Ethical and Quality Control Requirements and Guidelines

Question: Discuss about the Ethical and Quality Control Requirements and Guidelines. Answer: Introduction Matt and Stephanie are childhood buddies who shared the same primary and secondary schools and university (Zeff 2016). Matt had been going through financial crisis while Stephanie had been struggling to establish a successful advertising business. In this assignment, an idea would be given whether Matt should help his friend or not. Matt and Stephanie are childhood friends and both had done their primary and secondary schools and university from the same place. They know each other from childhood and it is expected that Stephanie would not give any proposal to Matt which would be harmful to him. Matt was suffering from financial crisis and Stephanie tried to help Matt by providing him opportunity (Lawson et al. 2016). So, the instinct of Matt is not correct and he should not feel any reservation to help Stephanie to analyze her bid. Stephanie is the owner of the branch office and nobody can argue that she is not local. She also had the backing of the talents and resources from regional firms and she has political connections. Thus, Matt should not feel any reservation in helping Stephanie. In context of Matts company, it would not be ethical to analyze Stephanies bid. This is because the company of Matt had appointed him as an accountant with FCPA designation in order to improve the accounts of the company. The company had trusted Matt in this context and they do not expect Matt to betray their trust at any cost (Henderson et al. 2015). Due to his personal crisis, it would not be ethical for Matt to analyze Stephanies bid. On the other hand, Matt and Stephanie are childhood friends and it is the responsibility of a friend to help another friend when she is in crisis. Thus, according to the viewpoint of being a friend, it is ethical for Matt to help Stephanie to analyze the bid. By analyzing the bid of Stephainie, Matt would be violating some of the fundamental principles of APES 110 Revised Code of Ethics for Professional Accountants (effective 1 July 2011 with early adoption permitted) issued by the Accounting Professional and Ethical Standards Board (Ge et al. 2016). One of them includes APES 110 Code of Ethics for Professional Accountants which states that the employee should be straightforward and honest in all professional and business relationships. On helping Stephainie in her bid, Matt does not remain honest to his company, thereby violating APES 110 Revised Code of Ethics for Professional Accountants. Conclusion It is advisable that Matt should not help Stephainie to analyze her bid. This is because Matt would be violating the APES 110 Revised Code of Ethics for Professional Accountants and he would not remain loyal towards his organization. It is also seen that due to some money and his way out of financial crisis, he would be violating his ethical codes, which would be harmful for his career. If his company finds out about betraying the trust of the company and instead of helping his own company, FCPA designation to win the bid, he had been helping other companies to win the bid, the company can sue him of his job. Matt would lose his job in that case and he would be into deep financial trouble. Thus, it is better not to analyze Stephainies bid. Instead he can give her some ideas that would help Stephainie analyze her own bid. References Ge, Q., Simnett, R. and Zhou, S., 2016. Ethical and Quality Control Requirements When Undertaking Assurance Engagements. Available at SSRN 2837397. Henderson, S., Peirson, G., Herbohn, K. and Howieson, B., 2015. Issues in financial accounting. Pearson Higher Education AU. Lawson, B.P., Spencer, A.W. and Turek, M., 2016. Developments in Ethics Guidelines for CPAs. Journal of Corporate Accounting Finance, 27(6), pp.63-71. Zeff, S.A., 2016. Forging accounting principles in five countries: A history and an analysis of trends. Routledge.