CAs in public practice are especially vulnerable to risk if they don't stay up to date on the latest developments in auditing and accounting. This fictionalized account describes the missteps that landed one of our members in front of the Professional Conduct Enquiry Committee (PCEC). Names and circumstances have been changed to preserve anonymity.
The Situation
Bill, a sole practitioner, won the NPO audit engagement. Funded by a government agency, NPO had a number of branches throughout the province. The agency's funding agreement limited administrative expenditures, forbade expenditures in defined conflict of interest situations, required proper documentation, and …
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