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Ethical Principles Assignment

   

Added on  2019-11-25

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ETHICAL PRINCIPLES1ETHICAL PRINCIPLES

ETHICAL PRINCIPLES2Part a:As per the code of ethics that have been laid down for the auditors, each auditor has the dutyof respecting the value and the ownership of the information that they receive and would notdisclose in the information without any adequate authority unless and until there is a legal ora professional obligation for the compliance of the same (The IIA, 2017).As per the case study, the auditor of the company is in the course of retiring and had the workof tax audit, general accounting practice of a company. Now when another auditor is takingover his practise, he is duty bound to disclose all of the information that he is in possession ofwith regard to his client. But it is also true that he is duty bound to inform about suchdisclosure to his client. This has already been done by James. Hence, there is no violation ofthe ethical principles.Part b:The auditors are expected to apply the following when it comes to conducting his duties:He must establish trust and provide a basis for reliance on which he would rely ontheir judgmentHe must carry on his duties with an utmost care and maintain a high level ofprofessional objectivity when it comes to gathering, evaluating and communicatingthe information about the activities and the processesHe must confide any information that he has obtained during his course ofemploymentHe must possess all the necessary knowledge, skills and experience that are requiredto carry on their duties (The IIA, 2017).

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