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Auditing and assurance Name of the university Name of the student Name

   

Added on  2020-05-28

10 Pages2172 Words187 Views
Running head: AUDITING AND ASSURANCEAuditing and assuranceName of the studentName of the universityAuthor note

1AUDITING AND ASSURANCETable of ContentsAnswer to question 1..................................................................................................................2Requirement [a]......................................................................................................................2Requirement [b].....................................................................................................................2Requirement [c]......................................................................................................................3Requirement [d].....................................................................................................................3Answer to question 2..................................................................................................................4Requirement [a]......................................................................................................................4Requirement [b].....................................................................................................................5Requirement [c]......................................................................................................................5Answer to Question 3.................................................................................................................5Requirement [a]......................................................................................................................5Requirement [b].....................................................................................................................6Requirement [c]......................................................................................................................6References..................................................................................................................................7

2AUDITING AND ASSURANCEAnswer to question 1Requirement [a]The analysis of the situation makes us reach to a conclusion where the BerowaAccountants have been found to provide the tax refund guarantee to their clients through thespecial advertisement. The concept of tax refund is therefore of utmost importance in thiscase. In order to understand the mentioned case it is important to understand the aspects thatare related to the tax payment and tax refund. The concept of tax return is the basic differencebetween the tax that is paid and tax that is owned. The income and profit of the companyplays a major role in the tax refund paid to the company. It needs to be mentioned that thewhen the tax liability of the company is less than the actual tax that is paid it is then that thecompanies get the refund of the tax (Galit and Metaban 2012). The auditors find difficulty inmaking the guarantee of tax refund. It has also been studied that the primary responsibility ofthe auditor is to examine the financial accounting of the companies in order to explore thematerial misstatement and to check the compliance. Therefore in case of tax refunds it wouldbe considered as a non-audit service. This is the reason that as per APES 110 Code of ethicsfor Professional Accountants, Section 130, the mentioned act of Berowa Accountants hasbreached the principle of Professional Competence and Due Care (Han Fan, Woodbine andCheng 2013). This act justifies the fact that it is possible for an auditor to make clients bybeing aware of the limitations of the professions and it is evident in this case that BerowaAccountants has failed to do so. Requirement [b]By analyzing the case study it has been observed that, Jamie Harvey, an auditor of acharter accounting firm was asked to serve the designation of the treasurer of the local club.Apart from this, it was observed that Jamie Harvey does the audit of only large public

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