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T117 ACC300 Financial Accounting

   

Added on  2020-05-11

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T117 ACC300 GROUP ASSIGNMENT1
T117 ACC300 Financial Accounting_1
Table of ContentsT117 ACC300 GROUP ASSIGNMENT........................................................................................1Question 1....................................................................................................................................3Question 2....................................................................................................................................6References....................................................................................................................................82
T117 ACC300 Financial Accounting_2
Question 1(a)In this scenario, the ethical principle of confidentiality has been breached. This is afundamental principle of APES 110, which forbids the practicing firm from disclosinginformation collected during the audit and assurance procedure about the client to otherparties without taking prior permission from the client. Mortdale accounting firm has audited companies from where he has collected workingpapers of the client. He has shared the information collected during the auditing process toPenshurst accountants, a peer reviewer for executing the assurance activity of Mortdale. Thisis unethical as such information should not be shared without consulting the client firm.(b)Yes, in this case, the principle of professional behavior, which is an ethical requirement ofAPES 110 have been breached by the CPA as well as by the accounting firm. The accountingfirm should not wholly rely on the words of the applicant rather should strive to gather moreinformation about his past engagements. It is also necessary to know whether the applicanthas no conflicts of interests with the organization.In this scenario, the recruiting firm should have conducted some basic research on JanDungog, a CPA before offering him the job. The information to be collected may entailreasons for living and the general opinion of the past employer. This would have enabled thefirm to determine the true reasons for the dissociation of the person with his previous job andget to understand his capabilities. Therefore, the firm should have contacted the previousemployer before employing Jan for the position.(c)The practicing professional accountant has contravened the principle of objectivity. He is notallowed to try to advertise to his current clients about his other engagements by makingadverts about the other services other than auditing that he is providing. An auditor is3
T117 ACC300 Financial Accounting_3

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