Best Audits is a medium sized auditing firm with branches all over Zimbabwe. You are an audit manager at Best Audits, currently doing your articles. Your fianc is a finance director at Quilts Limited. The finance director dismissed the predecessor auditors over disagreements on the treatment of assets. He approached you to take over the engagement, he has assured you that there is no need for an engagement letter he will just ensure that the compensation is lucrative. The current year end is 31 December 2020. Best Audits is currently understaffed as most of its senior trainees left the country in pursuit of greener pastures. The audit partner responsible for Quilts Ltd currently has 4 listed entities whose year-end coincides with Quilt's year end, he therefore delegated his duties to you for the audit. He has asked you to exercise utmost care in the audit as it will open doors of limitless opportunities for Best Audits Ltd. During the planning meeting Quilts made the following proposal to you. 1. They asked you to assist them in recruiting the financial accountant, to replace the outgoing accountant who recently stepped down.  

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Heres a breakdown of the ethical issues and potential consequences in this scenario along with recommended actions for you as the audit manager Ethica... View the full answer