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

Foundations of law, Mr. D is a professional basketball player who orders so...

Mr. D is a professional basketball player who orders some shoes through the mail. The mail order house promises all customers delivery within 30 days of receiving the order. Mr. D'

Powers of the attorney general, Powers of the Attorney General Whereas...

Powers of the Attorney General Whereas under sec 26(3) the Attorney General is empowered for as; Undertake and Institute criminal proceedings against any person b

What is policy - enumerate the various sources of policy, Question 1: W...

Question 1: Why are some activities organized through private collective action, that is, the market whereas other activities are organized through public collective action?

Registration, Registration:            Whether the aforesaid documents...

Registration:            Whether the aforesaid documents are correctly prepared in accordance with the provisions of the Companies Act they are registered, the registrar grant

Transfer of immovable property, Transfer of Immovable Property By S.54...

Transfer of Immovable Property By S.54 Property Act, 1882 as Note: This Act is applicable in the US requires that a transfer of immovable property worth over as 100 rupees mus

Analysis of ethics issues case, Purpose: To enable course registrants to a...

Purpose: To enable course registrants to apply their knowledge of ethical principles, skills in ethical analysis, and use of introspection to analyze an actual case that contains

Jurisdiction - court of appeal, Jurisdiction - Court of Appeal Howev...

Jurisdiction - Court of Appeal However S.64 (1) of the Constitution gives that the Court of Appeal 'shall have such jurisdiction and the powers in relative to appeals from t

Strengths and weaknesses of teleological theories, Question: Consider t...

Question: Consider the following formulation of Kant's Categorical Imperative: ‘Act only to that maxim by which you can at the same time will that it should become a universal

Glen signs a release, Glenda has taken a household insurance on her classic...

Glenda has taken a household insurance on her classic Queenslander home in North Queensland.  At the time of application, the insurer "URINSURED" asked various questions regarding

State article 10 of air and outer space law, State Article 10 of air and ou...

State Article 10 of air and outer space law Article 10 allows the aircraft to cross the territory of a contracting State without landing, and further states that every aircraft

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