Auditing

Why do boards of directors of both acquiring and target companies often obtain so-called “fairness opinions” from outside investment advisors or accounting firms?

What valuation methodologies might be employed in constructing these opinions? Should stockholders have confidence in such opinions? Why/why not?

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Which audit professionals could conduct the audit of a company that manufactures automobiles? Provide examples of the types of assurance or nonassurance engagements they could conduct for this company.

When you prepare a bid for a new client, you always low ball the bid to get the client. You know that the fee is almost always adjusted at the end of the audit due to nonperformance on the part of the client, so you are not concerned that you will be unable to make a profit on the initial bid.

a. Does this practice of bidding low on the engagement fees to get the client vio late the professional code of conduct? Explain your answer.

b. Why might an auditor determine an audit fee in this manner?

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