World Languages High School

Gomez, a member, is the CFO at Pandera Industries and he directly supervises the work of Gonzalez, the controller. Gonzalez has been working with Gomez for eight years and has always produced outstanding deliverables. The CEO has given Gomez a major project and Gomez has been working almost nonstop on the project for the last three months. In that time, Gomez has not had any ability to review the financial statements prepared by Gonzalez and has just given them straight to management and the Board of Directors. Which of the following threats to compliance is illustrated by this situation? A) Friendship threat B) Familiarity threat C) Self-review threat D) Self-interest threat

Answers

Answer 1

The threat to compliance illustrated by this situation is C) Self-review threat.

What is the compliance threat about?

To maintain compliance with ethical and professional standards, it is important to ensure that financial statements are accurate and reliable. This requires appropriate review and oversight of the financial reporting process.

Therefore, This occurs when an individual is responsible for evaluating their own work or the work of someone with whom they have a close relationship. In this case, Gomez has not reviewed the financial statements prepared by Gonzalez, who he directly supervises, due to his workload on a major project. This lack of review creates a self-review threat, which could result in errors or omissions going unnoticed and potentially causing compliance issues.

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