Ask a question from expert

Ask now

ACC300 Auditing & Assurance Assignment

9 Pages2154 Words79 Views
   

Auditing and Assurance (ACC300)

   

Added on  2020-05-28

ACC300 Auditing & Assurance Assignment

   

Auditing and Assurance (ACC300)

   Added on 2020-05-28

BookmarkShareRelated Documents
Running head: Auditing & AssuranceAuditing & Assurance
ACC300 Auditing & Assurance Assignment_1
Auditing & Assurance 1Table of ContentsAnswer to Q1(a)..........................................................................................................................................1Answer to Q1(b)..........................................................................................................................................1Answer to Q1(c)...........................................................................................................................................1Answer to Q1(d)..........................................................................................................................................2Answer to Q2(a)..........................................................................................................................................2Answer to Q2.(b).........................................................................................................................................2Answer to Q2(c)...........................................................................................................................................3Answer to Q3(a)..........................................................................................................................................3Answer to Q3(b)..........................................................................................................................................3Answer to Q3(c)...........................................................................................................................................4References...................................................................................................................................................5
ACC300 Auditing & Assurance Assignment_2
Auditing & Assurance 2Answer to Q1(a).As per section 250(1), ‘Marketing Professional Services’ of the International Ethics StandardsBoard for Accountants, if a ‘Professional Accountant in Public Practice’ requests for obtainingwork through advertising his expertise and qualifications, there is a possibility of possible risksto conformity with the basic principles. According to section 250(2), the professional accountant shall not degrade his /her professionwhile advertising his expertise or qualification. The accountant should be fair and sincere in hisdealings. The accountant shall not make ‘a mountain out of a molehill’ for his services,qualifications or expertise. So, in this case, the Berowra Accountants are advertising a special in the local paper that theyguarantee to provide their clients with a tax refund .It is a wrong practice to guarantee taxrefunds. They can plan the tax savings and tax planning. So, there is a violation of section 250Marketing services in the mentioned case (International Ethics Standards Board for Accountants,2016). Answer to Q1(b). As per section 210(1), Professional Appointment, of the International Ethics Standards Board forAccountants, the professional accountant in public practice shall evaluate the prospective clientbefore accepting the offer to provide expertise and services. The risk of non-compliance of thebasic principles may arise due to ambiguous issues pertaining to the client. According to section 210(4), the professional accountant shall gain full knowledge andcomprehend the client fully. He/she should also evaluate the owners, managerial personnel,governance and commercial activities. The accountant should secure the client’s assuranceregarding the improvement of the corporate governance practices and internal controlprocedures. According to section 220(1), Conflicts of Interest, of International Ethics Standards Board forAccountants, a professional accountant shall recognize the situations which could pose a threat toConflicts of Interest.
ACC300 Auditing & Assurance Assignment_3

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Assignment ACC707 Auditing and Assurance
|6
|1039
|56

Auditing and Assurance : Case Study
|10
|2114
|73

Auditing and Assurance Doc
|11
|2550
|59

ACC300 Auditing and Assurance Assignment - Question Answers
|10
|2560
|75

Auditing and assurance Name of the university Name of the student Name
|10
|2172
|187

APES110, Code of Ethics for Professional Accountants
|11
|2380
|154