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Answered: - Each of the following situations involves a possible viola


Each of the following situations involves a possible violation of the relevant ethical rules or legal obligations. For each one, state any applicable ethical rules and corporations Act provisions and say whether it is a violation.

  • A client requests assistance of J.Bacon, a chartered accountant, in the installation of a computer system for maintaining production records. Bacon has no experience in this type of work and no knowledge of the client?s production records, so he obtains assistance from a computer consultant. The consultant is not in the practice of public accounting, but Bacon is confident of his professional skills. Because of the highly technical nature of the work, Bacon is not able to review the consultant?s work.
  • Five small Sydney public accounting firms have become involved in an information project by taking part in an inter-firm working paper review program. Under the program, each firm designates tow partners to review the working papers, including the tax returns and the financial statements of another public accounting firm taking part in the program. At the end of each review, the auditors who prepared the working papers and the reviewers have a conference to discuss the strengths and weaknesses of the audit. They don?t obtain authorization from the client before the review takes place.
  • Shirley Morris, a public accountant, applies to Apple & George, public accountants, for a permanent job as a senior auditor. Morris informs Apple & George that she works for another public accounting firm in the same city but won?t permit them to contact her present employer. Apple & George hire Morris without contacting the other public accounting firm.
  • James Thurgood, a public accountant, stays longer than he should at the annual Christmas party of Thurgood & Thurgood, public accountants. On his way home he drives through a red light and is stopped by the police, who observe that he is intoxicated. Later, Thurgood is found guilty of driving under the influence of alcohol. As this isn?t his first offence, he is sentenced to 30 days in gaol and his driver?s licence is revoked for one year.
  • Bill Wendal, a chartered accountant, sets up a casually and fire insurance agency to complement his auditing and tax services. He doesn?t use his own name on anything pertaining to the insurance agency and has a highly competent manager, Sandra Jones, who runs it. Wendal often requests that Jones review the adequacy of client?s insurance with management if it seems underinsured. He feels that he provides a valuable service to clients by informing them when they are underinsured.
  • Louise Rankin, a public accountant, provides tax services, management advisory services and bookkeeping services, and conducts audits for the same client. As the firm is small, the same person often provides all the services.

 


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