The firm in carrying out the new assignment needs to consider some ethical issues. Discuss the ethical issues involved in accepting the new assignment.  Professional Ethics can be Rules based or Principles based. Describe the differences between the two approaches to professional ethics.

Contemporary Auditing
11th Edition
ISBN:9781337650380
Author:KNAPP
Publisher:KNAPP
Chapter3: Internal Control Issues
Section3.3: Avon Products, Inc.
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a) Michelle, Melissa and Marvellous and Co, are the auditors to Frank Ventures Limited, a chemical manufacturing company at Hatfield. The firm has carried out audit for several years on the Company. A request was recently made for the company to also carry out compliance advisory services, financial reporting valuation services and tax planning.

Required:

  1. The firm in carrying out the new assignment needs to consider some ethical issues. Discuss the ethical issues involved in accepting the new assignment. 

  2. Professional Ethics can be Rules based or Principles based. Describe the differences between the two approaches to professional ethics.

     

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