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Assignment ACC707 Auditing and Assurance

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ACC707 Auditing, Assurance & Services (ACC707)

   

Added on  2020-05-28

Assignment ACC707 Auditing and Assurance

   

ACC707 Auditing, Assurance & Services (ACC707)

   Added on 2020-05-28

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Running head: AUDITING AND ASSURANCEAuditing and AssuranceName of the StudentName of the UniversityAuthor’s Note
Assignment ACC707 Auditing and Assurance_1
1AUDITING AND ASSURANCETable of ContentsAnswer to Question [a]....................................................................................................................1Answer to Question [b]....................................................................................................................1Answer to Question [c]....................................................................................................................2Answer to Question [d]....................................................................................................................3References........................................................................................................................................4
Assignment ACC707 Auditing and Assurance_2
2AUDITING AND ASSURANCEAnswer to Question [a]The provided case study states that Berowra Accountants are assuring that there will beguaranteed tax refund for the business of their clients and the company is stating this with thehelp of a special advertisement. Tax refund is the difference between tax owed and tax paid andit is completely related to taxation. Companies can avail the opportunity of tax refund in casethey pay more amount of tax than their tax liabilities (Galit and Sorbe, Metabank 2012). Incomeof the organization, profit and tax expenses are the main determinants of tax refund for thecompanies and thus, an auditors cannot assure a company for tax refund. It is the responsibilityof the auditors to inspect the company’s financial statements for finding material misstatementsand to make the compliance check. To provide these types of assurance shows lack ofprofessionalism of the auditors. Thus, according to APES 110 Code of Ethics for ProfessionalAccountants, Section 130, by providing this type of advertisement, Berowra Accountants hasviolated the ethical principle of Professional Competence and Due care (Han Fan, Woodbineand Cheng 2013). Answer to Question [b]The provided case study indicates that Jamie Harvey is the auditor is an auditor of achartered accountant firm and he has been requested to hold the position of the treasurer of alocal athletic club. Information shows that Jamie Harvey conducts the audit of large public firms.The nature of athletic clubs is not-for-profit societies. APES 110 Professional Appointment,Section 210 states that it is the duty of the auditors to determine the fact that where their newappointment as auditor has negative impact on the fundamental ethical principles of auditing(Wijesinghe 2015). For this particular situation, Jamie Harvey will not violate any fundamental
Assignment ACC707 Auditing and Assurance_3

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