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Advertising, publicity, obtaining prof work & fees, Tendering - Coggle…
Advertising, publicity, obtaining prof work & fees
Advertising
- comment on the medium used for advertising, whether has effect of affecting the dignity of the profession
- identify whether the advertisement contains any info tht are deemed an exaggesation (effect of misleading the public)
- identify whether the advertisement make comparison with fellow competing firm (not appropriate as the basis of comparison not made known)
Ethical guidance
- self-int threat to compliance with prof behaviour, if marketed in a way tht is inconsistent with principle
- be honest & truthful, not:
- make exaggerated claims for
- services offered
- qualifications possessed
- experience gained
- make unsubstantiated comparison
Restriction
-
ACCA logo
- can use logo if <1 ACCA member acting as partner of the firm
- positioned separately from firm's logo
Name of practicing firms
- no restriction, as long as:
- consistent with dignity of the profession
- :red_cross:misleading (eg. 'International', if all offices were in one country)
- :red_cross:confused with name of other firm
Practice's description
- Firm of Chartered Certified Accountants, Firm of Certified Accountants, ACCA Practice, if:
- more than 50% of partners / directors are ACCA members, &
- ctrl >=51% of voting rights
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Tendering
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Adv
- reduction in external audit cost, increase returns to s/h
- more efficient auditing can be expected
Disadv
- loss of long-term relationships with auditor
- high 1st yr audit cost
- loss of trust from stakeholders
Contents of proposal
- nature, purpose & legal definition of audit
- legal duty of mgt under Companies Act
- roles of auditor in statutory audit
- expectations of client on engagement
- proposed time frame for completing the engagement
- audit methodology proposed by the firm
- quotation of fees
- profile of firm & staffs
- list of other professional services available in the firm
- client may prefer 'one-stop centre' services