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1 AUDITING SEMESTER 1 2019 LECTURE 10: WEEK OF MAY 20 th THE PROFESSIONAL AND REGULATORY ENVIRONMENT (PART 1): ETHICS AND INDEPENDENCE, AND THE STRUCTURE OF THE PROFESSION. 1: Introduction: Lecture 10 covers two related topics: (1) ethics and independence; and (2). the structure of the profession. The coverage of ethics and independence begins by examining the nature of professional ethics. It defines ethics and ethical thinking, and then discusses the approach to dealing with ethics under APES 110. In particular, the lecture focuses on auditor independence. The coverage of the structure of the profession is brief, but nonetheless important. 2: Learning Objectives 1. Understand the definition of a profession and how accounting meets that definition. 2. Understand the concept of professional ethics 3. Understand the application models in making ethical decision-making. 4. Understand the structure of the APES 110 Code of Ethics for Professional Accountants 5. Understand the main principles of APES 110 6. Understand the key threats to the application of ethics that are identified in APES 110 7. Understand the importance of auditor independence. 8. Understand the structure of the auditing profession 3: Required Reading Textbook: Audit and Assurance Chapter 3, pp 72-99 Readings : Reading 9 Nash, K. (2014) “Why ethics are fundamental to good accounting” . INTHEBLACK, August 2014. Reading 10 (2018) “NOCLAR Balancing the needs of clients with the greater good” . INTHEBLACK, August 2018. Films: A few minutes with… Film 14 Ethics A few minutes with… Film 15 Auditor Independence Handbook ASQC 1 Quality Control for Firms that Perform Audits and Reviews of Financial reports and Other Assurance Engagements ASA 220 Quality Control for an Audit of a Financial Report and Other Historical Financial Information APES 110 Code of Ethics for Professional Accountants APES 210 Conformity with Auditing and Assurance Standards APES 320 Quality Control for Firms
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