the auditor's responsibility for fraud detection and the validity of a client withholding audit fees due to undetected fraud.

Stevens and Associates have completed the audit of the accounts of Eno Serwah & Co. Ltd for the year ended 31 December 2015. The auditor’s opinion on the financial statement has been favorable to Eno Serwah & Co Ltd. Internal check procedures after the audit revealed a shortage of cash of Two Million Ghana cedis (GH¢2m). The Directors of Eno Serwah & Co Ltd. put a freeze on the payment of the audit fees on the grounds that the audit could not detect the shortage.

Required:

Discuss the stand taken by the Directors of the company.

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BL – Nov 2022 – L1 – SA – Q20 – Alternative Dispute Resolution

Identifying the essential element of arbitration.

Which of the following is an essential element of arbitration?

A. The dispute must be criminal
B. The parties may reject the award
C. The parties must not use services of lawyers
D. The dispute must be justiciable
E. The award is unenforceable

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AAA – May 2017 – L3 – Q2b – Professional responsibility and liability | Reporting

Discuss the auditor's responsibility for fraud detection and the validity of a client withholding audit fees due to undetected fraud.

Stevens and Associates have completed the audit of the accounts of Eno Serwah & Co. Ltd for the year ended 31 December 2015. The auditor’s opinion on the financial statement has been favorable to Eno Serwah & Co Ltd. Internal check procedures after the audit revealed a shortage of cash of Two Million Ghana cedis (GH¢2m). The Directors of Eno Serwah & Co Ltd. put a freeze on the payment of the audit fees on the grounds that the audit could not detect the shortage.

Required:

Discuss the stand taken by the Directors of the company.

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