One of the Partners in Your Audit Firm Holds One

question 11

Multiple Choice

One of the partners in your audit firm holds one per cent of the shares in an audit client.This is not material to the partner's wealth.This is a breach of:

• A)APES 110.
• B)the Corporations Act 2001.
• C)both APES 110 and the Corporations Act 2001.
• D)neither APES 110 nor the Corporations Act 2001.

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Definitions:

Leadership

The capacity to influence, guide, or direct a group towards achieving defined objectives.

Bureaucracy

A system of administration characterized by a hierarchical structure, specialization of functions, and a set of rules and procedures.

Business Entrepreneur

An individual who identifies a business opportunity and takes financial risk to establish and manage a new enterprise.

The State

Consists of the institutions responsible for formulating and carrying out a country’s laws and public policies.