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PLEASE HELP ME THANK YOU In early April 2018, the International Ethics Standards Board for Accountants (IESBA) released a completely rewritten and revamped Code of
PLEASE HELP ME THANK YOU
In early April 2018, the International Ethics Standards Board for Accountants (IESBA) released a completely rewritten and revamped Code of Ethics for professional accountants (PAs). Renamed as "International Code of Ethics for Professional Accountants" (including International Independence Standards) ("the Code" or "the revised and restructured Code"), the Code has become effective in June 2019. It packaged all substantive advancements in ethics and independence over the last four years into a single document and included the new provisions relating to non-compliance with law and regulations ("NOCLAR"), which has been in effect since July 2017, and the revised independence provisions relating to long association which comes into effect in December 2018. In the real story with above example is that Maheran has just graduated with a Bachelor of Accountancy program from one of the private universities in Malaysia. She has been scheduled for an interview tomorrow with one of the reputable auditing firms. She prepared herself with all possible questions or issues that might be asked during the interview. She had contacted you who have been her auditing tutor during her auditing subject and inquired the following issues. For many decades ago, people have discussed their worries regarding unethical business practices and lack of transparency in reporting financial data. Companies are exposed to various regulations that attempt to uphold the highest standards of business ethics in the marketplace to prevent unethical conduct, which has been the primary cause of the collapse of many corporations in the past. Explain to Maheran the appropriate answer to the following issues: a. Would you justify on your stand for choosing as the key idea for ethical behavior in the accounting profession: "Protect the public interest" or "Protect the credibility of the profession"? (6 marks) b. Do you agree on the confidentiality should be a serious issue for the employer or client in order to have effective audit or accountant-client stakeholder relationship? Justify your answer. (6 marks) c. If you find out that the ethical culture of a client is unsatisfactory as an auditor, how do you raise the issues to the company and ensure that their employees behave ethically? (8 marks)Step by Step Solution
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