Day: January 7, 2022

Conflict of interest is like to arise between the auditor and his client. Specific example conflict of interest may include among others:  Provision of other service to audit clients Preparation of accounting records Receivership, Liquidation and audits

Fees It is undesirable that the auditor derives a huge proportion of his income from one single client. If this happens the auditor is likely to be compromised by this client Personal Relationships It is desirable to avoid personal relationships Read More …

The rule of the thumb is that the accountant must approach his work with integrity and objectivity. He must approach his in a spirit of independence of mind.

Professional accounts are required to observe proper standards of professional conduct whether or not the standards required are written in the rules or are unwritten. The professional accountants are specifically required to refrain from misconduct which is difficult to precisely Read More …

Most dictionaries describe and define profession as a calling or vocation involving some branch of learning. Accountancy involves a body of knowledge. Accountants must tried in various areas .The idea of a profession rests on the following premises A recognizable Read More …

Introduction Auditing is usually carried out by qualified accountant who must be registered as accountants. Accountancy is a profession and as such must be guided by code of ethics and rules of conduct. The rules of conduct are usually found Read More …

Section 157 of the Companies Act states that: (1) There shall be attached to every balance sheet laid before a company in general meeting a report by the directors with respect to the state of the company’s affairs, the amount, Read More …

Section 156 of the Companies Act Cap 486 states that: (1) The profit and loss account, and, so far as not incorporated in the balance sheet or profit and loss account, any group accounts laid before the company in general Read More …

Section 153 of the Companies Act Cap 486 states that: (1) A holding company’s directors shall ensure that except where in their opinion there are good reasons against it, the financial year of each of its subsidiaries shall coincide with Read More …

Section 152 of the Companies Act Cap 486 states that: (1) The group accounts laid before a company shall give a true and fair view of the state of affairs and profit or loss of the company and the subsidiaries Read More …