Class notes
Professional Ethic Lecture notes (AIC22A2)
- Course
- Accounting 200 (AIC22A2)
- Institution
- University Of Johannesburg (UJ)
UNIT 3 Professional Ethics Lecture 2
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Faculty of Economic and Financial SciencesLearning Unit 3.1
Professional Ethics
,Department of Commercial
Accounting
PART B (code of conduct for accounting
professionals in public practice)
Each of the sections below contain specific situations that
accountants are faced with. Under each section, the
discussion has the following three components
1) The accountant’s expected responsibility in the situation
2) The threats that the situation present
3) The safeguards that the accountant can implement in the
situation
2
,Department of Commercial
Accounting
PART B (code of conduct for accounting
professionals in public practice)
Structure of a team of External Auditors
Simple Team
Quality Control Partner (Does not do any work
Audit Partner (Overall responsible for the
on the audit itself, only reviews the audit file at
Audit. Signs audit opinion
various stages before the audit opinion is signed)
Audit Manager (Second in charge, assists
with the Partner in managing and directing External experts (where necessary)
the audit)
Audit Senior (3rd year trainee)
2nd year trainee
3
1st year trainee
, Department of Commercial
Accounting
PART B (code of conduct for accounting professionals
in public practice)
Section 210 Professional appointment
Client acceptance
Expected responsibility: Before accepting any client for
audit the auditor is required to consider whether accepting
that client would threaten compliance with the fundamental
principles discussed in part A (i.e. integrity, objectivity,
professional competence and due care, professional
behaviour and confidentiality).
4
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