Bundle: Auditing: A Risk Based-approach, 11th + Mindtap Accounting, 1 Term (6 Months) Printed Access Card
11th Edition
ISBN: 9781337734455
Author: Karla M Johnstone-zehms, Audrey A. Gramling, Larry E. Rittenberg
Publisher: Cengage Learning
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Question
Chapter 1, Problem 22RQSC
To determine
Concept Introduction:
International Ethics Standards Board of Accountants (IESBA) −IESBA is an international body serving the public interest through setting of robust, internationally accepted ethics standards which include auditor’s independence, which needs to be followed by professional accountants around the world.
To describe:The five fundamental principles of ethics by IESBA
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What professional conduct is outlined by the American Institute of Certified Public Accountants (AICPA) Professional Code of Conduct?
According to the International Ethics Standards Board for Accountants (IESBA), which of the following fundamental principles should accountants adhere to?
Question 14Answer
a.
Materiality
b.
Conservatism
c.
Liquidity
d.
Objectivity
The fundamental ethical principles that all chartered accountants and registered auditors shouldcomply with are laid down by the SAICA and IRBA code of professional conduct. You are requiredto identify and provide a brief explanation for each of the fundamental ethical principles.
Chapter 1 Solutions
Bundle: Auditing: A Risk Based-approach, 11th + Mindtap Accounting, 1 Term (6 Months) Printed Access Card
Ch. 1 - Prob. 1CYBKCh. 1 - Prob. 2CYBKCh. 1 - Prob. 3CYBKCh. 1 - Prob. 4CYBKCh. 1 - Prob. 5CYBKCh. 1 - Prob. 6CYBKCh. 1 - Prob. 7CYBKCh. 1 - Prob. 8CYBKCh. 1 - Prob. 9CYBKCh. 1 - Prob. 10CYBK
Ch. 1 - Prob. 11CYBKCh. 1 - Prob. 12CYBKCh. 1 - Utilitarian theory holds that what is ethical is...Ch. 1 - Prob. 14CYBKCh. 1 - Which of the following statements related to...Ch. 1 - Utilitarianism does not require which of the...Ch. 1 - Prob. 17CYBKCh. 1 - Prob. 18CYBKCh. 1 - Prob. 19CYBKCh. 1 - Which of the following factors is not an example...Ch. 1 - Prob. 1RQSCCh. 1 - Prob. 2RQSCCh. 1 - Prob. 3RQSCCh. 1 - Prob. 4RQSCCh. 1 - Prob. 5RQSCCh. 1 - Prob. 6RQSCCh. 1 - Prob. 7RQSCCh. 1 - Prob. 8RQSCCh. 1 - Prob. 9RQSCCh. 1 - Prob. 10RQSCCh. 1 - Prob. 11RQSCCh. 1 - Prob. 12RQSCCh. 1 - Prob. 13RQSCCh. 1 - Prob. 14RQSCCh. 1 - Prob. 15RQSCCh. 1 - Prob. 16RQSCCh. 1 - Prob. 17RQSCCh. 1 - Prob. 18RQSCCh. 1 - Prob. 19RQSCCh. 1 - Prob. 20RQSCCh. 1 - Prob. 21RQSCCh. 1 - Prob. 22RQSCCh. 1 - Prob. 23RQSCCh. 1 - Prob. 24RQSCCh. 1 - Prob. 25RQSCCh. 1 - Prob. 26RQSCCh. 1 - Prob. 27RQSCCh. 1 - Prob. 28RQSCCh. 1 - Prob. 29RQSCCh. 1 - Prob. 30RQSCCh. 1 - Prob. 31RQSCCh. 1 - Refer to the Why It Matters feature “What Is...Ch. 1 - Prob. 33RQSCCh. 1 - Prob. 34RQSCCh. 1 - Prob. 35RQSCCh. 1 - Prob. 36RQSCCh. 1 - Prob. 37RQSCCh. 1 - As the auditor for XYZ Company, you discover that...Ch. 1 - Prob. 39RQSCCh. 1 - Prob. 40RQSCCh. 1 - Prob. 41RQSCCh. 1 - Prob. 42RQSCCh. 1 - Prob. 43FFCh. 1 - Prob. 44FFCh. 1 - Prob. 45FFCh. 1 - Prob. 46FF
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Similar questions
- What are the prohibitions in the Code of Ethics for Professional Accountantsarrow_forwardBy joining the AICPA, members must adhere to six major principles of Professional conduct. Discuss the six principles and how they might relate to your actions in the accounting profession?arrow_forwardAFTER READING THE CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS: IS THERE REALLY A NEED FOR A CODIFIED SET OF ACCEPTABLE ETHICAL BEHAVIOR? yes or no, justify your answer. GIVE 3 JUSTIFICATIONS AND ELABORATE YOUR ANSWERarrow_forward
- 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?arrow_forwardAnalyze the ethical challenges faced by accountants in their professional practice, and identify measures that can be taken to address these challenges.arrow_forwardWhich of the following is not one of the basic standards of the Institute of Management Accountants (IMA) Code of Ethics? Multiple Choice Integrity Honesty Confidentiality Competencearrow_forward
- Discuss the ethical issues and challenges that accountants may face in their professional practice and how they can be addressed.arrow_forwardHow can I answer this question? "The IFAC Ethical Code of Conduct identifies five main key principles, these are Integrity, Objectivity, Professional Competence, Confidentiality and Professional Behaviour. You are required to discuss these key five principles along with the key threats to the ethical behaviour of accountants" Thank you for your supportarrow_forward1. Explain any three fundamental reasons that accounting bodies should keep in mind when developing standards.arrow_forward
- When discussing and evaluating professional ethics, it is essential to understand the purpose, terminology, and repercussions of professional misconduct. The American Institute of Certified Public Accountants (AICPA) code of professional conduct is the gold standard for defining professional conduct in accounting; it is therefore important for business professionals to be familiar with. In this discussion, you will explore one principle in depth and discuss it and others with your peers. First, select one of the following principles of professional conduct to examine in the AICPA Code of Professional Conduct document: Responsibilities Public interest Integrity Objectivity and independence Due care Scope and nature of services Then, for your initial post, reflect on what appropriate practice of your selected principle would look like in the field, and also on some potential examples of violations of the principle. Use the following questions to help guide your reflections: How would…arrow_forwardWhat must an accountant have under the AICPA Code of Professional Conduct?arrow_forwardDefine and explain the importance of the phrase Certified Management Accountant (CMA).arrow_forward
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