We discuss the study by Libby and Thorne of the association between auditors’ virtue and professional judgment, done by asking members of the Canadian Institute of Chartered Accountants to rate the importance of a variety of virtues. The most important virtues identified were truthful, independent, objective, and having integrity. The authors note that the inclusion of these virtues in professional codes of conduct (such as the Principles of the AICPA Code of Professional Conduct) may account for their perceived importance. Explain how these virtues relate to an auditor’s intention to make ethical decisions.

Question

 We discuss the study by Libby and Thorne of the association between auditors’ virtue and professional judgment, done by asking members of the Canadian Institute of Chartered Accountants to rate the importance of a variety of virtues. The most important virtues identified were truthful, independent, objective, and having integrity. The authors note that the inclusion of these virtues in professional codes of conduct (such as the Principles of the AICPA Code of Professional Conduct) may account for their perceived importance. Explain how these virtues relate to an auditor’s intention to make ethical decisions.

Expert Answer

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Accounting

Ethics

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: Sanyu Sony started a new business and completed these transactions during December.Dec. 1 Sanyu Sony...

A: Cash flow statement: A cash flow statement is a financial statement that summarizes the amount of c...

Q: Jackson Company had the following information in 2018:Accounts receivable 12/31/18.....................

A: Answer:   Option b

Q: Boilermaker House Painting Company incurs the following transactions for September.1. Paint houses i...

A: Given transactions are: Boilermaker House Painting Company incurs the following transactions for Sep...

Q: Sellall Department Stores reported the following amounts in its adjusted trial balance preparedas of...

A: Multi step income statement:   There are two ways to present and income stamen: Single-step and Mult...

Q: hich of the following is usually not part of an internal audit department’s audit charter?a. A commi...

A: Answer:   Option c

Q: Taryn would like to open a new business as an interior designer, to funds her ambition she sold some...

A: A capital gain tax refers to the tax levied on the profits realized from the sale of items other tha...

Q: Bramble Company adopted a stock-option plan on November 30, 2019, that provided that 63,700 shares o...

A: In the accounting process journal entries are the initial step that helps the business to record the...

Q: Buzz Coffee Shops is famous for its large servings of hot coffee. After a famous case involvingMcDon...

A: Given case is: Buzz Coffee Shops is famous for its large servings of hot coffee. After a famous case...

Q: Match the ratio to the building block of financial statement analysis to which it best relates.A. Li...

A: Times interest earned ratio is used to measure ability of the company to pay it's debt payment.  Tim...

Q: On January 2, 2011, Jansing Corporation acquired a new machine with an estimated useful life of five...

A:   Straight Line method of depreciation:  

Q: . A company with net credit sales of $960,000, beginning net receivables of $70,000, andending net r...

A: Calculate accounts receivable turnover: Accounts receivable turnover = $960,000 / ($70,000 +$90,000)...

Q: Selected financial information of Banji Company for the year ended December 31, 2019, follows. Cash ...

A: Cash flow statement is a financial statement that shows how changes in balance sheet accounts and in...

Q: A start-up company often engages in the following transactions during its first year of operations. ...

A: Investing activities:   Investing activities refer to the activities carried out by a company for a...

Q: The balance sheets for Sports Unlimited for 2021 and 2020 are provided below.SPORTS UNLIMITED Balanc...

A:  The vertical analysis is as follows: The result will be:

Q: The stockholders’ equity accounts of Pearl Company have the following balances on December 31, 2017....

A: Click to see the answer

Q: QUESTION 2 Southeast Systems has the following balance sheet and the income statement. The comp...

A: Cash flow from financing activities (CFF) is a section of a company’s cash flow statement, which sho...

Q: Explain how poorly designed audit trail logs can actually be dysfunctional.

A:  

Q: When a company that sells its products with a positive gross profit increases its sales by15 percent...

A: Answer:   Option b.

Q: How do you assess at what stage of moral development in Kohlberg’s model you reason at in making dec...

A: As per Kohlberg , we should follow all the stage from 1-5 and make the proper decision.The reasoning...

Q: Kasey Hartman is the controller for Wholemart Company, which has numerous long-term investments in d...

A: The securities that are termed as held-to-maturity are purchased with an aim to keep them till their...

Q: what is the effect of purchase on account on current rattion?

A: Current Ratio (CR): It is one of the liquidity ratios which measures the company’s ability to pay of...

Q: On January 1, 2017, Corgan Company acquired 70 percent of the outstanding voting stock of Smashing, ...

A: The following calculations are done to show the adjustments after the acquisition of Smashing Co. by...

Q: Below are several scenarios related to control activities of a company.1. A manufacturing company co...

A: The control activities violated are as follows: 1) reconciliations 2) physical controls 3) reconcili...

Q: Before paying an invoice for goods received on account, the controller or treasurershould ensure tha...

A: Treasurer or controller:

Q: S3-5. (Learning Objective 2: Apply the revenue and expense recognition principles)Identify the accou...

A: As more than one question is asked I am providing you answer for first three questions.  

Q: The income statements for Galaxy Tennis for the years ending December 31, 2021 and 2020, are provide...

A: Income statement: The financial statement which reports revenues and expenses from business operatio...

Q: How does a flexible budget based on two cost drivers differ from a flexible budget based on asingle ...

A: Fixed budget is a budget that does not change with changes in volume or level of activity.  Flexible...

Q: How to determine the percentage by which operating income can increase if the entire R&D expendi...

A: Operating income is income of business from its normal operations  Percentage Change = (New Value - ...

Q: Identify which of the following accounts would be included in a post-closing trial balance. Land

A: Post closing trial balance is the summary of ledger accounts balances after all the adjustments. It ...

Q: 3. During the fiscal year ended December 31, Duckworth Corporation engaged in the following transact...

A: Notes payable:   Notes Payable is a written promise to pay a certain amount on a future date, with c...

Q: How does the audit team determine expected misstatement? What is the relationship betweenexpected mi...

A: Expected misstatement The amount of misstatement the audit team anticipated in the account balance o...

Q: Aqua Ltd issues a prospectus inviting the public to subscribe for 30 million ordinary shares of $2.0...

A: Issue of shares: When the company is established then issue of the shares. Shares may be issued at p...

Q: Use the following information on current assets and current liabilities to compute and interpret the...

A: Acid test ratio:   An acid test ratio is also called a quick ratio. A quick ratio is a financial mea...

Q: Companies often are under pressure to meet or beat Wall Street earnings projections in order to incr...

A: 1.  

Q: Rosalind Company reported revenues of $111,500, expenses of $92,545, and net income of $18,955 for t...

A: Return on assets = Net income / Average Total assets where, Average Total assets = (Beginning Total ...

Q: Bryer Co. purchases all of the assets and liabilities of Stellar Co. for $1,500,000. The fair value ...

A: Goodwill: Goodwill is an intangible asset. It is defined as the excess of cost of an acquired compan...

Q: Do you think it would be ethical for a CPA to have someone else do for her that which she is prohibi...

A: Click to see the answer

Q: On July 1, Lula Plume created a new self-storage business, Safe Storage Co. The following transactio...

A: As the question has more than 3 sub-parts, the first 3 subparts are answered. If you want the answer...

Q: On May 5, Johnson Plumbing receives a phone call from a customer needing a new water heater and sche...

A: As per the revenue recognition principle, revenue is recognized on completion of service to the cust...

Q: After the accounts are closed on February 3, prior to liquidating the partnership, the capital accou...

A:       GERLOFF, CHU AND JEEWETT             Statement of Partnership Liquidation           F...

Q: An audit plan containsa. Specifications of audit standards relevant to the financial statements bein...

A: Answer: b. Specifications of procedures the auditors believe appropriate for the financial statement...