Thomas Percy, a chartered accountant, is considering leaving his position at a major audit firm to join the staff of a small local accounting firm that provides accounting and tax advice and does the audits of self-managed superannuation funds. Required 1. Explain whether auditing standards are applied differently to auditors who work for a small local audit firm, as compared to those who work for a major audit firm. 2. Explain whether the ethical rules are applied differently to members of the accounting bodies depending on the type of entity for whom they work.

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Auditing Standards Auditing standards are generally consistent across all audit firms regardless of ... View the full answer