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Assurance engagement Many parties provide reports
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One of the sub-topics relates to APES 110 Code of Ethics for
Professional
Accountants. The code sets out the main ethical pronouncement for
members of professional
accounting bodies in Australia, which are, CPA Australia, Chartered
Accountants Australia and New
Zealand (CAANZ) and Institute of Public Accountants (IPA). Section
100.5 of APES 110 sets out five
fundamental principles of professional ethics that apply to all
members.
Assume that you have been working as an auditor for the past three
years. You are currently an
audit assistant in RJ and Associates. You managed to complete a
professional accounting program
with one of the professional accounting bodies early this year. Upon
completion of the program,
you applied to be a full member of the accounting body. Last week,
you received a letter from the
accounting body advising that your application for a full membership
has been successful. You told
the good news to your colleagues in RJ and Associates. The firm
organises a gathering to celebrate
your success. In the speech during the gathering, the Managing
Partner of RJ and Associates
emphasises that ―As a member of professional accounting body, it is
important that we adhere to
the code of professional ethics. We must always be objective when
making our judgment and