Professional Accounting Paper Editing Services

Professional Accounting Oz Assignment Help

Professional Accounting Paper Editing Services


APES is an abbreviation of Accounting Professional and Ethical Standards. According to the name, APES is a set of operational guidelines, rules and principles that govern accountants of all levels, to perform their duties in accordance with the ethical standards. Apes 110 Code of Ethics for accountants’ sets a clear framework of the conduct professional accountants should adhere to in carrying out their audit assurance assignment (Miglani, 2014).Any compromise with this framework is an indication that there was collusion between the auditor and the firm they were auditing and/or the audit work was not independently done and thus the correct audit report was not given.

From the review of the working papers of Moonies, the following can be deduced:

1. Delay in payment of an Audit fee

It is stated that Kirk has not paid the previous year final payment of 20% of the audit fee. This is termed as overdue fees in Apes 110 code of ethics.

The pending audit fee may bring about self-interest threat on the part of the audit firm. It can end up to be deemed a loan to the client which will thus create a debtor-creditor (familiarity) relationship. This will in return affect auditors’ independence in future engagements.
This has thus violated Apes 110 code of ethics.

2. Employment of Audit firm Staff by the client

Emma Feeney, an accountant at Artarmon accountants (the auditing firm) has been employed by Moonies (the client) as an assistant accountant. This is a violation of Apes 110 code of ethics.

Apes 110 states that such arrangement may lead to familiarity or intimidation threats as the employee is involved in direct preparation of financial statements that will be audited by a firm they have connections with. This will further affect independence and thus violation of the code of conduct.

3. Over-reliance on one client

Apes 110 code of ethics states that an audit firm should not generate more that 15% of its annual audit fees from a single client. This has been violated as the audit of Moonies comprises 30% of the audit fee to Artarmon Accountants.

There is violation in that overdependence comes with fear of losing the client and thus may lead to intimidation threats from the client and self-interest threats from the audit firm which will definitely affect integrity of the audit assignment.

4. Breach of Professional Competence and Due Care

Teena Dean has finished her accounting degree and has no experience in auditing. She is taken to be part of the auditing team because she is a daughter to the managing Partner of Artarmon Accountants.

This is a violation to Apes 110 code of ethics as it requires the senior auditor to ensure that those working under him have got the required skills and training to undertake audit assignments. This thus means that the client will not receive the expected business professional service(Dicks, 2017).

5. Threat to Preparation and reporting of information

Ken Smith has noted that valuation of inventory does not follow the set accounting standards. Apes 110 require that Ken Smith should report this independently and truthfully without any internal or external influence.

This is a likely threat to the reporting of the same because it is claimed that Kirk wants to discuss it with Ken before the selection of the next auditor. Ken will thus have to agree as to the demands of Kirk due to self-interest concerns so as to be favored and be reappointed or else be intimidated by Kirk and loose the contract.

6. Long term engagement with a client

Ken Smith is said to have done the audit of Moonies for six years now and he will further be joined by Dave Dunne Who has also been auditing the company for the past nine years. This will lead to familiarity and self-interest threats on the part of the audit personnel.

Apes 110 code of ethics requires that there should be a rotation of the senior auditor. This is because they have influence over the audit exercise and their long engagements with the client may lead to both internal and external threats that will affect the audit assignment outcome.


Thus Apes 110 code of ethics has been violated from the working papers of Moonies as discussed above.


1. Dicks, H. (2017). Business Environmental Ethics and Biomimetic Ethics: Nature as Object of Ethics and Nature as Source of Ethics. Journal of Agricultural and Environmental Ethics, 30(2), pp.255-274.

2. Miglani, S. (2014). Voluntary Audit Committee Characteristics In Financially Distressed and Healthy Firms: A Study of The Efficacy of The Asx Corporate Governance Council Recommendations. Corporate Ownership and Control, 12(1).