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in ethics question we see requirement which includes professional issues and practice management issues what to write in that ? thanks
professional issues are matters such as avoidance of conflict of interest, no loans to / from a client, no beneficial interest in success / failure of client
Practice management include matters such as advocacy threat, self-interest, self-review
I believe
Personally I tend to try not to get too hooked up on the jargon and it’s unlikely that a P7 examiner is ever going to ask you “What’s the difference between a professional issues requirement and a practice management requirement?”
thanks mike here some more questions
1:what is difference between audit evidence and audit procedure?
2:in some questions i see requirement which says (other matters to consider?) what to write in it
3:and what to write in quality control issues.? thanks wating for ur replyAudit evidence is the supporting information that an auditor will collect together for the audit file
Audit procedures are the ways in which the auditor will collect that evidence
“Other matters to consider” involve matters such as accounting standards, ethics, governance maybe even things like taxation considerations
In a “quality controls” question, here’s a link to quality control issues in the manufacture of concrete! Now see if you can’t adapt the principles outlined in the brief article to fit the work of an accountant / auditor!
Ethical is more etherial in terms of an ethical consideration is when you ask yourself “What is the morally correct thing to do?”
It’s applied to accountancy and auditing by reducing that generic question into several component parts or mini-scenaria
So, what is the right thing to do when a client asks me to give evidence on his behalf?
Or, what is the right thing to do when I get a new client but I know that my husband already holds shares in that company?
Or, what is the right thing to do when a client asks me to prepare her financial statements before I then go ahead and audit them?
These are ethical questions – and the accountant / auditor has to decide in his / her mind just exactly what IS the right thing to do
Professionalism and professional issues involve the carrying out of an assignment in an expeditious, economic, efficient and effective way. You can sub-divide the situation into two elements – internal within the firm and external – the way in which the firm’s actions are viewed by the outside world
Internal involves quality control, staff assignment, budgeting, confidentiality, job scheduling and similar matters
External involves image building and reputation maintenance
OK?
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