Why is the concept of independence such an internal part of AICPA Code?

Q: What are the threats to independence?

A: Given below are the seven threats to auditor’s independence:   Self-review threat: It occurs when…

Q: What are agency conflicts? What groups can have agency conflicts?

A: Introduction: The problem or conflict of the entity occurs as a result of conflict between two…

Q: Look at the definition of “internal control” For each internal control objective, what does it cover…

A: Introduction: Internal control refers to the controlling mechanism and efficiency measurement…

Q: How do the three levels of computer ethics—pop, para, and theoretical—differ?

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Q: Which of the following is not a required fi nancial statement according to IAS No. 1? A . Statement…

A: IAS 1 deals with the presentation of FS (financial statements). This standard explains all the rules…

Q: What are International Ethical Standards?

A: Ethics:   In business, ethics refer to implementation of business policies and practices that an…

Q: What is the IPSASB and reason(s) it was established?

A: IPSASB : INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS BOARD (IPSASB). It plays a significant…

Q: What are the two preconditions for the use of EAC?

A: It is also called as EAC, is the yearly expense of owning and preserving a asset that is calculated…

Q: Which of the following i not an element of internal control?A. Control environmentB. MonitoringC.…

A: Internal control can be defined as the process of persuading the objectives of the organization such…

Q: What is the definition of internal control, and what are thefive components of COSO’s internal…

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Q: Which of the following is NOT an antitrust law? the FTC Act the Smoot-Hawley Act the Robinson-Patman…

A: Antitrust law: It is a collection of federal and state government laws that regulate the conduct and…

Q: anuty What general internal control v

A: Given case is: All-Around Sound Co. discovered a fraud whereby one of its front office…

Q: In regard to ethics rules, what are the jurisdictions of the (a) AICPA PEEC, (b) SEC, (c) PCAOB, and…

A: Business ethics are also termed as corporate ethics which are determined and established moral and…

Q: When is independence impaired under PCAOB standards?

A: Independence would be considered to be impaired if a covered member accepts more than a token gift…

Q: What are threats and safeguards to independence?

A: American Institute of Certified Public Accountants (AICPA):   It is an association of certified…

Q: What is Stategic Audit and its elements? explain.

A: Large, heterogeneous corporations organize themselves into divisions to interrupt the management of…

Q: What is privacy in the context of information security? Is perception of privacy the same for all…

A: In the context of information security, what exactly is privacy? Is there a difference in the sense…

Q: What is the link between the internal control environment and accountability?

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Q: How are IFRS and the codification related? Do you feel that IFRS adoption could happen without…

A: The question is related to International Financial Reporting Standards (IFRS) and Codification. The…

Q: What are the Safeguards to independence?

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Q: When does an agency problem happen?

A: Agency problem is the probelm of difference in opinion of management and the shareholders.

Q: What are the functions of the PCAOB?

A: Introduction PCAOB stands for Public Company Accounting Oversight Board. This is a private…

Q: Why was the Sarbanes-Oxley Act developed and enacted?

A: Introduction:- The Sarbanes–Oxley Act of 2002 is a federal law in the United States that sets…

Q: What does Internal Control provide reasonable assurance for?

A: Internal Controls:   Internal controls are the controls established within an organization to check…

Q: Discuss and identify factors which indicate Non-Compliance with Laws and regulation.?

A: Non-compliance is an act of commission or ommission by the organisation that is not in accordance…

Q: What type of internal control is establishing a code of ethics?

A: A code of ethics contains the principles and procedures guiding people to act in desired manner…

Q: Do ethical standards have anything to do with culture and diversity?

A: Ethical standard The founders of the organization created a set of ethical guidelines to explain the…

Q: How is the term "confidentiality" different from "privacy"? Explain.

A: Answer: The terms Confidentiality and Privacy are different terms. Privacy is all about person and…

Q: Why is a policy statement important?

A: A policy statement or an investment policy statement is a document created by the investment…

Q: What are the key features of the objection and appeal process against the Commissioner’s decision?

A: When making an objection, the following procedure should be followed: The Income Tax Act's Sections…

Q: developed the IPSASs? d.What are the scopes of the IP

A: International Public Sector Accounting Standards (IPSAS) are a collection of accounting standards…

Q: Explain how a possible conflict between neutrality and prudence could arise and how the conflict…

A: Neutrality and Prudence are two characteristics of reliability of accounting information. Neutrality…

Q: Why is independence the main conduct the most important in the GAAS

A: Generally Accepted Auditing Standards (GAAS) are a set of detailed instructions that auditors follow…

Q: The Conceptual Framework for AICPA Independence Standards(1) adopts a risk-based approach to…

A: American Institute of Certified Public Accountants (AICPA): AICPA is the organization which supports…

Q: What is the SEC and what role does it play?

A: SEC stands for Securities and Exchange Commission. It is an agency of United States, which is a…

Q: mples) through w

A: The Agency systemThe Agency device may be very popular in the modern-day commercial enterprise…

Q: In what ways does the IASB differ from the IASC?

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Q: Why is the content of a proxy statement considered to be so important?

A: Importance of content of a proxy statement: Most of the significant actions undertaken by a company…

Q: Explain how a possible conflict between neutrality and prudence could arise and how the conflict…

A: Neutrality and Prudence are two characteristics of reliability of accounting information. Neutrality…