Dr. Amanda, I literally love your lectures. They are detailed and show a connection in all the topics make it much easy to understand. God bless you and family for sharing.
Hi Amanda, thanks for your enriching lecture. Could you please tell me if and how CLERP 9 affects the ability of an audit firm to limit its liability by refusing to acknowledge a privity letter from a third party?
That is quite an unusual question. I’ll approach this the way I would with students. 1. What was the purpose of CLERP9? 2. What does AGS1014 (now retired) say about privity letters? 3. Are the 2 related?
@@amandalovestoaudit Thanks for your reply and for your analysis. indeed my question was unusual and my understanding after your guidance is that the purpose of CLERP 9 was to put tougher disclosure requirements on companies listed on the Australian stock exchange, which as a result increased the scope of the duty of care that auditors owe to third partiess, without affecting in any way the question of whether there is a duty of care or not. AGS1014 provide guidance on how auditors should deal with privity letters for third parties and suggests in section 12(a) to (b) that auditors should respond by declining to accept to take responsibility. it however warns in section 13 that irrespective of the effectiveness of any discaimer of responsibility that the auditor may issue, a duty of care may result due to the auditor's knowledge of the specific purpose for which the financial report is to be used. my understanding is that auditors would rather not reply to requests for privity letters from third parties to avoid a potential duty of care due to their knowledge of the specific purpose for which the third party was going to use the financial report. My question is that in case such a request from the third party is made by a "signed for" mail in such a way that the third party can show that the auditors received their request and therefore had knowledge of their specific need, would the decision of not responding to the third party's request be able to help the auditor avoid the potential responsibility arising from knowing the needs ot the third party? I would be delighted to have your view on my understanding of the matters above. Thanks.
Ok. If mail is registered and requires a signature - there is the potential for a future panel of judges to decide that the receipt of such a letter could create proximity. However that is just speculation until such a case is brought before the courts.
If you look at the “About” tab on my channel - I’m a faculty member at the University of Technology Sydney. These are recordings of traditional lectures for our undergrad course from 2016.
Dr. Amanda, I literally love your lectures. They are detailed and show a connection in all the topics make it much easy to understand. God bless you and family
for sharing.
Thank you so much for your kind words Raymond 🙏☺️
I Learn far more from your video than I even did in my weekly external auditing class.
Thanks Wray! ☺️
Educative lectures.. they are detailed and understandable
Thanks Isatou 😊
Much thanks and respect all the way from Jamaica Dr. Amanda
You’re welcome Jahmoy!
Hi Amanda may you provide the slides attached with the videos.
Thanks
She did, in video form.
Hi Amanda, thanks for your enriching lecture. Could you please tell me if and how CLERP 9 affects the ability of an audit firm to limit its liability by refusing to acknowledge a privity letter from a third party?
That is quite an unusual question. I’ll approach this the way I would with students.
1. What was the purpose of CLERP9?
2. What does AGS1014 (now retired) say about privity letters?
3. Are the 2 related?
@@amandalovestoaudit Thanks for your reply and for your analysis. indeed my question was unusual and my understanding after your guidance is that the purpose of CLERP 9 was to put tougher disclosure requirements on companies listed on the Australian stock exchange, which as a result increased the scope of the duty of care that auditors owe to third partiess, without affecting in any way the question of whether there is a duty of care or not. AGS1014 provide guidance on how auditors should deal with privity letters for third parties and suggests in section 12(a) to (b) that auditors should respond by declining to accept to take responsibility. it however warns in section 13 that irrespective of the effectiveness of any discaimer of responsibility that the auditor may issue, a duty of care may result due to the auditor's knowledge of the specific purpose for which the financial report is to be used. my understanding is that auditors would rather not reply to requests for privity letters from third parties to avoid a potential duty of care due to their knowledge of the specific purpose for which the third party was going to use the financial report. My question is that in case such a request from the third party is made by a "signed for" mail in such a way that the third party can show that the auditors received their request and therefore had knowledge of their specific need, would the decision of not responding to the third party's request be able to help the auditor avoid the potential responsibility arising from knowing the needs ot the third party?
I would be delighted to have your view on my understanding of the matters above.
Thanks.
Ok. If mail is registered and requires a signature - there is the potential for a future panel of judges to decide that the receipt of such a letter could create proximity.
However that is just speculation until such a case is brought before the courts.
Hello Amanda,
Which University are you at and are theses lectures for?
If you look at the “About” tab on my channel - I’m a faculty member at the University of Technology Sydney. These are recordings of traditional lectures for our undergrad course from 2016.
Thankyou soo much 👍👌
Thanks
could u be professional plz
Hi Xiangyli - thanks for your feedback - but it isn’t specific enough to actually be useful.
I think she is already very professional with her great teaching skills and knowledge.
Xiangyli Lili could you yourself be a slight bit mature, then you should work on being useful, and then professional.