East & Co Is a Small Firm with Four Partners

question 6

Multiple Choice

East & Co. is a small firm with four partners. The audit partner, being the only registered company auditor in the firm, retired from the firm on 15 August 20X0. On this date the partner wrote a letter to ASIC requesting permission to resign as auditor of all of his clients. ASIC gave its consent to the resignation effective from 30 November 20X0. The auditor of the audit clients in the period from 15 August to 30 November is:

• A) the retiring partner.
• B) East & Co. Chartered Accountants.
• C) Australian National Audit Office as nominee.
• D) the next most senior partner of East & Co.

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Definitions:

Employment Relationship

The legal link between employers and employees, defining their rights and obligations in the workplace.

Arbitrarily Discipline

To issue punitive actions in a manner that is random, unfair, or not based on specific rules or standards.

Supervisors

Individuals with managerial authority responsible for overseeing the work of others and ensuring tasks are completed.

Labor Relations System

The complex of policies, practices, and institutions involved in the management of the workforce, including the negotiation, interpretation, and enforcement of collective bargaining agreements.