The accounting employees at Redwood Roofing have not attended professional development training in two years. Which ethical principle have they violated? A. Confidentiality B. Professionalism C. Professional Competence and Due Care D. Integrity
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The accounting employees at Redwood Roofing have not attended professional development training in two years. Which ethical principle have they violated?
A. Confidentiality
B. Professionalism
C. Professional Competence and Due Care
D. Integrity
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- Is it an entity inherent risk for the information below? Supervisors working at Marco Inc. interview all perspective employees for positions they supervise. In addition, at least one of the corporate officers also interviews each perspective employee. Most of the key employees, including the officers, have been with Marco for more than ten years. However, due to the high demand for accountants, Stephen Violet an accountant and most of the accounting staff have been employed at Marco for less than 3 years. While Marco checks references for any prospective employee, they do not check criminal records or perform other forms of background checks. If it is an inherent risk, what is the feature of the firm that will possibly affect inherent risk and explain how and why; that is whether it increases or decreases inherent risk. Please address a specific risk to the accuracy of the financial statements with the "how" and whether audit effort should be increased or decreased for specific…Barbara Wells is a first-year auditor for a large public accounting firm. She was assigned to audit Larson Brothers; the CEO of Larson is her brother. She discussed some of her findings with family members. What is the relevant requirement (s) for the ethical behavior of an auditor? a. Qualified to carry out the scope of service b. Confidential c. All of those listed d. IndependenceGrant Thornton was appointed as the new auditing firm for a publicly listed IT Company. The auditing firm's Engagement Partner, an IT expert, has just replaced the previous partner only this year. The previous partner left the firm to become the Finance Director of a competitor IT Company. Which of the following ethical principles will be least breached by the previous partner in the given situation? a. Confidentiality b. Objectivity c. Integrity d. Professional Competence
- Justine is an accountant in the accounting department of Modern Industries, Inc. Justine has just discovered evidence that some of the corporation's marketing managers have been wrongfully inflating their expense reports in order to obtain higher reimbursements from the firm. According to the understanding and acceptance of the basic principles and concepts of ethical conduct, what should Justine do upon discovering this evidence? a. Notify the marketing managers involved. b. Notify the controller. c. Ignore the evidence because she is not part of the Marketing Department. d. Notify the president of the corporation.For each of the following situations involving relations between auditors and the companies they audit, indicate whether it violates IFAC's Code of Ethics for professional accountants and the rationale for the application guideline. Asante, CPA, discloses confidential information in a peer review of the firms quality control procedures. Frank Smith, CPA, is auditing a company in Ghana, which has offered to send him and his wife on a holiday in Hawaii for two weeks. Tabula Gonzales, CPA, says in an interview in the local paper that Emilio Rios, CPA, misleads his clients about the quality of his audit work.Miss Nsiah is a qualified chartered accountant who prepares financial statements for a firm located at Tesano. Miss Nsiah does not qualify for a practicing certificate and so she does not provide audit service to the client. This is her first year of preparing financial statements for the firm. When compiling the most recent accounts, she detected some material errors in the previous financial statements. It seemed that the accounts were based on incomplete records as certain costs were excluded, either deliberately or because records were not maintained. The Chief Executive Officer of the firm has also requested some additional work to be completed on a complex tax issue. However, she has no prior experience and does not feel competent to the work. The CEO would also like her to provide an audit opinion as they are planning to apply for funding from a bank and the bank would like some further assurance. Required: With reference to Code of Ethics for accountants, discuss the…
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