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Acceptance and Continuance

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Issue 1: Acceptance and Continuance (APES110, ASQC1) (Module 1) The first area of interest relates to acceptance and continuance, particularly given Minkow’s comments to the auditor, and the broader narrative about the apparent desperation of auditors to have the ZZZZ Best account. This goes to the heart of the importance of the Code of Ethics for professional accountants as described in APES110. Based on the videos, it appears clear the auditors failed to comply with several of the fundamental principles covered in the Code, particularly objectivity (APES110s.120.2) and professional competence and due care (APES110 s.130.4). It appears clear that Minkow used various intimidation threats to influence the auditor’s de

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Foremost issue in Barry Minkow’s fraud case is concerned with acceptance and continuation. Minkow comment about auditor’s concern of having ZZZZ Best account effectively. Due to this, auditors have clearly ignored to comply with the basic principle of code, specifically objectivity (APES110s.120.2) and professional competence and due care (APES110s.130.4). Further, Minkow’s acceptance of asking to the auditor that other banks were eager to have ZZZZ Best's accounts, clearly shows that he has done various intimidation threats (APES 110s200.8). The self-interest threats of losing a significant client have to make auditor to take a wrong judgment. Also, as per APES110s.200.12, no measures have been taken to safeguard these threats.

If Auditor had made correct use of provision Professional Appointment, Client Acceptance, (APES110s.210.4), he might have refused to accept the proposal, or even after to continue as soon as various issues aroused.

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