An International Code of Ethics for professional Accountant was developed by International Federation of Accountants (IFAC) with the sole aim of promoting consistency and a foundation for countries to develop their own code. Explain the five fundamental principles which members must comply with as set out by the ACCA’s Code of Ethics and Conduct?

An International Code of Ethics for professional Accountant was developed by International Federation of Accountants (IFAC) with the sole aim of promoting consistency and a foundation for countries to develop their own code. Explain the five fundamental principles which members must comply with as set out by the ACCA’s Code of Ethics and Conduct?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA1: International Financial Reporting Standards

Section: Chapter Questions

Problem 4MCQ

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Which International body issued the Code of Ethics for Professional Accountants? a. IESBA b. IFRS c. IAASB d. GAAP
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Which of the following groups is responsible for developing auditing standards for public firms in the U.S.? A. American Institution of Certified Public Accountant (AICPA)B. Public Company Accounting Oversight Board (PCAOB)C. Organizations for Economic Cooperation and Development (OECD)D. Center for Audit Quality (CAQ)
Consider the following statement and explain the relationship between legal compliance on a global level and ethical responsibilities of accountants and auditors: “Ethical values and legal principles are usually closely related, but ethical obligations typically exceed legal duties.”
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By joining the AICPA, members must adhere to six major principles of Professional conduct. Discuss the six principles and how they might relate to your actions in the accounting profession?
Which of the following are important factors in ensuringthe integrity of accounting information?a. Institutional factors, such as standards for preparinginformation. b. Professional organizations, such as the American Insti-tute of CPAs. c. Competence, judgment, and ethical behavior of individ-ual accountants.
As per IFAC guidelines professional accountants should contribute to the growth of individual companies and society in all the areas, except Contribute to the development of strong international economies Continue to strengthen the worldwide accountancy profession Acquiring professional skill and competencies Promoting adherence to high quality professional standards