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Code of Ethics for Professional Accountant

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Added on  2019-11-14

Code of Ethics for Professional Accountant

   Added on 2019-11-14

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Answer to Question no 1 (a)The ethical principle in this case is confidentialityReasonAs per AUST210.11.1, a member who is in public practice and has been asked to replace in lieu of another auditor, can on obtaining a written allowance from the clients, disclose adequate information which is already available with the retiring member as it would help thenew practitioner to decide whether to continue the working with the said client or not. Thus in the particular scenario, there seems to be no violation of the ethical principles. However it does not mention whether the permission has been taken in writing or oral, hence James Bromley should make sure that the permission he has taken is in black and white and not just oral. However, in the scenario, James has also provided certain other information with regards the services that Jayne could use without taking permission from the client which is in contradiction to Section 210.13 of the APES 110, hence the same can be given only after taking due permission (APESB 2010). Answer to Question no 1(b)The ethical principle in this case is professional competence and due careReasonAn auditor is expected to act in a manner which is best for the professional competence and due care should be exercised while providing the audit function to a client. He should ensure that he possesses adequate skill and knowledge before accepting the audit of any company beit public or private. The maintenance of professional capability demands for an ongoing consciousness and an understanding of relevant procedural, professional and business developments. Thus as per Section 130 of the APES 110, Code of Ethics for Professional Accountants, Fred Hingarra although had spent six years in playing soccer professionally, if he obtains adequate professional competence and acts diligently, conducting the said audit is acceptable and not be considered as violation in nature (APESB 2010). Answer to Question no 1 (c)The ethical principle in this case is securing new work via advertisement. Reason
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