The By-Laws (On Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants (MIA) mentions five fundamental principles which the MIA members must comply with. Which among those five that in your view could have made the audit firm Parker Randall fail to be the right candidate for the position of company auditor for the 1MDB? Explain your answer.
The principles include; Integrity, objectivity, professional competence, and due care, confidentiality, and professional behavior.
Integrity could have made the audit firm Parker Randall fail to be right candidate for the position of company auditor.
This is because auditor position requires someone who is accountable.