Explain the ethical problem in this case

Assignment Help Accounting Basics
Reference no: EM132705868

Question - Liona is the managing partner of Ross and Associates, a small audit firm. Liona's role includes managing the business affairs of the firm, and she is very worried about the amount of fees outstanding from audit clients. Broomers Pty Ltd, one of the client of Ross and Associates, has not paid its audit fees for two years despite numerous discussions between Liona, their audit partner Ball, and the management of Broomers Pty Ltd. Broomers Pty Ltd's management has promised the fees would have been paid before the audit report for this year has been published, Liona rang Ball this morning to ensure that the audit report was not issued because Broomers Pty Ltd had paid only 10 per cent of the outstanding account. She discovers that Ball is about to sign the audit report.

Required -

(a) Explain the ethical problem in this case. Why is it a problem?

(b) What can be done about it?

Reference no: EM132705868

Questions Cloud

Discuss the pros and cons of addressing chronic diseases : Chronic health issues continue to affect individuals globally, especially when combined with poverty and government is unable to support it citizens.
Describe the actual wealth distribution in america : Describe the discrepancies between what people say that wealth distribution looks like, what they think (their perceptions of) the wealth distribution look like
Contrast how state and local governments mirror : Describe what the powers are for each branch. Compare and contrast how state and local governments mirror the 3 branches of US government
Explain the purpose of the quality improvement initiative : In this assignment, you will propose a quality improvement initiative from your place of employment that could easily be implemented if approved.
Explain the ethical problem in this case : Broomers Pty Ltd, one of the client of Ross and Associates, Explain the ethical problem in this case. Why is it a problem
Price of the rjr nabisco bond : The required yield to maturity has risen to 16%. What is the price of the RJR Nabisco bond?
Government expansive role in public policy : The U.S. Government's expansive role in public policy is caught in a swirl ofconflicting cross-currents.
What are two disadvantages of electronic health records : What are the barriers to implementing an EHR system. Overall, do you see an EHR system as a benefit or a burden to the field of public health?
Explain the challenges of the current healthcare system : Demographic information and vital health statistics about the country. Cultural, religious, social, and political factors that affect the health system.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd