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Auditing and Assurance Services - Assignment

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Added on  2021-05-31

Auditing and Assurance Services - Assignment

   Added on 2021-05-31

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Running Head: AUDITING AND ASSURANCE SERVICES0Auditing and Assurance
Auditing and Assurance Services - Assignment_1
AUDITING AND ASSURANCE SERVICES1Table of ContentsPart A...........................................................................................................................................2Answer to Question-1..................................................................................................................2Answer to Question-2..................................................................................................................2Answer to Question-3..................................................................................................................3Answer to Question-4..................................................................................................................3Answer to question -5..................................................................................................................3Answer to Question-6..................................................................................................................4Part B...............................................................................................................................................4Answer to Question-1..................................................................................................................4Answer to Question-2..................................................................................................................5References........................................................................................................................................7
Auditing and Assurance Services - Assignment_2
AUDITING AND ASSURANCE SERVICES2Part AAnswer to Question-1As a Senior Auditor of the Panania Cars Pty Limited which is dealing in the selling of new aswell as well as the old cars, she cannot buy the new cars at a discount of 20% on the discountedsale price.A close business relationship between a company and the auditor, and the auditor client or itsmanagement arises from a commercial relationship or common financial interests. The exampleof one such relationship is distribution or marketing the client’s products or services or clientdistributes or promotes the products or services (Accounting Professional & Ethical StandardsBoard Limited, 2017). One of the ethical principles of the auditor is the integrity which will beviolated if the client provides the extra discount, as the discount is for the purpose of thecustomers and the auditors are not falling under this category.Unless there is any immateriality in the financial interest or any insignificance associated withthe business or management of the Panania Cars Private Limited company, the deal is notacceptable. Therefore, in the position of senior auditor she cannot buy the cars at 20% discountunder the fair trade practices. The offer which is given to the established customers can beaccepted on the grounds of client auditor relationship. Beyond the offer, the deal cannot beaccepted and the auditor is violating the rules and the principle of business relationships has beenviolated. Answer to Question-2As per the ethical standards an auditor of a company and who is closely associated with theclient shall not receive gifts or any kind of hospitality from the clients unless the informed third
Auditing and Assurance Services - Assignment_3

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