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Auditing Theory and Practice - Ethical and Legal Issues - Case Study

   

Added on  2020-03-02

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Running head: AUDITING THEORY AND PRACTICEAUDITING THEORY AND PRACTICE Name of the StudentName of the UniversityAuthor’s Note
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1AUDITING THEORY AND PRACTICE Executive SummaryThe main considerations of the study have addressed on the various types the ethical and legalissues which need to be considered at the audit divisiosn at Miller Yates Howarth (MYH). Thestudy will include the application of “American Accounting Association (AAA)” ethical decisionmodel explains the ethical issues involved in the given case study. The various types of therecommendation for the study have been also considered on the use of model. The latter part ofthe report has applied the relevant case law and prepared recommendations for the managingpartners of MYH. The main findings has evidenced that Oasis Ltd. got under significant pressureby the client for the completion of the audit with the limited time period, for completion of auditwithin one month from the date in the balance sheet. It has been further seen that the Oasis Ltdbring forward the negligence charged in terms of the audit of MYH. However, this needs to bebased on the sole decision of court to deal with the case on its way where MYH may or may notbe held for the negligence.
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2AUDITING THEORY AND PRACTICE Table of ContentsIntroduction......................................................................................................................................3Answer to Question1.......................................................................................................................3Answer to Question 2......................................................................................................................6Conclusion.......................................................................................................................................8References......................................................................................................................................10
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3AUDITING THEORY AND PRACTICE Introduction“American Accounting Association (AAA)” founded in 1916 is seen to have a rich andreputable history for holding a premier community of accountants in academia. The diversity ofthe membership has been able to create an environment with collaboration and innovation(Aaahq.orgm, 2017).The report is intended to address the various types the ethical and legal issues which needto be considered at the audit divisiosn at Miller Yates Howarth (MYH). The study will includethe application of “American Accounting Association (AAA)” ethical decision model explainsthe ethical issues involved in the given case study. The various types of the recommendation forthe study have been also considered on the use of model. The latter part of the report has appliedthe relevant case law and prepared recommendations for the managing partners of MYH.Answer to Question1AAA ModelDetermination of FactsThe give case is based on MYH accounting firm, which majorly operates in NSW andQueensland. Morgan Fertilisers Pty is recognized as one of the long standing client of thecompany, with its operations located across Tamworth and Toowoomba. Morgan Fertilisers hadrecently changed its contractor for waste management to Dumparound Ltd. Jacqui, one of thesenor audits has knowledge about the community activities and she also knows that local councilare investigating Dumparound Ltd. for level of toxic waste at one of its sites.
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