Identify and discuss ethical and other professional issues

Assignment Help Accounting Basics

Reference no: EM132800569

Question - BlackStone Ltd (BlackStone) is a large food retailer focusing on Melbourne market. An investigation into the BlackStone's tax affairs started in January 2020. Australian Tax Office (ATO) was investigating the possible underpayment of taxes, claiming that tax laws have been breached (BlackStone's tax planning was performed by its tax department). In February 2020, BlackStone's audit committee has asked if BAP can assist by looking into its tax position and liaising with the tax authorities in respect of the tax investigation on its behalf. The matter is expected to be resolved by a tribunal which is scheduled to take place in January 2021. In February 2020, BlackStone's audit committee also asked whether one of BAP's audit partners can be appointed as a non-executive director and serve on the audit committee. The audit committee lacks a financial reporting expert, and the appointment of an audit partner would bring much needed knowledge and experience. You have concerns about this appointment.

1. Identify and discuss the ethical and other professional issues found in above three cases.

2. Recommend the actions that should be taken in relation to each of the issues identified in the above three cases.

Reference no: EM132800569

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