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14 Dec 2018

what is quotient framework reports state about: code of conduct, whistle blowing and ethical behaviour?

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Collen Von
Collen VonLv2
15 Dec 2018

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Please describe in a minimum of six sentences what the Sarbanes-Oxley Act of 2002 is about. What famous accounting fraud was this act in a response to? Who has the authority regarding implementing and overseeing a whistle-blowing process? What are the requirements for auditors in regards to a publically traded organization?

The topic is What happened at World Com? Please describe the ethical structure and violations. For instance, was there a code of conduct? Why didn't it work? What was management like - were they ethical? What was the situation at World Com before and after the fraud? And so on. Include all relevenat information that you think is pertinent to the exploration of a company failure due to ethical violations. Also be sure and comment on the role of the internal auditors, the CFO and the audit committee.

QUESTION 1 (IFAC CODE OF CONDUCT) (30)
Registered auditors are frequently tasked with situations withethical implications in the course of offering their services. TheCode of Professional Conduct provides a conceptual framework toassist registered auditors in addressing ethical issues. Thefollowing situations have arisen:

1. Abbott and Company, a large firm has been the auditor ofCircle (Pty) Ltd for a number of years. Circle (Pty) Ltd intends toissue fifty $100 000 convertible debentures. Dave Abbott and JoePeterson, the two partners of Abbott and Company, will be offeredthe opportunity to each take up one of the debentures. NeitherAbbott nor Peterson is in charge of Circle (Pty) Ltd audit.(5)
2. Fred Romano a former trainee at Abbott and Company, has recentlybeen appointed the financial manager of Buildfast Ltd, a largesupplier of building materials. Buildfast Ltd is an audit client ofAbbott and Company and before his resignation from the firm, FredRomano had been the audit manager for this client. From Romano,Fred’s twin sister will be appointed as the audit manager toreplace Fred, due to her experience in the building sector.(7)
3. Two of the younger partners at Abbott and Company want to bemore aggressive in marketing the services of Abbott and Company.They wish to run a radio and television advertising campaign basedaround a new slogan which they have proposed “Abbott and Company –bigger, better, in fact, brilliant!” (3)

YOU ARE REQUIRED TO:
a. Identify and explain the fundamental principles on which theCode of Professional Conduct is based and with which professionalaccountants must comply. (15)
b. Explain the conceptual framework. (5)
c. Discuss each of the situations described above in terms of theCode of Professional Conduct. Where you believe a threat orpotential threat to compliance with the fundamental principlesexists, you should identify the nature (category) of the threat.(15)

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