Background: Quentin & Co. is a mid-sized accounting firm based in Darwin, Australia. The firm provides a range of services, including auditing, tax consulting, and advisory services, to a diverse portfolio of clients. The firm prides itself on maintaining high ethical standards, and all partners and employees must adhere to the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA)

Scenario: You are an accounting student currently doing your internship under the Work Integrated Learning (WIL) program at Quentin & Co. As part of your internship, you are assigned to assist on an audit engagement for Summit Ltd., a publicly traded company in the manufacturing sector. During the course of the audit, you encounter several situations that test the application of the IESBA Code of Ethics: 3. You are asked to prepare a section of the audit report that involves complex financial instruments, an area in which you have limited experience. You feel uncertain about your ability to assess the risks and valuation of these instruments accurately, but your supervisor insists that you complete the task quickly due to tight deadlines. REQUIRED:

a) How does the IESBA Code of Ethics address this situation?

b) What should you do if you believe you do not have the necessary expertise to complete the task accurately?

c) How should the firm balance the need for timely completion of the audit with the requirement for competence and due care? 4. Quentin & Co. has recently started providing tax consulting services to Summit Ltd. in addition to audit services. You learn that the tax consulting team has proposed a tax strategy that could significantly reduce Summit Ltd.'s tax liability. There is concern that the close relationship between the audit and tax teams might compromise the firm's independence in providing assurance services. REQUIRED:

a) What are the independence requirements under the IESBA Code of Ethics for firms providing both audit and non-assurance services to the same client?

b) How should Quentin & Co. manage the potential threats to independence arising from the provision of tax services to Summit Ltd.?

c) What safeguards can be implemented to ensure that the firm's independence is not compromised? 5. During the audit, you discover evidence that suggests Summit Ltd. may have been involved in bribing foreign officials to secure contracts. You bring this to the attention of the audit partner, who downplays the issue and instructs you to ignore it as it might jeopardise the firm's relationship with the client REQUIRED:

a) How does the IESBA Code of Ethics guide professional accountants in responding to noncompliance with laws and regulations?

b) What actions should you take if the audit partner is unwilling to address the issue? c) What are the ethical and legal implications of ignoring potential non-compliance in this scenario? (Do it in 1000-1500 words if possible)