The responsibilities of a professional accountant (preparer and board member) under APES 110 Code of Ethics for Professional Accountants are often forgotten in the preparation of financial statements despite the code’s mandatory requirements. Auditors must also comply with ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements, which has legal-backing for corporations law audits. This session will:
- Describe the five fundamental principles, threats and safeguards, conflicts-of-interest rules, governance communication, and management responsibilities
- Review the audit independence rules, including public-interest entity, documentation, addressing breaches, provision of non-audit services and second-opinion rules, and
- Address what to do when a client threatens litigation.
