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ACCT 3005 - Auditing Theory and Practice - Study Case

   

Added on  2020-03-01

10 Pages2954 Words48 Views
Auditing theory andpractice

EXECUTIVE SUMMARYPresent study is based on assisting Miller Yates Howarth (MYH) in making audit decisions.Study is focused on ethical and negligence issues faced by MYH. First part of study is solvedby making use of American Accounting Association (AAA) model which consists seven steplogical process for making decisions by considering ethical aspects. By considering thismodel, MYH is required to consider the issue raised by Jacqui Leak in their audit process.Further, second case is supported by case study of Royal Bank of Scotland (RBS) to describelegal obligations of auditors supported by provisions of civil law. By considering the currentcase, MYH is responsible for the loss of Oasis as due to the negligence of audit firm theyhave to suffer from losses.

TABLE OF CONTENTSEthical issue...............................................................................................................................4Facts of the case.....................................................................................................................4Ethical issues in the case........................................................................................................4Norms, principles and values related to the case...................................................................4Alternative courses of action..................................................................................................5Best course of action consistent with the identified norms, principles and values................5Consequence of each possible course of action.....................................................................5Decision..................................................................................................................................6Legal liability issue....................................................................................................................6References..................................................................................................................................8

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