Tana Thorne works in a public accounting firm and hopes to eventually be a partner. The managementof Allnet Company invites Thorne to prepare a bid to audit Allnet’s financial statements. In discussingthe audit fee, Allnet’s management suggests a fee range in which the amount depends on thereported profit of Allnet. The higher its profit, the higher will be the audit fee paid to Thorne’s firm. What are the ethical factors in this situation? Explain.

Tana Thorne works in a public accounting firm and hopes to eventually be a partner. The management
of Allnet Company invites Thorne to prepare a bid to audit Allnet’s financial statements. In discussing
the audit fee, Allnet’s management suggests a fee range in which the amount depends on the
reported profit of Allnet. The higher its profit, the higher will be the audit fee paid to Thorne’s firm. What are the ethical factors in this situation? Explain.

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