QUESTION 1 A. Each of the following situations involves possible violations of the MIA's By-law. ii. Azzim, a senior auditor responsible for auditing the publisher Stylo Bhd. During its recent audit, the company's finance director commented on growing competition in the digital publishing sector. One rapidly expanding competitor, Vogue Bhd, was explicitly referred to. You are aware that your firm recently acquired another accountancy firm, Zaar Associates, and that Vogue Bhd is one of their clients. It is hoped that the audit of Vogue Bhd will be transferred to your department to take advantage of your specialism in media and publishing. Required: Discuss the above situations regarding the conflict of interest, treats of independence, and fundamental principles of ethics.
QUESTION 1 A. Each of the following situations involves possible violations of the MIA's By-law. ii. Azzim, a senior auditor responsible for auditing the publisher Stylo Bhd. During its recent audit, the company's finance director commented on growing competition in the digital publishing sector. One rapidly expanding competitor, Vogue Bhd, was explicitly referred to. You are aware that your firm recently acquired another accountancy firm, Zaar Associates, and that Vogue Bhd is one of their clients. It is hoped that the audit of Vogue Bhd will be transferred to your department to take advantage of your specialism in media and publishing. Required: Discuss the above situations regarding the conflict of interest, treats of independence, and fundamental principles of ethics.
Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter4: Professional Legal Liability
Section: Chapter Questions
Problem 18RQSC
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![QUESTION 1
A. Each of the following situations involves possible violations of the MIA's By-law.
ii. Azzim, a senior auditor responsible for auditing the publisher Stylo Bhd. During its
recent audit, the company's finance director commented on growing competition in the
digital publishing sector. One rapidly expanding competitor, Vogue Bhd, was explicitly
referred to. You are aware that your firm recently acquired another accountancy firm,
Zaar Associates, and that Vogue Bhd is one of their clients. It is hoped that the audit of
Vogue Bhd will be transferred to your department to take advantage of your specialism
in media and publishing.
Required:
Discuss the above situations regarding the conflict of interest, treats of independence, and
fundamental principles of ethics.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F900e627c-7638-4b1b-a4f4-37390f19c81e%2F6e3ed7ea-f298-478a-bead-65a0f992631d%2Fyqs3lor_processed.png&w=3840&q=75)
Transcribed Image Text:QUESTION 1
A. Each of the following situations involves possible violations of the MIA's By-law.
ii. Azzim, a senior auditor responsible for auditing the publisher Stylo Bhd. During its
recent audit, the company's finance director commented on growing competition in the
digital publishing sector. One rapidly expanding competitor, Vogue Bhd, was explicitly
referred to. You are aware that your firm recently acquired another accountancy firm,
Zaar Associates, and that Vogue Bhd is one of their clients. It is hoped that the audit of
Vogue Bhd will be transferred to your department to take advantage of your specialism
in media and publishing.
Required:
Discuss the above situations regarding the conflict of interest, treats of independence, and
fundamental principles of ethics.
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