PROBLEM CASES : 1) For each cases , state whether the action or situation shows violation of the Revised Code of Ethics for Professional Accountants in the Philippines, explain why, and cite the relevant rule and interpretation

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PROBLEM CASES :

1) For each cases , state whether the action or situation shows violation of the Revised Code

of Ethics for Professional Accountants in the Philippines, explain why, and cite the relevant rule and

interpretation .

 

?c. Kier Penales is an audit partner of a one-office accounting firm of Penales and Reina & Co. The firm has a total of 7 partners and 26 other professional accountants. Penales and Reina &

Co. audits Abalos Bank and Kier sister, Amelia has just taken a job Vice-President for Finance

And in charge of preparing the bank's financial statements. Maita Reina is concerned about independence since the bank plans to become a holding company and file statements with SEC.

 

3. Jose Dizon, CPA was engaged to audit financial statements of Victory Corporation . Dizon had half-completed the audit when he has a dispute with management of Victory Corporation and was discharged. Helen Sison , CPA was promptly engaged to replace Dizon . Victory Corporation

Did not compensate Dizon for his work to date; therefore, Dizon refused to allow Victory Corporation's management to examine his working papers. Certain of the working papers consisted of adjusting journal entries and supporting analysis. Victory Corporation's management had no other source of this information. Did Jose Dizon violates the Revised Code of Ethics for Professional Accountants. Explain and justify fully your answer.