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Understanding the responsibilities and code of conduct for the auditor week 5 fin590

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Running head: RESPONSIBILITIES AND CODE OF CONDUCT FOR THE AUDITOR 1
Understanding the Responsibilities and Code of Conduct for the Auditor
FIN/590
University of Phoenix
December 20, 2020

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RESPONSIBILITIES AND CODE OF CONDUCT FOR THE AUDITOR 2
Understanding the Responsibilities and Code of Conduct for the Auditor
Introduction
Every profession seeks to have a code of conduct where the objective is to dictate
practice in a bid to have control over its members. Codes of conduct are also vital in ensuring
that only registered members are recognized in the practice which is vital in eliminating
impostors who may want to take advantage of clients as real or qualified practitioners. It is on
the same premise that this paper seeks to provide an understanding of the responsibilities and
code of conduct for the auditor.
Code of Conduct for the Auditor
From the code of ethics and conduct guide, the purpose of the code lies in
ensuringintegrity, objectivity as well as professional competence including due care,
confidentiality, and safeguarding professionalism. From this, the code tries to lay the
fundamental principles of the practice. Also, the code seeks to lay down a conceptual framework
that helps accountants or auditors inthis case(Oraka and Okegbe, 2015). Finally, the code also
serves the purpose of setting international independent standards with the aim of promoting the
independence of the auditor.
Freddie Mac's Auditor-Independence Problem video
From the video, PriceWaterhouseCoopers (PWC) is directly in breach of the code of
conduct considering that despite handling the “consulting services” through a consulting
contract, it also acted as Freddie Mac's Auditor. In this case, issues of responsibilities,
professionalism, independence as well as service provision are all jeopardized by the mixed
roles.

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Running head: RESPONSIBILITIES AND CODE OF CONDUCT FOR THE AUDITOR Understanding the Responsibilities and Code of Conduct for the Auditor FIN/590 University of Phoenix December 20, 2020 1 RESPONSIBILITIES AND CODE OF CONDUCT FOR THE AUDITOR 2 Understanding the Responsibilities and Code of Conduct for the Auditor Introduction Every profession seeks to have a code of conduct where the objective is to dictate practice in a bid to have control over its members. Codes of conduct are also vital in ensuring that only registered members are recognized in the practice which is vital in eliminating impostors who may want to take advantage of clients as real or qualified practitioners. It is on the same premise that this paper seeks to provide an understanding of the responsibilities and code of conduct for the auditor. Code of Conduct for the Auditor From the code of ethics and conduct guide, the purpose of the code lies in ensuringintegrity, objectivity as well as professional competence including due care, confidentiality, and safeguarding professionalism. From this, the code tries to lay the fundamental principles of the practice. Also, the code seeks to lay down a conceptual framework that helps accountants or auditors inthis case(Oraka and Okegbe, 2015). Finally, the code also serves the purpose of setting international independent standards with the aim of promoting the independence of the auditor. Freddie Mac's Auditor-Independence Problem video From the video, PriceWaterh ...
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