Monney Ofori and Heavenn Obotan qualified as Chartered Accountants in 2017. They have now decided to set up in practice together. Their new firm holds an auditing certificate from the Institute of Chartered Accountants (Ghana) and they intend to undertake small audits and some tax work. They will charge themselves out at GHS200 per hour initially. They have agreed to operate from Heavenn’s home. They are a little rusty on the rules concerning advertising and obtaining professional work and so have asked you to advise them. They have decided to call their practice “Monney Joy” and to advertise in the local paper. As they are launching themselves, they have decided to take out a full page advertisement one week and then run a series of smaller adverts in the future. They have also decided to advertise in a local business newspaper. Required 1. Explain the IESBA guidance on advertising, including advertising fees. 2. Advise “Monney Joy” how they should proceed in relation to: (i) how they may describe the firm and (ii) the adverts in the paper.
Monney Ofori and Heavenn Obotan qualified as Chartered Accountants in 2017. They have now decided to set up in practice together. Their new firm holds an auditing certificate from the Institute of Chartered Accountants (Ghana) and they intend to undertake small audits and some tax work. They will charge themselves out at GHS200 per hour initially. They have agreed to operate from Heavenn’s home. They are a little rusty on the rules concerning advertising and obtaining professional work and so have asked you to advise them. They have decided to call their practice “Monney Joy” and to advertise in the local paper.
As they are launching themselves, they have decided to take out a full page advertisement one week and then run a series of smaller adverts in the future. They have also decided to advertise in a local business newspaper.
Required
1. Explain the IESBA guidance on advertising, including advertising fees.
2. Advise “Monney Joy” how they should proceed in relation to:
(i) how they may describe the firm and
(ii) the adverts in the paper.
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