Hong Kong Society of Accountants Prospective Students Society QP Case Analysis presented by Elaine Poon & Kevin King The Hong Kong University of Science.

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Presentation transcript:

Hong Kong Society of Accountants Prospective Students Society QP Case Analysis presented by Elaine Poon & Kevin King The Hong Kong University of Science & Technology

Agenda Key stakeholders Key stakeholders Relevant ethical issues Relevant ethical issues Alternative courses of action Alternative courses of action Ethical mindset for auditors Ethical mindset for auditors

Key stakeholders Career development James (auditor) Beta’s investors (financial statement users) Alfred (management) A&P (audit firm)

Relevant ethical issues Integrity Integrity Independence & objectivity Independence & objectivity Professional competence Professional competence Professional conduct Professional conduct

Integrity Essential character Essential character Responsibility to the public Responsibility to the public Conflict against Alfred’s agenda Conflict against Alfred’s agenda Short term benefit versus long Short term benefit versus long term career term career

Independence & objectivity Compliant behavior Compliant behavior Avoid breach of integrity Avoid breach of integrity James: risk of close relationship James: risk of close relationship A&P: over-dependence on one A&P: over-dependence on one single client single client

Professional competence Technical and professional Technical and professional standards standards Proper delegation and Proper delegation and supervision of work supervision of work Flexible audit program Flexible audit program

Professional conduct James (single auditor) A&P (single audit firm) Audit profession The whole society

Alternative actions Ethical dilemma Comply

If James complies…… James’ career development Alfred (management) A&P (audit firm) Beta’s investors (f/s users)

Alternative actions Ethical dilemma ComplyDecline

If James declines…… James’ career development Alfred (management) A&P (audit firm) Beta’s investors (f/s users)

Alternative actions Ethical dilemma ComplyDecline More… Refer to the other two partners Replaced by another staff Resign from A&P

Ethical mindset for auditors Mr. A Mr. B Mr. C