Code of Ethics for Professional Accountants - Accounting and Finance Assignment Help

Assignment Task :

CASE STUDY: BUNDY SERVICE STATION LTD 

Bundy Service Station Ltd (‘Bundy’) was founded in 2002 and operates a successful fuel service station, motor repair workshop and second-hand car dealership from premises off the Bruce Highway route on the outskirts of Bundaberg. Mr Mac Brody, Mr Ben Pham and Mr Adam Hooper are the three founding shareholders of Bundy. Mac is a Chartered Accountant, while Ben trained as a motor mechanic. Adam, who is an accomplished drummer, started studying an Engineering degree, but never completed it as he spent a few years travelling and performing with his band, Spastix. The directors of Bundy comprise Adam (Chief Executive Officer), Ben (Chief Operations Officer) and Mac (Chief Financial Officer). The financial year of Bundy ends on 31 December each year. 

Financial department and external auditors Adam’s wife, Mrs Holly Hooper CA, is the financial manager of the company, and is assisted by a bookkeeper, Mr Richard Sharp. 

Bundy is a successful business and has been a client of Bean & Associates, a firm providing audit, advisory and taxation services, since Bundy’s incorporation. Mr Doug Bean, the senior partner of Bean & Associates, has always been involved with Bundy, first as the partner responsible for the audit and later as business and tax advisor. Mr Josh Bean, Doug’s son, has been the partner responsible for the audit since 2014. The engagement team that is currently commencing the 2019 Bundy audit, consists of four members, namely three trainee accountants – Mr Kevin Johns, Ms Belinda Strong and Mr David Gordon – and an audit manager, Mr Selby Cameron. 

REQUIRED: 

1. Discuss the threats to Bean & Associates’ independence and identify appropriate actions Bean & Associates should consider to mitigate the threats, to ensure its partners and staff comply with the APES 110 Code of Ethics for Professional Accountants. Present your answer in tabular format. (Approximately 500 -800 words) 

2. Discuss the professional conduct of Jenna in terms of the APES 110 Code of Ethics for Professional Accountants. (Approximately 400 to 600 words) 

3. Discuss, with reference to APES 110 Code of Ethics for Professional Accountants, any concerns you may have in relation to the audit team’s attendance and conduct at the cocktail evening held by Bundy. (Approximately 300 words) 

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