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Question 1: Analysis of APES 110 for different cases

According to APES 10 Code of ethics professional accountants required to practice principles in order to run any business industry. The fundamental principles of the APES 110 involve integrity, objectivity, confidentiality, professional care, competence, and professional behavior in order to run one organizational accounting part. The accountant of the organization requires recognizing several threats, which can occur if the organizational employee does not comply with the cases. In case of Panania cars, Pty Ltd the organization fails to maintain ethical principle of APES 110. In paragraph 100.23 it has been described that organizational audit requires to be safeguarded by the particular professional (Ransome and Sampford, 2016, p. 21). In this above-mentioned case, the auditor of the organization namely Jenny Wang has audited the organizational activity for last six years, for that the manager has told her that she can buy a new car on twenty percent discount, which was the reason for violation of ethics. The manager of the organization has breached the violation, as it is clearly mentioned in the APES 110 that organizational employees required maintaining professional relationship. Integrity part of the principle has also mentioned that fair and truthful dealing needs to be done by the organizational employees, which has not been done in the case of Panania cars Pty Ltd.

APES 110 is issued by accounting professional and ethical standard board in order to make the organizational deal better. Organization of Australia needs to imply the code in order to establish the organizational business. As principal of this code that has been mentioned in paragraph 100.5.  Has specifically put focus on the part of objectivity, integrity, professional care, competence, confidentiality and professional behavior. In the case of Lancom cosmetics, the auditor has breached the ethics (West, 2018, p. 33). As an organizational auditor, one needs to behave like professional, which has been mentioned in the regulation. This section is broadly described in section of 110 to 150. Organizational auditor cannot use organizational things for personal reasons. As a member of the organization, auditor requires to safeguard the organizational things by removing significant threats. It has broadly mentioned in the threat part that organizational employees cannot grow self-interest, which can be major threat to the organization. As an auditor, Katrina Wearne has failed to maintain the principle ethics of APES 110. By using organizational cosmetic product, the auditor has given Christmas gift. The amount of the gift was $350, which has been paid for by the organization itself (Henderson et al. 2015, p. 7).  In order to describe this case study, it can be said that the auditor has not been honest and straightforward with her professional approach and has not done proper dealings.

Another case, the case D. Marron has also not breached the ethical principle of APES 110. This law of Australia has created to maintain objectivity, integrity, professional competence and care, confidentiality and professional behavior of organizational accountant. As organizational accountant, one requires to maintain confidentiality that includes different subjects. Those parts are revealing organizational or employee’s information without taking permission from the organizational authority. Alternatively, this organization is using confidential information for personal or professional advantage. The auditors of the organization cannot trust others with the financial or any organizational information. They require maintaining confidentiality. However, in the case of D. Marron has not any experience of technology for that he has engaged one computer consultant in order to complete the task of installing computer system. This is the violation of the APES 110 act, as Marron has not breached the confidentiality because he has taken permission from the clients to engage one computer consultant in order to install the computer system, as he has no knowledge about the computer system installation. 

According to APES 110, one accounting organization requires to maintain confidentiality and professional behavior in order to run one accounting firm. Professional behavior involves the organizational members requires to follow law and regulation related to the profession in order to avoid any kind of organizational discredit.  Organizational members cannot bring the organizational business into disrepute (George et al. 2014, p. 1). The Accountant firms cannot make any comparison to other accounting firm. The organization requires maintaining confidentiality of financial business.  The organizational auditor cannot audit break confidentiality of financial records. However, in this case, six organizations have discussed their audit report, which has been major reason to break of principle ethics of APES 110.  

APES 110 provide a proper guideline for the organization in order to follow the professional accounting system in the firms.  It provides the engagement of the assurance teams, and the sports team in order to provide a proper accounting of the financial report for the firm. It serves the financial interest of the organization and the historical financial report of the organization (apesb.org.au, 2018). It provides the independence in mind and the appearance in order to provide the proper guidance towards the financial report of a firm. This serves the interest of the public entity in order to promote the clear view on the business of the organization (apesb.org.au, 2018). In the case of the Bill Holland, he found that the insurance agency has not used own name which is not a lawful action in order to provide a proper audit in the financial report. According to APES 110, it is an authentic movement. In the case of Emma Lawrence provides an audit service towards the organization. However, it is an awful act as organizations need different person specialized for different activities.

Question 2: Impact of the treats on the independence   of the Auditor  

The Australian government promotes proper guidelines for the international standard of the products and the quality control by the legislation ISQC 1. This section of Australian legislation and law for business provides importance towards the independence of the auditors in order to control the quality of the products and the services. Moreover, this legislation enables the auditors in auditing and reviewing the financial statements. However, The International Auditing and Assurance Standards Board get the ability to set the standard settings independently. The requirements for the ISQC 1 are as followed.

       Written compliances with the procedures and the policies on the independence will be given to the firms for once a year. However, this requires following the applicable laws and the legislation (auasb.gov.au, 2018).

       In order to make own policies the firms needs a proper consultation on the continuous and the difficult matters.

       The firms must give importance towards the available sufficient resources in order to make individual legislation for the firms.

       At the time of consulting for making own customized legislations, the organization or the firms must give importance towards the nature of scope.

       However, the firms need to document the courses of action in a proper manner.

ISQC 1 Auditing standard is applicable for those firms, which perform below actions.

       For every financial year, a single audit. Moreover, the organization can review the financial report for them on a basis of half-year financial report

       The firms or the organizations can complete a financial report or set of the financial statement for a different purpose

       The organization provides a review of the historical information on finance

       Organizations that perform the review on different aspect rather than the financial statement from the history

       The organization that provides engagement towards the assurances

       Organizations that provide information on the service agreement related to the business.

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