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The basis of all the policies for having a successful business contract is that of privacy and confidentiality. The details of the clients are not divulged in any way. The draft can be as follows:
After potential offers have been received from the external parties for business contracts, our internal department of quality control goes through all the possible nooks or corners of the proposal that verifies the proposal and intention of the clients
After the initial verifications, the assigned department of the firm indulges into in-house analysis of the proposed contract and checks all the clauses and subsections. Also, the department looks into the expected benefit of the organisation from the proposed contact
Along with the above policies, the most important factor remains that of confidentiality and privacy as sharing intricate, explicit and implicit details of our present future, past or would have been clients are against the ethics practised by our firm
Our firms basically use electronic communication system to maintain the two-way flow of communication with their clients and for official uses. We use emails to get their clients’ up – to - date information and details with the present status of their assignments. Various accounting softwares are also used to maintain the accounts of the clients. With the improvements of the technology, nowadays all filling of firms and reporting are being done by the internet. The example of corporate filing can take into consideration which needs online filling with Ministry of Corporate Affairs. Even various forms are to be filled up online. Therefore, the policies for electronic communication of the accounting firms should be strong enough. While assigning a project, the clients always provide some documents and information to the accounting firm. It may be in paper format or electronic format but they have to retain all those document safely. They must ensure that the valuable documents
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Because of this sensitivity, the accounting profession had adopted a professional code of ethics for all members. People however believe a lot of reformist agenda had been thwarted by the vested interests of pro-corporate public policy makers
Therefore, ethics is seen as a cornerstone in the accounting profession and failure to be ethical in their transactions, decisions and any activity accountants are involved in might result into the ultimate collapse of a company. Ethics in the accounting profession requires that there is integrity, honesty, truthfulness.
Hayes, R., et al (2005) argued that a self-interest threat occurs when a member firm or member of the assurance team could benefit from a financial interest or other self-interest conflict with an assurance to client. Examples of circumstances that may create this threat include but are not limited to: a direct financial interest or material indirect financial interest in an assurance client; a loan or guarantee to or from an assurance client or any of its directors or officers; undue dependence on total fees from an assurance client; concern about the possibility of losing the engagement; having a close business relationship with an assurance client; potential employment with an assurance c
The following report reviews the policies and procedures implemented as part of the ERP system to protect the software, hardware, and data of the organization's information systems. The report also suggests enhancements, wherever required. The scope of the report is to review the policies and procedures within the domain of ERP implementation only.
Like every other professional field, professional accounting is governed by a set of principles which guide the accountant in the performance of his/her task(s). These principles are inscribed in the context of a code of ethics which rules the behavior of the professional and sets up a code of conduct which regulates behavior in the field.
In todays world of high expectations for proper business behaviour, a code of conduct statement that publicly highlights steps to reinforce corporate actions can serve to make the company appear reputable. This work shows the relationship between
In question 1 the different threats of independence as it is one of the most crucial characteristics of auditor. In question 2b, the ethical dilemma of the employee of a firm has been analysed with different point of view. In question 3 the liability of an auditor
In this case, the appropriate way of handling the situation is to inform your friend that, the request they made to have future revenues recorded in the current accounting period is unethical. Explain to them that you are morally and ethically obliged to make accurate financial statements.
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