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Identify and explain any ethical issues for Daniel

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Question - You are Maryam Hana, an ICAEW Chartered Accountant working for Daniel and Co. (Daniel) on the final audit of Malaya Bank Berhad (Malaya Bank). Malaya Bank is a large commercial and retail bank based in Kuala Lumpur.

Yesterday, after the audit meeting, Sara Wong, Malaya Bank's Finance Director asked the Daniel's audit partner, Aaron Lim to look at a new complex financial assets' valuation model that Malaya Bank is considering using. Sara wants to know if the model is likely to cause any issues in next year's audit prior to its authorisation for use. Aaron has known Sara for a long time as they used to work at Daniel together. Aaron intends to take an informal look whilst on site at this year's final audit.

Required - Identify and explain any ethical issues for Daniel. Suggest the actions you should take and any safeguards that could be implemented to prevent the recurrence of this situation.

Reference no: EM133109856

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