Wally Wide is the partner on the audit engagement of First National Bank for its fiscal year-end of January 31.Wally was recently promoted to partner.Based on his increase in income, Wally and his family bought a larger home.First National Bank had the most competitive mortgage rate so Wally obtained his mortgage loan from First National.
Wally paid 20% down and received no special rate of interest.Required:
The situation above may involve a violation of one of the rules of professional conduct of the ICAO.State the rule in question and explain why or why not there is a violation of the rule.You need not refer to the rule number but should clearly describe the rule in question.

Question

Quizplus · Accepted Answer

The Answer of Wally Wide is the partner on the audit engagement of First National Bank for its fiscal year-end of January 31.Wally was recently promoted to partner.Based on his increase in income, Wally and his family bought a larger home.First National Bank had the most competitive mortgage rate so Wally obtained his mortgage loan from First National.
Wally paid 20% down and received no special rate of interest.Required:
The situation above may involve a violation of one of the rules of professional conduct of the ICAO.State the rule in question and explain why or why not there is a violation of the rule.You need not refer to the rule number but should clearly describe the rule in question.

Wally Wide Is the Partner on the Audit Engagement of First