You are a partner to a firm of chartered certified accountants. The

Question

You are a partner to a firm of chartered certified accountants. The

following issues have emerge in relation to three of your clients:
(a)   Easter is a major client. It is listed on a major Stock Exchange. The audit team consists of eight members, of whom Paul is the most junior. Paul has just invested in a personal pension plan that invests in all the listed companies on the exchange.
(b)   You are at the head of a team carrying out due diligence work at Electra, a limited company which your client, powerful is considering taking over. Your second in command on the team, Pete, has confided in you that in the course of his work he has met the daughter of the managing director of Electra, and he is keen to invite her on a date.
(c)   Your longest standing audit client is Teddies, which you have been involved in for ten years, four as engagement partner. You recently went on an extended cruise with the managing director on his yacht.
Required
Comment on the ethical and other professional issues raised by the above matters. Your answer should outline the threat arising, the significance of the threat, any factors you have taken into account, and, if relevant, any safeguard you could apply to eliminate or mitigate against the threat.

Answer 1

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