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MIA BY LAWS ON PROFESSIONAL ETHICS, CONDUCT AND PRACTICE - Coggle Diagram
MIA BY LAWS ON PROFESSIONAL ETHICS, CONDUCT AND PRACTICE
Fees (section 410)
level of self-interest threat
role of individual on audit team
whether sale of non-assurance services influences promotion decisions
what proportion of the compensation or evaluation is based on the sale of such services
what to do if fees remains unpaid for long time
whether the overdue fess might be equivalent to a loan to client
whether it is appropriate for firm to be re-appointed or continue audit engagement
Gifts and Hospitality (Section 420)
shall not accept from audit client unless the value is trivial and inconsequential
Actual or Threatened Litigation (section 430)
materiality of litigationw
whether litigation related to prior audit engagement
Financial Interest (section 510)
direct and indirect by
partner in office where engagement partner practices in connection with audit engagement pr partner's immediate family
any other partner or managerial employee who provide non-audit services
audit team member or any of that individual's immediate family
firm or network firma
factor that evaluate self-interest threat
role of individual holding financial interest
whether financial interest is direct or indirect
materiality of financial interest
Loans and Guarantees (section 511)
loan and guarantee is immaterial to
firm, network firm or individual make loan or guarantee as applicable
client
Business Relationships (section 520)
example close business relationship
arrangements to combine one or more services or products of firm or network firm with one or more services or products of client and to market the package with reference to both parties
have financial interest on joint venture with client or controlling owner, director or officer or individual who perform senior managerial activities for that client
distribute on marketing arrangements under which firm or network firm distributes or market client's products or services or client distributes or markets the firm or network firm's products or services
Family and Personal Relationship (section 521)
factors
individual responsibilities on the audit team
role of family member or other individual within the client and closeness of relationship
when should not participate as audit team
employee in position to exert significant influence over preparation of client's accounting records or financial statements on which firm will express an opinion
was in such position during any period covered by engagement or financial statements
director or officer of audit client
Recent Service with an Audit Client (section 522)
who should not included
employee in position to exert significant influences
served as director or officer of the audit client
factors
length of time since individual left the clientr
ole of audit team member
position of individual held with client
Employment with Audit Client (section 524)
factors for familiarity and intimidation threats
any involvement the individual have with audit team
length of time since individual was an audit team member or partner of firm or network firm
position the individual has taken at the clienta
former position of individual within the audit team, firm or network firm
Provision of Non-Assurance Services to Audit Client (section 600)
degree of reliance that will be placed on outcome of service
legal and regulatory environment in which service provided
nature, scope and purpose of the service
whether outcome of services will affect material in financial statements or firm express opinion