FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
20. Which of the following is not a fundamental principle of ethics for Professional accountants?
a.
Integrity
b.
Advocacy
c.
Objectivity
d.
Confidentiality
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- 80 For which of the following matters should an auditor obtain written management representations? Group of answer choices Management’s compliance with contractual agreements that may affect the financial statements. Management’s knowledge of future plans that may affect the price of the entity’s stock. Management’s cost-benefit justifications for not correcting internal control weaknesses. Management’s acknowledgment of its responsibility for employee’s violations of laws.arrow_forwardHow do you assess at what stage of moral development in Kohlberg’s model you reason at in making decisions? Do you believe your level of reasoning is consistent with what is expected of an accounting professional? How does the stage you indicate relate to the findings of research studies discussed in this chapter about moral reasoning in accounting?arrow_forwardWhy is the public’s image of the accounting profession important and how does Ethics for Accountants affects that public image?arrow_forward
- Hi there, Need help with questions: Determine why it is important to have auditing standards. Specifically, why are ethics important to the auditing profession?Explain why independence is such an important requirement for auditors. Who gets hurt when accountants and auditors fail to live up to high ethical standards?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_forwardHow are financial accountants pressured when they need to make ethical decisions in their work? Is having technical mastery of GAAP enough to practise financial accounting?arrow_forward
- Describe the role of professional judgment in ethical leadership as it pertains to accountants and auditors.arrow_forward49arrow_forwardQUESTION 3 The IFAC international Ethics Standards Board for Accountant (IESBA) Code of Ethics for Professional Accountants set out the five fundamental principles of professional ethics and provides a conceptual framework for applying those principles. Professional Accountants must apply this conceptual framework to identify threats to compliance with the principles, evaluate their significance and apply appropriate safeguards to eliminate or reduce them so that compliance is not compromised. Required: Explain FIVE major threats identified in the code of ethics giving ONE example of each.arrow_forward
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