Which statement about the International Code of Ethics for Professional Accountants, including International Independence Standards, (international code) is not accurate? a) State accountancy boards of accountancy are required to adopt the rules in the international code. b)When the international code and the AICPA Code of Professional Conduct differ, a CPA should apply the most restrictive rule(s). c)The international code is based primarily on a conceptual framework approach. d)CPAs should apply the international code when performing services under international auditing standards

Which statement about the International Code of Ethics for Professional Accountants, including International Independence Standards, (international code) is not accurate? a) State accountancy boards of accountancy are required to adopt the rules in the international code. b)When the international code and the AICPA Code of Professional Conduct differ, a CPA should apply the most restrictive rule(s). c)The international code is based primarily on a conceptual framework approach. d)CPAs should apply the international code when performing services under international auditing standards

Contemporary Auditing

11th Edition

ISBN:9781337650380

Author:KNAPP

Publisher:KNAPP

Chapter7: Professional Issues

Section7.3: Washington Council Ernst & Young

Problem 3Q

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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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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?
Which of the following statements is correct with respect to the IFRS accounting policy hierarchy in situations where a specifically relevant IASB standard dealing with an accounting issue does not exist?a. The IASB Conceptual Framework takes precedence over other IASB standards that deal with related issues.b. The IASB Conceptual Framework takes precedence over standards developed by standard-setting bodies in other countries that deal with the specific accounting issue.c. The most recent specifically relevant pronouncement of any other standard-setting body may be used when neither IASB standards nor the IASB Conceptual Framework provide helpful guidance.d. IFRSs take precedence over IASs and Interpretations in identifying appropriate guidance.
What are the requirements for all accountants under the International Ethical Standards?
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.
Which of the following is included in the regulation on the Auditors at the International level. I Setting minimum standards and requirements for auditors II Providing guidance for those countries with a well-developed national regulatory framework III Aiding intra-country recognition of professional accountancy qualification Only I is correct Only II is correct Both I and III are correct Both II and III are correct
Which of the following statements about desirable attributes of accounting standards boards is most accurate? Accounting standards boards should: A . concede to political pressures
What should you tell your friend about the presence of accounting standards in theUnited States? Who has the authority for standard setting? Who has the responsibility?
49-is an independent standard-setting body that develops an internationally appropriate code of ethics for accountants. O a. None of the options O b. International board of ethical standard for accountants O c. International ethics standard board for accountants O d. International board of standards for accountants
What should you tell your friend about the presence of accounting standards in the UnitedStates and the rest of the world? Who has the authority for standard setting? Who has theresponsibility?
The purpose of the IFRS Interpretations Committee is to: Consider accounting issues that are likely to receive unintended or unacceptable treatment in the absence of any other form of guidance Ensure accurate translation from English into the other principal languages utilised by the IASB Provide initial technical advice and service for companies wishing to adopt International Accounting Standards Provide a compliance function to ensure the timely and accurate adoption of new International Accounting Standards by companies with listed securities.