Code of ethics and audit standards, Business Law and Ethics

Assignment Help:

You are an audit manager in Ecco & Co, a firm of Chartered Accountants. At the monthly audit managers' meeting, the following client situation was reviewed and discussed.

Ecco & Co provides audit service to CF Co, a national financial services organisation. Due to a number of errors in the recording of cash deposits from new customers that have been discovered by CF Co's internal audit team, the directors of CF Co have requested that your firm carry out a review of the financial information technology systems.

Jin Sayed, who is one of the juniors on the team auditing CF Co, is also a recent graduate in information technology and accounting. He was left on his own to audit a section of cash at bank when the in-charge senior was away from the client's office for three days on medical leave. On day, at the client's office, he spent three hours advising the client's internal audit team on how to improve the system. As far as you know, this advice has not been used by the internal audit team.

Required:

Explain:

a. The ethical issues raised regarding Jin Sayed offering advice to the internal audit team                                      

b. How they could be avoided (Cite where appropriate, the Code of Ethics and audit standards)


Related Discussions:- Code of ethics and audit standards

Legal pyramid, Legal Pyramid: However the sources of England law menti...

Legal Pyramid: However the sources of England law mentioned above may be described through the aid of the following diagram or "legal pyramid"; NOTE: there as;

Explain non proliferation treaty, Explain Non Proliferation Treaty The ...

Explain Non Proliferation Treaty The treaty which regulates and limits the use of nuclear weapons is known as Non Proliferation Treaty (NPT), signed in 1968. The NPT lays down

Explain negotiation tactics, Question 1: Explain in full details the va...

Question 1: Explain in full details the various negotiation tactics and the ethical criteria that you, as a negotiator, may use to achieve your projected goals and bring positi

Take-over bid, TAKE-OVER BID:                   If Company A ("the t...

TAKE-OVER BID:                   If Company A ("the transferee company") offers to acquire shares of Company B ("the transferor") and the scheme or contract to which the off

Air Bus case study, Had France adopted OECD convention on bribery ahead of ...

Had France adopted OECD convention on bribery ahead of these transactions would the firm''s behavior have differed?why?

Provision of fiduciary duties - company management, Provision of Fiduciary ...

Provision of Fiduciary Duties - company management: This provision is supplemented by Article 84 of Table A which provides that-  i. The director shall not vote in respect

Manner of transfer of bills, Manner of Transfer of Bills One of the ch...

Manner of Transfer of Bills One of the characteristics of bills of exchange is such whereas  A gives B a bill accepted through X in settlement of his debt, since this same ins

Make-or-buy decisions, Make-or-Buy Decisions  Make or buy decision is a...

Make-or-Buy Decisions  Make or buy decision is a strategic decision that any organisation has to make, between producing an item internally and buying it externally.  With t

Advantages of stare decisis - flexibility, Advantages of Stare Decisis - ...

Advantages of Stare Decisis - Flexibility Since of the freedom that final Court of Appeal always has to depart from a previous decision of its own whether the social condi

How to solve multiple equilibria problem, How to solve multiple equilibria ...

How to solve multiple equilibria problem The approach of equilibrium selection to solve multiple equilibria problem aims to retain the definition of equilibrium and accepts th

Write Your Message!

Captcha
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