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IFAC

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA BT – FIA FBT › IFAC

  • This topic has 1 reply, 2 voices, and was last updated 4 years ago by Ken Garrett.
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    Posts
  • December 20, 2020 at 5:23 am #600365
    tohir
    Member
    • Topics: 13
    • Replies: 4
    • ☆

    As John starts the audit of ABC Company, he tells a colleague that he is very short of money Overhearing this, the
    finance director of ABC Company offers him a short term loan, on very favourable terms.
    Which of the principles from the IESBA (IFAC) Code of Ethics is threatened here?
    A)Professional behaviour
    B)Objectivity
    C)Trust

    December 20, 2020 at 8:32 am #600373
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10606
    • ☆☆☆☆☆

    Obtaining a ‘soft’ loan leaves the auditor beholden to the lender for the favour and this would interfere with objectivity and the auditor would not want to upset the lender.

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