Threats may threaten a chartered accountant's compliance with the fundamental principles that are in the code. Identify the 5 different types of threats which exist.
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- 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. IntegrityProblem 4: Explain the purpose of the Code of Professional Conduct for the accounting profession. What are the six principles, described in detail, with an example of how it applies to the auditor?Identify to what ethical theories these quotations best relate. Explain your answers in 3 to 5 simplesentences: 2. “A distinguishing mark of the accountancy profession is its acceptance of the responsibility to act in thepublic interest. Therefore, a professional accountant’s responsibility is not exclusively to satisfy the needs ofan individual client or employer.” IFAC, Code of Ethics for Professional Accountants
- Question 1 In order for public to have confidence in work perform by professional accountants it is essential to have a system regulation. Regulation can take the form of both ethical and statutory guidance. Required; a) State the five threats contained within IESBA's Code of Ethics for professional Accountants and for each threat list one example of circumstance that might create the threat. b) Explain the Auditor's ethical responsibilities with regards to client confidentiality and when they have obligatory responsibility to disclose client information on a voluntary responsibility to disclose client information. Compliance with the fundamental principles in IESBA's Code of ethics for Professional Accountants can be threatened in a number of ways. Required; c) Explain each of the five fundamental principles of IESBA's Code of Ethics for Professional Accountants. d) List the five ethical threat to independence and objectivity and for each threat identify one example of a circumstance…11. Which of the following statements are true? An accounting Conceptual Framework: (i) Sets out who the users of the accounts are and how it is to be used (ii) Is not an obligatory piece of legislation (iii) Defines concepts such as going concern, relevance and materiality a)All of the above is true Only b) (i) is true c) Only (ii) and (iii) is true d) (i) and (iii) is true 16. Which of the following statements about the accounting regulatory framework is not correct? a) It seeks to safeguard the public’s confidence in financial accounts. b) It ensures maximisation of dividend yield. c) It seeks to curb any attempt by directors to use inappropriate accounting policies and methods. d) It seeks to promote consistency of accounting practices, whilst permitting appropriate exercise of professional judgement. 17. Which of the following statements about the Statement of Cash Flows (SCF) is incorrect? a) Unlike the Statements of Income and of…PLEASE ANSWER NO. 87. Examples of various threats to independence Self-interest Self-review Familiarity Advocacy (2) Intimidation (2) 8. Three (3) categories of safeguards related to the different threats in no. 7 9. Two (2) options of a public accountant when the safeguards in no.8 are not effective to eliminate or reduce threatsPLEASE ANSWER NO. 8
- Describe two (2) of the fundamental principles from the accountant’s Code of Professional Conduct and critically evaluate whether they are an example of consequentialist, non-consequential or virtue ethicsThe purpose of the Sarbanes-Oxley Act was to Question 7 options: require firms to be more rigorous in their accounting and reporting practices. eliminate accounting firms from having to hire accountants that are certified. define generally accepted accounting principles. force accounting firms to combine their consulting and auditing businesses. establish standards and testing procedures for becoming a CPA.Economics (a) Which would you choose as the priority for ethical behaviour in the accounting profession: “protect the public interest” or “protect the credibility of the profession?” Explain, providing an example. (b) Explain the affiliation between the fiduciary relationship and conflict of duties when a professional accountant provides a service to a client. Provide an example
- 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 threatA65. The “due process” system in developing financial reporting standards A. is an efficient system for collecting dues from members.B. identifies the accounting issues that are the most important.C. enables interested parties to express their views on issues under consideration.D. requires that all accountants must receive a copy of financial accounting standards.Identify each of the following as they pertain to the SEC. Choose the correct.a. Blue sky laws.b. S–8 Statement.c. Letter of comments.d. Public Company Accounting Oversight Board.e. Prospectus.
