chief accounting
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Your spouse has just accepted a new job as chief accounting officer at conpany ABC, which is an iesba restricted audit client
you are a member of the audit engagement team what are independence inplications
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- Which of the following is true?a. Members of an audit engagement team cannot speak with audit client officers about matters outside the scope of the audit while the audit engagement is in progress.b. Audit team members who leave the public accounting firm for employment with auditclients can provide audit efficiencies (next year) because they are very familiar with thefirm’s audit plans.c. Audit team partners who leave the public accounting firm for employment with auditclients can retain variable annuity retirement accounts established in the person’s formerfirm retirement plan.d. The public accounting firm must discuss with the audit client’s board or its audit committee the independence implications of the client’s having hired the audit engagement teammanager as its financial vice president.Your spouse has just accepted a new job as an Accountant at an SEC restricted audit client. Which factors must you consider in order to determine whether this impacts your independence?Barbara Wells is a first-year auditor for a large public accounting firm. She was assigned to audit Larson Brothers; the CEO of Larson is her brother. She discussed some of her findings with family members. What is the relevant requirement (s) for the ethical behavior of an auditor? a. Qualified to carry out the scope of service b. Confidential c. All of those listed d. Independence
- Which of the following acts by a CPA would be most likely to be a violation of the AICPA Code of Professional Conduct? Select one: A “covered member” owns an immaterial amount of stock in an audit client. Accepting a fee in a tax matter that is contingent upon the result of an administrative proceeding. Assisting a client in preparing a financial forecast. Forming a professional corporation to practice as a CPA.Discuss how each of the following could affect independence of mind and independence in appearance, and evaluate the social consequence of prohibiting auditors from doing each one: Owning stock in a client company. Having bookkeeping services for an audit client performed by the same person who does the audit. Having a spouse who is the chief financial officer of a client company. (More detail)Discuss whether the chartered accountants/registered auditors identified in each of the situations described below have failed to comply or are in danger of failing to comply with the fundamental ethical principles in the SAICA Code of Professional Conduct (2022). (First state the ethical principles/s and then the explanation for each principle.) Note: Any of the given situations may amount to non-compliance with more than one principle. Q2.1. John Smith is a registered auditor and the engagement partner on the audit of Letsatsi Safaris Ltd, a large company that owns several wildlife game reserves in South Africa and neighbouring countries. One of the perks of being the audit partner of Letsatsi Safaris Ltd, is that the managing director of the client grants a seven night free stay at a five star all inclusive lodge for four people. John is very excited about this prospect. However, in return, the managing director of the client requires an unqualified audit opinion
- Suppose that you are the auditor of Sky Travel Ltd, a reputed travel agent that also manages all your audit firm’s travel arrangements on normal commercial rates. The chief executive officer of Sky Travel Ltd has requested if you could help them overcome financial difficulties by recommending their services to your other audit clients. What type of threat to your independence does this request? Select one: a. Self-interest. b.Self-review threat c.Advocacy threat. d.Intimidation threaaccountants with audit clients? 10. When can a professional accountant provide non-assurance services to assurance clients other than audit and review engagements? 2. 1.A. Sandy is a new accounting student in College PTI. She questions the need for and the benefit of an audit, "I am curious to know why we should hire an auditor to audit a company. I thought a company has their own internal auditor. Why should we pay for an extemal auditor services to review our company's financial statements?" Required: a) Explain to Sandy the need for and benefits of an audit of financial statements. b) Discuss TWO (2) differences between external audit and internal audit services.
- The following independent situations raise questions about an auditor’s ethical conduct: An auditor accepts an engagement knowing that she does not have the specialist knowledge required. An auditor discloses confidential information about a client to a successor auditor. A public accountant agrees to be the committee chairperson for a local fundraising activity. 4. An auditor accepts a commission from an insurance company for recommending it to one of its audit clients Indicate in each of the above situation whether the effect on professional ethics is (i) a violation or (ii) not a violation, and explain the reasonComment upon each of the following statements you heard in a conversation between two newly hired staff auditors.a. “Of course, I’m qualified to be assigned to this engagement. I have an accounting degree from a top university and was an honors graduate. I know some of the accounting rules have changed since I graduated, but I’ll be able to figure that out as we go through the audit.”b. “It doesn’t really matter what others think. . . . I’m completely independent of Acme Industries and should be a member of the audit team. While I own some stock, it’s a small amount and I’m holding it for the long term, anyway.”c. “You really have to question everything the client tells you. That’s what professional skepticism is all about. It’s a shame you can’t believe a word they say.”d. “The evidence is lower in quality, but we typically use internal evidence when we audit property, plant, and equipment. It just takes too much time and costs too much to get more reliable evidence.”e. “On that last…What is an accountant’s duty of care? What is GAAP and GAAS? Discussion Topic Two: Do some quick internet research and fine a case that deals with an accountant that has been found to have breached the duty of care. Provide a brief summary of the facts of the case, and provide the court's analysis. Be sure to use a reference
