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Month: <span>December 2021</span>

Uncategorized

Your firm has been appointed as the external auditor of two unrelated clients: Sahara Ltd (Sahara) and Nature plc (Nature). You are the audit senior and the engagement partner has asked you to consider the described below are situations which have arisen at Sahara and Nature. Sahara Ltd (Sahara) (i) Your firm has been appointed as the external auditor of Sahara for the year ending 31 March 2021. Sahara was incorporated on 1 April 2019 and was not previously required to have an audit under the Companies Act 2006. Sahara provides corporate customers with an online employee benefit platform called ‘Vision’. Vision gives the employees of Sahara customers employees access to a range of discounted leisure services. Leisure services are advertised on the Vision platform by external companies, such as restaurants and cinemas, who then supply the service to the customers’ employees. Sahara’s number of employees has grown rapidly and requires more office space. The board has approved the relocation of Sahara’s offices from London to Dundee. Sahara signed a lease for offices in Dundee which commences on 1 June 2021. On 1 March 2021, Sahara informed its employees that if they do not wish to relocate to Dundee, they will be made redundant. Employees will receive a redundancy payment equal to one month’s salary for each year they have worked at Sahara. Sahara’s finance director estimates that 20% of Sahara’s employees will be made redundant. Sahara’s directors do not intend to include any amounts relating to the redundancies in the financial statements for the year ending 31 March 2021.

ANSWER ALL QUESTIONS   Your firm has been appointed as the external auditor of two unrelated clients: Sahara Ltd (Sahara) and Nature plc (Nature).…

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