Accounting for Audit Engagement Quality Control- MyAssignmenthelp

Question: Discuss about theAccounting for Audit Engagement Quality Control. Answer: Brent Owen Kennerley CA, 13 April 2017 In this particular case, Brent Owen Kennerley, a Chartered Accountant of Wellington was accused for breaching the code of ethics of the accounting profession (charteredaccountantsanz.com 2017). There are several major reasons for which Brent Owen Kennerley was penalize. He was a Chartered Accountant and he was also engaged as Audit Engagement Quality Control partner in X Limited. Brent Owen Kennerley was penalized for major reasons. First, Mr. Brent Owen Kennerley failed to evaluate the major judgments of the management team. Second, Mr. Brent Owen Kennerley failed to ensure the proper documentation process of the engagement team. Hence, in the court, he was convicted and penalized. In the process of his failure, he breached the code of ethics of APES 110. On a more precise note, Mr. Brent Owen Kennerley breached the code of Professional Competence and Due Care in Section 130 (Chapple et al. 2014). Mr. Brent Owen Kennerley was penalize to be censured under rule 13.40(k) and he had to pay $40,116 to the institute. After the above discussion, it can be said that the penalties imposed by the accounting bodies were sufficient as Mr. Brent Owen Kennerley was restricted from its Chartered Accountant activities and had to pay money. Alexander Stephen Flood CA, 13 April 2017 In this particular case, Alexander Stephen Flood, a Chartered Accountant of Wellington was accused for negligence in the professional capacity and for the breaching of code of ethics (charteredaccountantsanz.com 2017). On a more precise note, Alexander Stephen Flood was penalized for two specific reasons. First, he failed to undertake accurate of proper audit procedures in identifying the accounting treatment for acquisition, in identifying inconsistencies and many others. Second, he failed to make appropriate documentation in relevant audit files like working capital requirements, risk impairment and others. Alexander Stephen Flood has breached the Professional Competence and Due Care in Section 130 act of APES 110 (Van Akkeren and Tarr, 2014). As per the action of penalties, Mr. Alexander Stephen Flood was censured under Section 13.40 (K) and he had to pay $69,112. These two penalties are sufficient. Gina Marie Landon AT, 22 December 2016 In this particular case, Gina Marie Landon, an Accounting technician of Wellington was accused for misconduct with accounting professional capacity (charteredaccountantsanz.com 2017). Gina Marie Landon was penalize for two major reasons. First, she illegally took money from the members and the employer. Second, she did not carry on the accounting process as per the provided guidelines and principles. As per APES standards 110, she breached the principle of Integrity; and as per APES standard 150, she breached the principle of Professional Behavior in the accounting process (Martinov-Bennie and Mladenovic 2015). Two types of penalties were imposed on her. First, the authority suspended the membership of Gina Marie Landon for the period of thirty months. Second, Gina Marie Landon had to pay a sum of $8,353 as penalty. Based on the above discussion, it can be said that the penalties charged by the accounting authority were appropriate based on the accounting crimes of Gina Marie Landon. References CAANZ. (2017).Disciplinary hearing | Complaints. [online] Available at: https://www.charteredaccountantsanz.com/about-us/complaints/decisions-register?q=ps=10pn=2s=recentf=AB22402C681E4BB29C33F1111632386F [Accessed 20 May 2017]. Chapple, L., Crofts, P., Ferguson, C. and Hronsky, J., 2014. Professional independence and attachment bias: an exploratory study. Martinov-Bennie, N. and Mladenovic, R., 2015. Investigation of the impact of an ethical framework and an integrated ethics education on accounting students ethical sensitivity and judgment.Journal of Business Ethics,127(1), pp.189-203. Van Akkeren, J. and Tarr, J.A., 2014. Regulation, compliance and the Australian forensic accounting profession.Journal of Forensic and Investigative Accounting,6(3), pp.1-26.