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Auditing and Professional Practice | Assignment

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Added on  2020-03-16

Auditing and Professional Practice | Assignment

   Added on 2020-03-16

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Running head: AUDITING AND PROFESSIONAL PRACTICEAuditing and professional practiceName of the studentName of the universityAuthor note
Auditing and Professional Practice | Assignment_1
1AUDITING AND PROFESSIONAL PRACTICE Table of ContentsAnswer 1....................................................................................................................................2Breaching the ethical principle of APES 110............................................................................2Answer 2....................................................................................................................................5Type of opinion on audit............................................................................................................5Reference....................................................................................................................................7
Auditing and Professional Practice | Assignment_2
2AUDITING AND PROFESSIONAL PRACTICE Answer 1Breaching the ethical principle of APES 110(a) The papers prepared by the auditor during the audit procedure that are known as the auditworking papers are regarded as the auditor’s properties. If the auditor wants he can makeavailable the entire working papers or part of the working papers to any one party, providedthat prior permission from the client regarding this has been approved. However, the accesspermission is considered with regard to the requirement of the auditor and the legalrequirement (Aasb.gov.au 2017). Moreover, the auditor must ensure that the he is compliedwith the duty of general law for maintaining client’s confidentiality. Here in the given case,though the Mortdale Accounting firm is not advising Penshurst Accountants to any kind ofpeer review, it is carrying out the peer review on its own. However, Mortdale provided theaudit working papers of its client obtained during their audit to Penshurst Accountantswithout the permission of the client. Therefore, it is is the clear violation of the ethicalrequirements of APES 110.(b) Before employing any person, the employer shall verify the required things regarding thecandidate like his character, behaviour, professional approach, integrity, objectivity andperformance. Further, it is the employer who will decide regarding from whom to collect theinformation and whether he wants to verify about the intended employee or not (AccountingProfessional & Ethical Standards Board 2017). However, to maintain the independency of theauditor if he wants that his previous employer shall not be contacted and as per hisrequirement, if the employer engages him without contacting his previous employer, it willbreach the ethical principle of APES 110.
Auditing and Professional Practice | Assignment_3

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