6-2 Discussion Professional Practice

(a) You recently attended a lecture where it was stated that “professionals all over the world should be alive to their duties and not breach the ethics of their profession”. This statement was an affirmation of what you know that public interest and ethical standards should not be compromised by professionals in the discharge of their duties. Required: a. What is Professional ethics? b. Briefly discuss the importance of professional ethics c. Highlight the differences between rule based and principle-based professional ethics d. Discuss the inherent weaknesses of rule-based professional ethics e. Discuss the advantages of principle-based professional ethics.

Why is it important for a CPA to promote professional services in an ethical manner? Do you believe it would be ethical for a CPA to advertise professional services using testimonials and endorsements? Why or why not?

20. A primary purpose for establishing a code of conduct within a professional organization is to: Group of answer choices Require members of the profession to exhibit loyalty in all matters pertaining to the affairs of their organization. Demonstrate acceptance of responsibility to the interests of those served by the profession Reduce the likelihood that members of the profession will be sued for substandard work Ensure that all members of the profession perform at approximately the same level of competence

Select one of the following principles of professional conduct to examine in the AICPA Code of Professional Conduct document: Responsibilities Public interest Integrity Objectivity and independence Due care Scope and nature of services 1-How would you define and describe your selected principle in your own words? 2-What value does the principle bring to practitioners, businesses, and clients? 3-What is an example of a difficult situation that a practitioner may face related to your selected principle, and what would an ethical response to the situation be? Why might a practitioner be tempted to, or accidentally, not take an ethical course of action?

16 Which one of the following code of ethics, shows the way to professional accountant to comply with the relevant laws and regulations and should avoid any action that discredits the profession? a. Objectivity b. Confidentiality c. Professional Behavior d. Integrity

a) Describe an ethical dilemma. How does a person resolve an ethical dilemma?          b) Why is there a special need for ethical behavior by professionals? Why does the need for ethical requirements of Auditors differ from other professions?                                        c) Why is an auditor’s independence so essential?            NB:Please to provide answers question A, B and C

Independence in appearance is: a. the ability to act with integrity, objectivity and professional scepticism. b. the belief that independence of mind has been achieved. c. the ability to make a decision that is free from bias, personal beliefs and client pressures. d. also referred to as actual independence.

What is the ethical dilemma you face? What are the ethical considerations? Consider your options and responsibilities as assistant controller?

Which of the following ethical principles states that "A professional accountant should avoid any action that discredits the profession"? a. Integrity b. Objectivity c. Professional behavior d. Professional competence

Cecelia, a human resources manager, is working on an ethics policy for the company she works for. You advise her that ________ is the best support for ethical behaviour in an organization.   Question 4 options:   A)  codes of conduct   B)  senior management support   C)  social audits   D)  senior management directives   E)  front-line support

17. A professional accountant should act diligently and in accordance with applicable technical and professional standards when providing professional services. Which of the following Fundamental principles of professional ethics matching with the above? a. Confidentiality b. Objectivity c. None of the options d. Integrity

2. Summarize your thoughts on the Zeff articles. (1-2 paragraphs). Do you regard the CPA profession as an ethical profession? How can the CPA profession restore it's reputation?

In teaching about moral development, instructors often point out the threefold nature of morality: It depends on emotional development (in the form of the ability to feel guilt or shame), social development (manifested by the recognition of the group and the importance of moral behavior for the group’s existence), and cognitive development (especially the ability to adopt another’s perspective). How does this perspective of morality relate to ethical reasoning by accountants and auditors?

AICPA members who work in industry and government must always uphold which two of the following AICPA rules of conduct?a. The Independence Rule.b. The Integrity and Objectivity Rule.c. The Confidential Client Information Rule.d. The Acts Discreditable Rule.

6. Which of the following Threats to The Fundamental Principles of professional ethics, that may occur as a result of the financial interests of a professional accountant in a client company. a. Advocacy threat b. Self-interest threat c. Self review threat d. Intimidation threat

What are the important points that can be learned from the the code of professional ethics. What are the most recent ACFE Code of Professional Ethics, discuss in one or two sentences after each Code of Professional Ethics statement below and the meaning of the statement in simple words CODE OF PROFESSIONAL ETHICS An ACFE Member shall, at all times, demonstrate a commitment to professionalism and diligence in the performance of their duties. An ACFE Member shall not engage in any illegal or unethical conduct, or any activity which would constitute a conflict of interest that has not been properly disclosed to the appropriate parties. An ACFE Member shall, at all times, exhibit the highest level of integrity in the performance of all professional assignments, and will accept only assignments for which there is reasonable expectation that the assignment will be completed with professional competence. An ACFE Member will comply with the lawful orders of the courts, and will testify to…

3. Explain in details and with examples the threats to compliance to the Fundamental principles of professional ethics.

AFTER READING THE CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS:      IS THERE REALLY A NEED FOR A CODIFIED SET OF ACCEPTABLE ETHICAL BEHAVIOR? yes or no, justify your answer.    GIVE 3 JUSTIFICATIONS AND ELABORATE YOUR ANSWER

Good ethical behaviour may require actingbeyond the requirement of the law.In a highly competitive complex businessworld, it is essential that professionalaccountants maintain their integrity andremember the trust and confidence which isplaced in them by whosoever relies on theirobjectivity and professionalism.Required:• Discuss why the code of ethics is important to professional accountant

1.Explain why businesses need ethics programs and list their minimum requirement.       2.Describe the role of codes of ethics in identifying key corporate risks.      3. Review the factors in successful ethics training and goals.       4.Explain the ways ethical standards are monitored, audited, and enforced.

1.What is the definitions for the  general importance of ethics and professionalism?

Many professional certifications now have requirements for ethics training. A. Define ethics. B. Why does the accounting profession put so much emphasis on acting ethically?

24. A professional accountant should comply with relevant laws and regulations and should avoid any action that discredits the profession. Which of the following Fundamental principles of professional ethics matching with the above? a. Objectivity b. Integrity c. None of the options d. Confidentiality

A persuasive characteristics of CPA’s role in mgt. consulting services engagements is that of being a (an)   independent practitioner                c. objective advisor   confidential reviewer                      d computer specialist   According to profession’s standards, which of the following would not be considered consulting services requirements for CPAs? Supervising staff who are assigned to the engagement. Maintaining independence from the client. Complying with statements on standards for consulting services. Obtaining an understanding of the nature, scope and limitations of the engagements.   According to professions’ standards, which of the following would be considered consulting services? Advisory services     Implementing services        Product services                          Yes                             Yes                                         Yes Yes                             Yes                                         No                          Yes…

What are the advantages of a CPA over members of other professions in rendering management advisory services or consulting work? Explain. Enumerate the practice standards in MAS and explain each.