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ACC305 Auditing and Professional Assignment Help
Audit partner are the persons who are the certified accountant as well as the full equity partner in the firm of accounting. He is the person who scrutinize all the accounts, financial statement as well as legal compliances of the company. In this Auditing and Professional Assignment Help an auditor wants to become an auditor of the company called Games Ltd which is also involved in the corruption activities that are still not proven against it. So by this analysis a decision can be made in which the option of joining in the capacity of auditor with the games Ltd can be taken into consideration and proper decision be taken into account.
As per law
In relation to the Auditing and Professional Assignment Help there are certain factors that requires full detail study as well as analysis. In this case games Ltd. is involved in the corruption which is still not proven by the court. That indicates that it practice the wrong means and techniques that can affect the company as well as its reputation. Along with that ethical concept along with the legal aspects are discussed in an effective manner that is mentioned below-
Corruption- It is the fraudulent and the wrong conduct by the persons who possess the power that is commonly practice by the system of bribery. In relation to the law when there are manipulation done by the person or the group of persons in the legal capacity then it leads to corruption. In this case Games Ltd is involved in the corruption but that is not still proved that only indicates its involvement as well as doubt on its working concept in various operations (Stevenson, 2012).
Ethical concept- In relation to the ethical concept no person should involve in the practice of corruption and all the wrong full conduct as it would fall the company into the illegal activities that can only cause a severe penalty. There are various aspects in which the auditor as well as all the members are mandatory to follow the rules and regulation at all cost. Auditor are the person who check all the finance Accounting as well as legal compliances of the organization. So he must not indulge in any activities or support in the activities such as manipulation of the facts or omission of facts or the window dressing of the financial aspects of the company or any other illegal activity.
Legal concept- It is required that company follow all the legal compliances as well as rules that can avoid any of the penalties that can cost misbalance to the budget as well as reputation of the company. It is the duty of the auditor to scrutinize all the matter of the company in an effective manner and if it do not perform its duty well then he would be also treated in default and would also be liable for the penalties that would be charged on the company as well.in this case if the auditor join the company then he would also become liable for acts and operations of the company and if he do not perform its duty well then is liable for the penalties and may be come under the offences as well (Anderson et.al, 2015).
Games Ltd is a company that is involved in the manufacturing of the gaming equipment as well as machines. This company name is involved under offence of anti-corruption. But the offence is still not proved by the anti-corruption department. It requires to appoint the new audit partner in its form and now wants to appoint the audit partner in that concern.
Procedure for the appointment of auditor
In relation to the appointment of the auditor there are certain guidelines that are mentioned in the prevalent act that ae required to be followed for the purpose of the appointment as well as no penalty complications and offences (Zimmerman, 2016). The procedure is mentioned below-
Step 1- According to the act if the person or the partnership or the proprietary company can register for the audit report partner purpose if it possess the license of AFS.
Step 2-It is important to appoint the auditor or the auditors in the licensee financial statement within 1 month.
Step 3- After the appointment of the auditor, it is required to file a written notice within 14 days by the financial service licensee. In this notice all the specification would be mentioned such as name of the person or the firm or any other specified licensee along with the date of appointment with the fees as prescribed under the law of the country.
Step 4- The auditor shall remain in the position of the auditor for the period as prescribed or until he resign from the position or being removed from the services of the financial licensee by the department (Burke, 2013).
According to Auditing and Professional Assignment Help if the auditor wants to become the auditor of the company then he must follow all the procedure that are mentioned above in a proper manner along with the necessary guidelines that may be required for its appointment in the company. He also requires to provide all the certificates along with the imperative documents that would be required for the appointment of his as an auditor of the Games Ltd.
From the stated facts and analysis it can easily be concluded that it is not recommended to the business auditing partner to become the auditor of the Games Ltd due to its wrong functioning as well as bad practices. As this can cause trouble to the auditor as well may cause him penalty in the future that can be dangerous for the audit partner. Apart from that if then also he is appointed in the company then it can damage the reputation of the audit firm that cannot be tolerable by the other audit partners. So it can be concluded that audit partner must not get involve with the Games Ltd which would be beneficial for the auditor as well as for the firm.
Anderson, U.L., Christ, M.H. & Janvrin, D.J. 2015, "Comments by the Auditing Standards Committee of the Auditing Section of the American Accounting Association on The Institute of Internal Auditors' Proposed Enhancements to the International Professional Practices Framework (IPPF)", Current Issues in Auditing, vol. 9, no. 1, pp. C23.
Burke, R. 2013, "Professional standards: Trust accounting requirements: Best practice guidelines for legal practitioners and auditors", Bulletin (Law Society of South Australia), vol. 35, no. 5, pp. 27.
Stevenson Smith, G. 2012, "Can an auditor ever be a first responder to financial frauds?", Journal of Financial Crime, vol. 19, no. 3, pp. 291-304.
Zimmerman, A.B. 2016, "The joint impact of management expressed confidence and response timing on auditor professional skepticism in client email inquiries", Managerial Auditing Journal, vol. 31, no. 6/7, pp. 566-588.
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