The following situation arose in a discussion between an audit trainee and you as senior manager of the audit. Rukia Jab, a partner in Fun & associates, a firm in public practice was notified by one of his audit clients Win Ltd, that the company had appointed Reggie Gab as the financial director at Win Ltd with immediate effect. Reggie Gab had recently left Billen Ltd, a company which is also an audit client of Rukia Jab. Having read the minutes of directors' meetings whiles conducting the recent audit of Billen Ltd, Rukia Jab was aware that Reggie Gab had been dismissed from Billen Ltd for fraud, but for various reasons had not been charged and had been allowed to resign. Rukia Jab immediately sent an email to each member of the board of Win Ltd notifying them that Reggie Gab had been dismissed for fraud.

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Comment on whether Rukia Jab has breached the code of professional conduct.5 marks

RoRo Kway, a chartered accountant was surprised to receive an electronic payment of GHC500,000 into his firm's bank account. His personal assistant had informed him earlier on, that one of his clients BiMa had called and requested the firm's bank details to transfer the money. BiMa had indicated he will call RoRo. Later that morning BiMa phoned RoRo and requested that RoRo take custody of the money (GHC 500, 000) until further notice.

You are required to:

Discuss the action which RoRo should take with regard to the GHc500,000 so as to comply with the fundamental principles.