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ethics

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › ethics

  • This topic has 1 reply, 2 voices, and was last updated 3 years ago by Kim Smith.
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  • November 24, 2021 at 3:18 am #641418
    Noah098
    Member
    • Topics: 935
    • Replies: 352
    • ☆☆☆☆☆

    ma’am can you confirm the following threats in each of the other assignment mentioned (on a general basis):

    1.Due diligence- self review, self interest
    prospective financial information- self review, self interest, advocacy too(if loan application involved)
    fraud investigation- management threat, self review, self interest, advocacy (if auditor required as expert witness)

    2. can we add advocacy threat to due diligence also? as the auditor could be perceived to be promoting the interests of its fee paying client, so it may understate the net assets so that acquirer(client) has to pay less?

    3. self interest in all because of the additional fees that will be received by auditor which would create a financial interest, thus leading auditor to favour client in valuation process(during due diligence)/ less sceptical (during PFI review)

    November 24, 2021 at 7:26 am #641442
    Kim Smith
    Keymaster
    • Topics: 135
    • Replies: 8310
    • ☆☆☆☆☆

    I think your 2. sounds more life self-interest (the acquirer is the firm’s fee-paying client) or familiarity (e.g. if the acquirer is also an audit client)

    Which just proves a point that I am sure I have made before – that at AAA level, it is explaining what is the threat/assessing it it more important than giving it a “label”.

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