C. Each of the following independent situations involves a possible violation of the MIA By Laws...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
C. Each of the following independent situations involves a possible violation of the MIA By Laws and Company Act 1965. a) In preparing personal tax returns of a client, Fiona Asan, an auditor observed that the deduction for contributions and interest were unusually large. When she asked the client for backup information to support the deductions, she was told, "Ask me no questions, and I will tell you no lies". Fiona completed the return on the basis of the information acquired from the client. b) c) d) Wong Lee, an auditor, stayed longer than he should have at the annual Chinese New Year party of his family. On his way home he drove through a red light and was stopped by a policeman, who observed that he was intoxicated. In a jury trial, Wong Lee found guilty of driving under the influence of alcohol. Because that was not his first offense, he was sentenced to 30 days in jail and his driver's license was revoked for one year. Thaqif, an auditor, provides tax services, management advisory services, bookkeeping services as well as conduct audit for the same non-public client. Because the firm is small, the same person often provides all the services. Maza Abu, an auditor, is a member of an international accounting firm. His business card includes his name, the firm name, address, telephone number and the title IT consultant. Required: For each of the above situation, state whether it is a violation of MIA By Laws and Company Act 2016. Explain your answer as necessary. C. Each of the following independent situations involves a possible violation of the MIA By Laws and Company Act 1965. a) In preparing personal tax returns of a client, Fiona Asan, an auditor observed that the deduction for contributions and interest were unusually large. When she asked the client for backup information to support the deductions, she was told, "Ask me no questions, and I will tell you no lies". Fiona completed the return on the basis of the information acquired from the client. b) c) d) Wong Lee, an auditor, stayed longer than he should have at the annual Chinese New Year party of his family. On his way home he drove through a red light and was stopped by a policeman, who observed that he was intoxicated. In a jury trial, Wong Lee found guilty of driving under the influence of alcohol. Because that was not his first offense, he was sentenced to 30 days in jail and his driver's license was revoked for one year. Thaqif, an auditor, provides tax services, management advisory services, bookkeeping services as well as conduct audit for the same non-public client. Because the firm is small, the same person often provides all the services. Maza Abu, an auditor, is a member of an international accounting firm. His business card includes his name, the firm name, address, telephone number and the title IT consultant. Required: For each of the above situation, state whether it is a violation of MIA By Laws and Company Act 2016. Explain your answer as necessary.
Expert Answer:
Answer rating: 100% (QA)
Answer a It is a violation of MIA By Laws and Company Act 2016 for an auditor to prepare personal ta... View the full answer
Related Book For
Auditing and Assurance services an integrated approach
ISBN: 978-0132575959
14th Edition
Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley
Posted Date:
Students also viewed these accounting questions
-
Each of the following situations involves a possible violation by a member in industry of the AICPAs Code of Professional Conduct. For each situation, indicate whether it violates the Code. If it...
-
Each of the following situations involves a possible violation of the AICPA's Code of Professional Conduct. For each situation, state the applicable section of the rules of conduct and whether it is...
-
Each of the following scenarios involves a possible violation of the rules of conduct. Indicate whether each is a violation and explain why you think it is or is not. a. John Brown is an PA, but not...
-
What are the explanations given for slow progress towards full acceptance of ISAs?
-
A producer of pottery is considering the addition of a new plant to absorb the backlog of demand that now exists. The primary location being considered will have fixed costs of $ 9,200 per month and...
-
What is the relationship between copyright law and freedom of expression?
-
Based on the design, briefly discuss the data collection procedures to be used. Be sure to include the area rea of focus and targeted sample as part of these procedures. Develop a hypothetical...
-
Malone Company estimates that 360,000 direct labor hours will be worked during the coming year, 2010, in the Packaging Department. On this basis, the following budgeted manufacturing overhead cost...
-
State suitable case for each model Hierarchical Model Network data model Relational model Object-oriented data model
-
How long (max) will it take for the output of a 74ALS00 to go HIGH after its input goes LOW?
-
Write a cover letter for the job of IT Expert advertised in a news paper.
-
The intercultural business communication process as the interaction of three variables: culture, business, and communication. Identify five sub-variables for each of these three components (culture,...
-
With relevant examples describe at least five (5) most important causes of externalities.
-
What are the intricate mechanisms underlying the symbiotic relationships between microorganisms and their host organisms, and how do these interactions shape ecological dynamics?
-
What are the intricate mechanisms underlying microbial adaptation to novel niches and habitats, including the role of genetic mutations, horizontal gene transfer, and epigenetic modifications, and...
-
Differentiate between limited-life and indefinite life intangible assets. What is the appropriate treatment (i.e., journal entry and calculation of impairment) for recognizing the impairment of an...
-
Consider the sequence of numbers: 2, 5, 10, 17, 26, 37, ... Find a formula to determine the nth term of this sequence, and then calculate the value of the 20th term.
-
What is an insurable interest? Why is it important?
-
List one possible control for each of the six transaction-related audit objectives for acquisitions. For each control, list a test of control to test its effectiveness.
-
Marjorie Jorgenson, CPA, is verifying the accuracy of outstanding accounts payable for Marygold Hardware, a large, single-location retail hardware store. There are 650 vendors listed on the...
-
Carl Monson, the owner of Major Products Manufacturing Company, a small, successful, longtime audit client of your firm, has requested you to work with his company in preparing 3-year forecasted...
-
KK Pty Ltd is a small manufacturing business. For the year ending 30 June 2019, the company achieved sales of $2 772 000 and a gross profit margin of 30%. Although satisfied with this result,...
-
The following actual balance sheet was prepared for Colombo Clocks Ltd as at 31 March 2020. At 31 March you are also provided with the following information. 1. Sales forecasts available for 2020:...
-
Fab and Fast Ltd buys and sells motor vehicle accessories. The firms estimated sales and expenses for the first 4 months of 2020 are shown below. Actual sales for December 2019 were $900 000 and...
Study smarter with the SolutionInn App