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Unformatted text preview: ACCT3101_TOPIC 3 ANSWERS_BB ACCT3101 TOPIC 3 TUTORIAL NOTES - ARENS CH 4 Students are advised to read APES 110 before answering these questions. FRAMEWORK The source of most of the principles of ethics and independence are: APES 110 Ethics standard APES 320 Quality control for audit firms ASA 220 Quality control for audits Independence rules are also set on in Corporations Act, predominantly in s324CA-CH APES 110 CONTENT Part A: GENERAL APPLICATION OF THE CODE FIVE FUNDAMENTAL PRINCIPLES OF ETHICS: 1. INTEGRITY 2. OBJECTIVITY 3. PROFESSIONAL COMPETENCE & DUE CARE 4. CONFIDENTIALITY 5. PROFESSIONAL BEHAVIOUR See APES 110.290 states that ethics & independence are potentially affected by a number of threats: (i) self-interest; (ii) self-review; (iii) advocacy; (iv) familiarity; and (v) intimidation. Part B: MEMBERS IN PUBLIC PRACTICE Part C: MEMBERS IN BUSINESS Apply the general principles and the threat matrix first, before looking for specific guidance in Part B & Part C, which rules also contain extra qualification or exceptions....
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- Three '09