Acc300 Auditing and Assurance Assignment - Doc

   

Added on  2020-10-22

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Acc300 Auditing andAssurance
Acc300 Auditing and Assurance Assignment - Doc_1
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1Question A..............................................................................................................................1Question B..............................................................................................................................1Question C..............................................................................................................................2Question D..............................................................................................................................3Question E..............................................................................................................................3Question F..............................................................................................................................4CONCLUSION................................................................................................................................5REFERENCES................................................................................................................................6
Acc300 Auditing and Assurance Assignment - Doc_2
INTRODUCTIONProfessional ethics is a vital activity which needs to be carried out particularly inauditing. Present report deals with APES (Accounting Professional & Ethics Standards) 110code of ethical principles which are provided by APESB of Australia. There are five principleswhich are imparted in the report and reasons for the same are provided. Various sections ofAPES 110 are enumerated with the scenarios. Moreover, violations if any in different scenariosare analysed and reasons are given as well. Hence, ethics shall be abided by the professionals inconducting audit.MAIN BODYQuestion ASection 150 Professional behaviourThe auditing and assurance is a vital task to be performed in company by professionalswho provide services to clients. APESB (Accounting Professional & Ethics Standards Board) ofAustralia guides members imparting financial services to businesses and guidance related toethical accounting practices are provided. APES 110 eases off difficulties to professionals asthey follow guidelines and decrease threats accordingly by increasing value of services. In thisscenario, Peter Sung is the senior auditor of company and Dave Thompson, the CFO asks if PeterSung wants tickets of concerts at a 25% discount. Ethical principle under Section 150Professional behaviour has been identified and violated. This is violated because auditor must actaccording to the professional behaviour. He cannot avail any belongings from company.Main impact of such violation is that it may discredit his profession. It is an obligation ofauditor that laws and regulations should be met and no action should be done which might affectits profession up to a certain extent. Good reputation of Peter Sung, Senior Auditor of MusicalCompany Pty Ltd may be affected. This could have impact on the future as honesty gets affected.Hence, it is required that APES 110 ethical principles must be followed and no violations shallbe made which may harm conceptual framework of standard. Moreover, members should engagein providing auditing services only and stick to policies and report any fraudulent elementaffecting truthfulness of financial statements (Trevino and Nelson, 2016). Question BSection 130 Professional competence and due care1
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