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Ethical risks

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Ethical risks

  • This topic has 1 reply, 2 voices, and was last updated 7 years ago by Ken Garrett.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • May 7, 2018 at 7:05 pm #450499
    michaelsamiotis
    Participant
    • Topics: 47
    • Replies: 27
    • ☆☆

    Hello sir. I would like to ask if a company is listed, is it allowed to an audit firm to supply other services when it has also the audit engagement?

    And also in BPP there is an example which does not provide which threat is that (self interest???).
    Salt & Pepper guarantees that its audits will not last
    longer than two weeks.
    The amount of time required to complete an audit
    depends upon the nature of each audit client’s
    business and the level of associated risk. To restrict
    the duration of all audits to two weeks, regardless of
    the level of complexity and risks of the business, will
    result in sufficient and appropriate audit evidence
    not being obtained. Salt & Pepper would be at risk of
    giving incorrect audit opinions, leading to possible
    litigation. The firm would contravene the ACCA Code
    of Ethics.

    Thank you very much.

    May 7, 2018 at 9:59 pm #450506
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10594
    • ☆☆☆☆☆

    First question. In Europe, in general ‘Yes’. in the USA, ‘No’.

    I would say self-interest. The firm is reducing its work and cost to meet the fees and profit and that is self-interest.

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