When CPAs are able to maintain an independent attitude in fulfilling their responsibilities, it is referred to as independence Group of answer choices In fact.
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- 47. Which of the following statements is/are correct? Statement I. Independence is a fundamental ethical principle for internal auditors. Statement II. Communication skills are also essential not only as it relates to fellow auditors, but also process owners and operators. Statement III. Adding value and being perceived as trusted advisors to their organizations are perhaps the highest aspirations of internal auditors around the world. Group of answer choices Statements I and II Statements II and III Statements I, II, and III Statement III only PreviousNext31. Which of the following statements is true regarding involvement of the CAE in a consulting engagement? a. CAE must determine if the scope of the engagement is sufficient to achieve the desired objectives before committing to the task b. CAE must determine if there is expertise in internal audit to conduct the engagement on its own c. CAE is ultimately responsible for the objectives and scope of the engagement d. CAE should ensure that the objectives, scope, and approach of the consulting engagement are achievable within a month 33. Objectives of the risk management process include all of the following, except a. To look for ways to take advantage of opportunities b. To link growth, risk, and return c. To comply with laws and regulations d. To act as a reasonable "brake" on strategic growth 34. How is the COSO ERM framework different from ISO 31000 guide? a. COSO Framework describes ERM as an iterative process and ISO Guidance describes ERM as a serial…State 20 Ethical Related Issues in Business and proposed suitable solutionsfor the identified issues.☺
- 49 A review of how an organization’s management and its operating procedures are functioning with respect to their effectiveness and efficiency in meeting stated objectives. Group of answer choices Cash Audit Internal Audit Operational Audit External Audit17. 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. Integrity35. The following statements relate to PAS1 Presentation of Financial Statements. Choose the correct statement. a. Many entities also present, outside the financial statements, reports and statements such as environmental reports and value-added statements, particularly in industries in which environmental factors are significant and when employees are regarded as an important user group. Reports and statements presented outside financial statements should be accounted for using applicable PFRSs. b. Applying a requirement is impracticable when the entity cannot apply it after making every reasonable effort to do so. c. An entity whose financial statements do not comply with PFRSs shall make an explicit and unreserved statement of such noncompliance in the notes. If the entity’s financial statements do comply with PFRSs, there is no need to make an explicit and unreserved statement of such compliance in the notes. d. Financial statements shall not be described as complying with…
- 15. Which of the following is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession? a. FASB b. CMA c. CIMA d. IFAC16 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. Integrity18. Which of the following is/are the general safeguards, to offset the Threats to Fundamental Principles of professional ethics? a. Continuing professional development requirements b. All the given options c. Professional standards d. Professional or regulatory monitoring and disciplinary procedures
- Question guide: 1. What Are the Relevant Facts? 2. What is the issue of the case? 3. What Are the Ethical Issues? 4. Who Are the Primary Stakeholders? 5. What Are the Possible Alternatives? 6. What Are the Ethics of the Alternatives? 7. What Are the Practical Constraints? 8. What Actions Should Be Taken?44. Which of the following rules of conduct would fall under Integrity? Group of answer choices None of the choices Shall respect and contribute to the legitimate and ethical objectives of the organization. Shall exhibit the highest level of professional objectivity in gathering, evaluating, and communicating information about the activity or process being examined. Shall not use information for any personal gain or in any manner that would be contrary to the law or detrimental to the legitimate and ethical objectives of the organization. Shall not accept anything that may impair or be presumed to impair their professional judgment.5. When members of the board have the capacity to challenge another's viewpoints, assumptions and beliefs and can still openly show respect, trust and candor, the environment created by this virtuous cycle that distinguishes exemplary boards is called ___________________________________.? Culture of Ethical Board Culture of Open Dissent Culture of Transparency Culture of Open Trust Culture of Openness