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Contemporary Issues in Accounting Theory pdf

   

Added on  2021-06-17

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Running head: ACCOUNTING THEORY AND CONTEMPORARY ISSUESAccounting Theory and Contemporary IssuesName of the StudentName of the UniversityAuthor’s Note

1ACCOUNTING THEORY AND CONTEMPORARY ISSUESTable of ContentsAnswer to Question 1......................................................................................................................2Answer to Question 2......................................................................................................................3Answer to Question 3......................................................................................................................4Answer to Question 4......................................................................................................................4Answer to Question 5......................................................................................................................5References........................................................................................................................................7

2ACCOUNTING THEORY AND CONTEMPORARY ISSUESAnswer to Question 1From the provided case studies, it can be observed that both Johnny and Mary Jo haveviolated specific standard and ethical principle; they are discussed below:As per the professional scenario, it can be observed that the work paper of ABCCompany lacks two documents; they are worksheet of a key item and final version of the signedengagement letter. Thus, as per the direction of the manager, Johnny puts one earlier version ofthe worksheet in the file. He also puts the audit engagement letter in the file withoutdocumenting the truer date and explanation. By this action, Johnny violates the PCAOBprinciple of Auditing Standard (AS) 1215, formerly known as AS 3, Audit Documentation(Andiola, Lambert and Lynch 2018).As per the student scenario, Mary Jo downloads the test bank from the site provided bySamantha that was only for the use of instructor. However, at the exam hall, she signs thecertificate of academic integrity code of their institution and the policies for academic integrity.Thus, with this specific action, Mary Jo violates the principle of integrity of their organization.In this context, it needs to be mentioned that PCAOB should sanction Johnny for theirspecific actions that contributes towards the violation of AS 1215 (Murphy and Smith 2017). Asthis is a major violation, PCAOB should penalize Johnny by removing him from the auditoperation of ABC Company and to suspend him from providing professional services for aspecific period.In case of Mary Jo, the university needs to sanction her for the violation of integrityprinciple for the code of the institute. For this reason, the institute should penalize Mary Jo by

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