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Ethical case: Modem Technology Company (MTC) is a medium-sized company specialined in the production of an advanced generation of sman TV screens. This company wishes to contract with your audit firm to issue an opinion on the financial statements that ended on December 31, 2019 As part of your audit firm's quality control policies, each employee must provide the company with an up-to-date disclosure of his or her family's investment every six months There is also a section in the audit firm to investigate blood relationships or friendship that may exist between the company's auditors and any potential client. While studying the decision to accept or reject the modern technology company as a potential client and choose the audit team that is likely to be responsible for auditing the financial statements of that company, it became clear that the wife of one of the liters employed by your firm owns investments in the MTC company in the form of bond that this company offers at high interest rates. It was also found that one of the auditees employed by your saditingfimis a close friend to a member of the MTC's board of directors and that this auditor is the person who recommended this member to contract with your editing firm. REQUIRED It is now mid-January 2020, and you are comidering whether to accept Modem Technology Company (MTC) as a client or not. Afet deviewing the circumstances mentioned above, address the following four points A. Identify at fortwockice ne dilemma that can affect the decision to accept Modem Technology Company (MTC) as a potential client and explain why you consider them as ethical problems. (support your answer by referring these two issues to the auditing's Code of Professional Condect and Soundund) B. Identify the relevant stalcholders and particho will be affected by these thical problemas and analyze the viewpoints of those stakeholders C Discuss the professional alternatives to deal with each othical problem and the consequence of cach altemative. D. Formatates and recommends rational and practical implementation in factions that will help your partner to make his dicat acceptance decision about Modem Technology Company (MTC). Catefully justify your persition in light of the information in the case. Include consideration of seasons both for and against acceptance (different alternatives). Racing 1: Identify Ethical Problem (dilemma): The ethical proble (dilemma) is a situation where any of the ethical priciples is violated or conflict of interests is created. Examples may include: 1: Self-interest threat (financial interest) 2: Self-review threat 2: Identify various Stakeholders and related partics: This step includes the identification of all stakeholders who may be affected by the ethical dilemma. These may include the following: Auditors Stockholders Employees Management BOD/Audit 3: Identify the various alteratives (safeguards) to deal with the ethical problem: This step includes the identification of all possible solutions to overcome the impact of the ethical dilemma. These solutions could be one of the following 4: Identify the appropriate Course of action for this Case: This step is involved with determining the best course of action that is relevant to the ethical dilemma given the setting in which is ext. For instance, in Qatar, it is by law prohibited to have any financial interest in the company being audited, it is also prohibited to provide both AS & NAS to the same company being audited, and the length of audit tenure most not exceed 5 years. Policles (AS and NAS) 3: Familiarity threat (lengthy tenure Or close relationships) Committee > Government Prospective Investors Public in general Professional Recommendations Regulations An ethical dilemma if created may compromise the auditor's level of independence and this may lead to lack of credibility and thus lack of trust. Policies are set by cach audit firm and they are more specific. >> Recommendations are released by professional bodies Regulations are released by government and they are more generic, casily enforced, and thus fair and consistent Ethical case: Modem Technology Company (MTC) is a medium-sized company specialined in the production of an advanced generation of sman TV screens. This company wishes to contract with your audit firm to issue an opinion on the financial statements that ended on December 31, 2019 As part of your audit firm's quality control policies, each employee must provide the company with an up-to-date disclosure of his or her family's investment every six months There is also a section in the audit firm to investigate blood relationships or friendship that may exist between the company's auditors and any potential client. While studying the decision to accept or reject the modern technology company as a potential client and choose the audit team that is likely to be responsible for auditing the financial statements of that company, it became clear that the wife of one of the liters employed by your firm owns investments in the MTC company in the form of bond that this company offers at high interest rates. It was also found that one of the auditees employed by your saditingfimis a close friend to a member of the MTC's board of directors and that this auditor is the person who recommended this member to contract with your editing firm. REQUIRED It is now mid-January 2020, and you are comidering whether to accept Modem Technology Company (MTC) as a client or not. Afet deviewing the circumstances mentioned above, address the following four points A. Identify at fortwockice ne dilemma that can affect the decision to accept Modem Technology Company (MTC) as a potential client and explain why you consider them as ethical problems. (support your answer by referring these two issues to the auditing's Code of Professional Condect and Soundund) B. Identify the relevant stalcholders and particho will be affected by these thical problemas and analyze the viewpoints of those stakeholders C Discuss the professional alternatives to deal with each othical problem and the consequence of cach altemative. D. Formatates and recommends rational and practical implementation in factions that will help your partner to make his dicat acceptance decision about Modem Technology Company (MTC). Catefully justify your persition in light of the information in the case. Include consideration of seasons both for and against acceptance (different alternatives). Racing 1: Identify Ethical Problem (dilemma): The ethical proble (dilemma) is a situation where any of the ethical priciples is violated or conflict of interests is created. Examples may include: 1: Self-interest threat (financial interest) 2: Self-review threat 2: Identify various Stakeholders and related partics: This step includes the identification of all stakeholders who may be affected by the ethical dilemma. These may include the following: Auditors Stockholders Employees Management BOD/Audit 3: Identify the various alteratives (safeguards) to deal with the ethical problem: This step includes the identification of all possible solutions to overcome the impact of the ethical dilemma. These solutions could be one of the following 4: Identify the appropriate Course of action for this Case: This step is involved with determining the best course of action that is relevant to the ethical dilemma given the setting in which is ext. For instance, in Qatar, it is by law prohibited to have any financial interest in the company being audited, it is also prohibited to provide both AS & NAS to the same company being audited, and the length of audit tenure most not exceed 5 years. Policles (AS and NAS) 3: Familiarity threat (lengthy tenure Or close relationships) Committee > Government Prospective Investors Public in general Professional Recommendations Regulations An ethical dilemma if created may compromise the auditor's level of independence and this may lead to lack of credibility and thus lack of trust. Policies are set by cach audit firm and they are more specific. >> Recommendations are released by professional bodies Regulations are released by government and they are more generic, casily enforced, and thus fair and consistent