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Presentation transcript:

Welcome to our Presentation HKSA Case Competition Welcome to our Presentation Comprehensive Review on Ethical Dilemma in A&P

Presentation Flow Introduction of Core Principles Analysis and Recommendations of Ethical Issues PART I: Non-Compliance Acts Investigation by ICAC PART II: Conflict of Interests Undue Dependence Conclusion

Core Principles (SAS 100 para. 6) Confidentiality Objectivity Independence

Issue 1 : Suspected non-compliance Comparing Cost Reports and Tender Estimates ? Overstatement in labor costs ?

Recommendations Discovery of suspected non-compliance Collect & examine audit evidence Check financial statements - Real figures reported? Document the findings Discuss with Management Suggest remedial actions

Do not involve senior management Involve senior management Report to Clients Report to senior management Do not involve senior management Non-compliance acts Report to audit committee Involve senior management

Internal Control Memorandum Evidence of suspected acts Internal Control Memorandum Evaluation of risk exposure Recommendations for remedial actions

Audit Report Audit Opinion Materiality of non-compliance Effect on whole financial statement Remedial action of management Audit Opinion Quality and reliability of evidence

LAST RESORT WITHDRAWAL of ENGAGEMENT? SAS 600(42) WITHDRAWAL of ENGAGEMENT?

Issue 2 : ICAC Investigation Bribery? Client’s information for investigation Duty of a citizen an auditor

Recommendation (SPE 1.204B) Duty of confidence owed to clients Lack of authority of David’s investigation Clients Alan should NOT disclose CE’s information

Remaining Issues HT Robin’s son Robin CE Robin’s wife Susan

Issue 3 : Independence Alan, Manager-in-Charge CE HT

Recommendation CE’s project: HT’s project:

Issue 4: Undue Dependence Susan 10% of A&P’s revenue A & P CE HT

Recommendation (SPE 1.203(4)) Revenue 15% Close monitor

Issue 5 : Robin’s Wife Investing

Executive decision making Recommendation Major shareholder Confidential information of clients Executive decision making

Issue 6 : Tenancy Arrangement Susan normal course of business? attractive rent? Tenancy Agreement SPE 1.203(34) A & P

Issue 7 : HT Computer Project (Robinson) Robin’s son Susan

Conclusion Professionalism Independence Objectivity Confidentiality Integrity