Auditing and Assurance - Assignment

Added on - 28 May 2020

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Running head: AUDITING AND ASSURANCEAuditing and AssuranceName of the StudentName of the UniversityAuthor’s Note
1AUDITING AND ASSURANCETable of ContentsQuestion 1........................................................................................................................................2Requirement [a]...........................................................................................................................2Requirement [b]...........................................................................................................................2Requirement [c]...........................................................................................................................2Requirement [d]...........................................................................................................................3Question 2........................................................................................................................................3Requirement [a]...........................................................................................................................3Requirement [b]...........................................................................................................................3Requirement [c]...........................................................................................................................4Question 3........................................................................................................................................4Requirement [a]...........................................................................................................................4Requirement [b]...........................................................................................................................4Requirement [c]...........................................................................................................................5References........................................................................................................................................6
2AUDITING AND ASSURANCEQuestion 1Requirement [a]According toAPES 110 Codes of Ethics for Professional Accountants, Section 130, theauditors are required to take into consideration the limitation of audit profession while to beappointed in the client’s company to be the auditors. It creates the obligation on the auditors notto make any false promises to the clients. Thus, Berowra Accountants are not required to give theadvertisements for tax refund as they have nothing to do with tax refund. Hence, the principle ofprofessional competence and due care has been violated (Houghton and Campbell 2013).Requirement [b]APES 110 Professional Appointment, Section 210makes the obligation on the auditorsto determine the negative effect of their new appointment contract on the principles of auditprofession. In this contract, it needs to be mentioned that the athletic clubs are not-for-profitsocieties in nature. For this reason, according toAPES110, there will be no violation of auditprinciples for Jamie Harvey’s treasurer position in the athletic club. In addition, this position willnot affect the audit of large public corporations. Thus, there will be no violation of ethicalprinciples (William Jr, Glover and Prawitt 2016).Requirement [c]APES 110 Principle of Objectivity, Section 120indicates that the auditors should notcompromise their audit judgment or opinion due to any conflict of interest, influence, biasnessand others. In this case, the intention of Monlec Ltd can be to obtain favorable audit opinion bymaking the audit payment dependent on the audit opinion. Pymble Accountants will be
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