Chapter 3 questions - Auditing 1/29/08 Chapter 3 #33. A)...

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Auditing 1/29/08 Chapter 3 #33. A) The parties directly affected are the two companies involved. B ) Yes the other students are affected by his decision (his ethical decisions reflect ethics of all the students). C) Professors reputations are affected as well because of their ability to teach. D) Explain you incurred such expenses but only bill them for amount they’re responsible for. If they both send you a check, send them both back and explain they’re only responsible for their amount. #34 A) Mary is not a covered member because she’s not in the Phoenix office but her judgment is impaired because she is married to Cameron. The firm’s independence is not affected but the public may infer that the firm’s independence is affected. Might have to discharge Cameron as a client. B) If Jim doesn’t tell his son that he has the investment then Will’s independence and the firm’s independence are not affected. C) Bill is not a covered member. However he has impaired his own independence because he has a direct financial interest in the client. If he were assigned to this client he would have impaired independence. If his investment is > than 5% of outstanding stock, then the firms independence is
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This note was uploaded on 06/11/2008 for the course ACCT 4013 taught by Professor Pitman,m during the Spring '08 term at The University of Texas at San Antonio- San Antonio.

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Chapter 3 questions - Auditing 1/29/08 Chapter 3 #33. A)...

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