BFA713: Audit and Assurance Reflection - Accounting and Finance Assignment Help

Assignment Task:

Required: 

Based on the Q FOR case above, and the topics related to the fundamental principles of professional ethics (covered in Week 2) you need to reflect on the following: 

Part A:

Describe two (2) fundamental principles of professional ethics as stated in APES110, which their engagement partners had breached during the audit engagements for the periods 2013 through 2016.1 

Part B 

Describe two (2) potential threats2 to auditor’s compliance with the fundamental principles that might have contributed to the false representation of the financial statements and audits.

Value 

The reflection worth a total of 100 marks. This assessment counts for TEN (10) per cent of the marks for this unit.

PART A 

For Part A, you need to be specific as to which auditor’s action had caused a specific principle to be breached. You need to ensure this criterion is met to receive full mark. Please refer to the brief example below. Note that you cannot adapt example below for your use. It is expected that your response would be more comprehensive than the example below to demonstrate further your ability to research and reflect potential ethical issues in practice. 

Example Part A 

“Allegedly, the engagement partners did not exercise due professional care as they failed to investigate numerous disclosure issues during 2013 and 2014 audits; such as when Manowitz failed to conduct appropriate audit procedures to determine the impact(s) of the undisclosed related-party transaction (loan from Global Technology to QFOR in 2013) on 2013 financial statements. 

PART B 

For Part B, you need to also be very specific as to which two (2) potential threats stated in section 200.3-8 of APES 110 pertain to this particular case. You need to relate each potential threat to a specific circumstance that makes you believe that that particular threat may have contributed to SL's non-compliance with the fundamental principle(s). 

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