This is a solution of Auditing Policies of an Organization in which we discuss Developing business IT strategy can help your company cope with aging systems and limited resources that can lead to fragmented IT solutions.

Question 1.

  1. Auditing Policies of an Organization Jenny Wang, the senior auditor of Panania Cars Private Limited, has received an offer of getting 20 % off on the discounted price of cars. She has received the offer due to her service of 6 years in the company.  In this context, there lies an ethical dilemma for Jenny. In accordance with APES 110, section 300.8 a person creates a threat for himself or herself by participating in incentive compensation arrangements (Apesb.org.au, 2018). In the case of Jenny, it can be said that if she takes the offer from the company’s end, then the possibility of a decrease in service quality will arise. Apart from that, it is also said in the section 300.8 that one employee must not use corporate assets for personal purposes.

However, in the case study, it is seen that Jenny is getting an offer for her quality service in the company for the past six years. In this context, it can be said that this is a gift or to be more precise and offer from the company’s end.  Jenny is not competing in any incentive compensation or using corporate assets for personal purposes intentionally.  In this context, it can be said that Jenny is getting a prize for her quality service and there is no violation of ethical standards that are important in Auditing industry.

  1. b) Katrina Wearne is an auditor in Lancom cosmetics. She is working in the company during November and December 2018 friend now she has been offered cosmetics from the company worth $350. There is an ethical dilemma in this scenario. It is essential for a company to keep their employees happy and provide what is necessary. Taking gifts from the authority’s side is never appreciated in the ethical policies related to auditing.

In the case of Katrina, the chances of a decrease in performance are minimal.  It is not a gift for performance because it is mentioned that Katrina is getting the gift of $350 cosmetics from the company as Christmas Present.  Lancom cosmetics is maintaining corporate standards in which giving gifts to the Employees during festivals is a gesture of thanksgiving (Apesb.org.au, 2018).  It can be said that the possibility of decreased performance of Katrina is very low and she is not breaching the code of ethics by taking the present from companies end.

  1. c) A client of D. Marron asks for help during computer system installation for maintaining inventory records and production. It is stated that man has more experience in this field and that is why he appointed one of his trustworthy to complete the task that provides adequate services to the needy person. The work was highly technical, and that is why Marron was unable to review the computer consultant’s work. Client relied on Marron’s decision, and he agreed to take help from the computer consultant.

In accordance with the APES standards, a person who is not aware of what to be done in a particular case should take assistance from the relevant regulator or another member of the body.  In this manner, the standard of work will remain constant, and every client will get adequate service.   In this context, Marron has done what was needed in that situation. Apart from that, Marron depends on the satisfaction level of the client, and he asked to proceed after clients’ affirmation (Apesb.org.au, 2018). There is no violation of the ethical standards that are mentioned in APES 110.

  1. d) Stated in the case study that six small Chartered accounting firms are going to take part in a quality assurance review program. In this case, each of the firms will review another one on every standard. They will review the working paper and discuss the strengths and weaknesses of the auditing firm with the responsible auditor. This process is going to find out the strengths, weaknesses one organisation has, and where it should focus more to get more benefits in the highly competitive market. The ethical standards that are given in APES 110 say, one company must not be utilized another company’s data to defame it in the market (Cpaaustralia.com.au., 2018).

The auditors of each firm have to make sure that they are not taking advantage of this opportunity and disclosing the highly confidential data to the public medium. The profit and loss statements will be checked in this review program, and the auditors are going to find in which section the company is lacking.  This process can be taken as a positive measure to find the abnormality and loopholes in the system of the auditing firms. Therefore, it can be said that the ethical standards will be broken if one company uses another companies’ data for its benefit.

  1. e) Bill Holland is setting up a fire and casualty insurance agency to balance his tax and auditing services. As described in the given scenario he does not use his name in any sections of the company and relies on a highly competent manager named Simone Taylor. Holland does not have any idea about the services, and that is why he often asks for help from Simone in order to review the client’s insurance papers. The main reason for this kind of decision is Simone’s analytical skills. In this context, Bill is not taking part in any paper works. It is raising the threat of self-reviewing and advocacy related issues. This kind of threat will not be mitigated by any safeguards. According to section 291.137, this can be only accepted under local law, professional practice and professional rules (Cpaaustralia.com.au., 2018).

Though, it was necessary for Holland to give Simone the particular working guideline and assign her only those kinds of works.  Hiding the identity of a firm owner is an offence in accordance with APES 110 standards.  This is a breach of policies, which cannot be tolerated.

  1. f) Emma Lawrence, public accountant works in a small firm, which provides tax oriented services. In the company, Emma is assigned to do many different kinds of jobs, which are not her responsibility.  Some of the jobs are management advisory services, bookkeeping services, auditing, client handling and many else. It is also stated in the case study that sometimes she is assigned to do every kind of job including those for which she was not recruited. In this case, it can be said that this is a breach of contract on ethical standards of management of a firm. There are several issues, which are associated with breaching of ethical standards.

In this case, it can be said that the firm is not following all the norms that are given in APES 110. A company cannot make an employee do such kind of work for which she was not recruited. This is one kind of exploitation, and in this scenario, Emma is being victimized. For proper understanding, one thing can be said that one organization must not give extensive pressure on an employee. In this manner, the service quality of the employee will immensely decrease in his or her expertise area (Iknow.cch.com.au, 2018).

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