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Accounting Theory and Contemporary Issues- Doc

   

Added on  2021-05-31

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Running head: ACCOPUNTING THEORY AND CONTEMPORARY ISSUESACCOUNTING THEORY AND CONTEMPORARY ISSUESName of the StudentName of the UniversityCourse Id

1ACCOUNTING THEORY AND CONTEMPORARY ISSUESTable of ContentsAnswer 1..........................................................................................................................................3Answer 2..........................................................................................................................................4Answer 3..........................................................................................................................................5Answer 4..........................................................................................................................................6Answer 5..........................................................................................................................................6References........................................................................................................................................8

2ACCOUNTING THEORY AND CONTEMPORARY ISSUESAnswer 1Professional ScenarioThe case study shows that Johnny is in-charge of audit engagement of this ABCCompany. The PCAOB (Public Company Accounting Oversight Board) would be arriving thisentity to examine work papers of audit (Beasley 2015). The manager of this entity requestedJohnny about the version of audit papers from file room. It has been found out that audit paper isincomplete because two of the main documents including- item worksheet and version of signedengagement letter. As per request of manager, Johnny obtained the clients signature withoutrevealing original insertion date. The auditing principle that is violated in this case is objectivityprinciple. As per objectivity principle, the auditors of the enterprise are required to exhibitgreatest extent of the professional objectivity in evaluating and communicating the informationconcerning the activities of auditing. In this condition, it has been seen that Johnny actions tosubmit audit papers is influenced by the manager. Hence, Johnny is not independent that violatesobjectivity principle.Student scenarioThe given case study reflects that Mary and Samantha are the two friends studying in aninstitution. Mary lacks in accounting subject and hence there is a chance that Mary may notattain pass marks in exam. Owing to this, Samantha suggested Mary to study from test banks.Mary downloaded this study guide from website where it had been stated that this books are forinstructors use. Mary ignored this statement and used it to attain high marks in examination. Thiscase highlights that ethical principles have been violated which comprises of fairness, honestyand legality (Cameron and O'Leary 2015). Since Samantha had given unethical suggestion to

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