Answered: 20. Which of the following is not a…

20. Which of the following is not a fundamental principle of ethics for Professional accountants? a. Integrity b. Advocacy c. Objectivity d. Confidentiality

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: CAE in a consulting engagement?

A: a. CAE must determine if the scope of the engagement is sufficient to achieve the desired objectives…

Q: Which of the following rules of conduct would fall under Integrity? Group of answer choices None of…

A: Rules of conduct include: Integrity Objectivity Confidentiality Competency

Q: Professional skepticism is a. Necessary to gain more profit. b. An attitude that includes a…

A: Professional skepticism refers to an attitude that includes an inquisitive mind and a critical…

Q: Why is independence is such an important requirement for auditors. Who gets hurt when accountants…

A: An auditor is an individual or an organisation authorized to review and verify the effectiveness,…

Q: Mr. Bader is leaving his Auditing Firm to become the Finance Director of his client company. The…

A: Auditing is an important process that every company should carry on. The financial statements may…

Q: general safeguards, to offset the Threats to Fundamental Principles of professional ethics?

A: Option a is wrong because continuing professional development requirements are to be complied with…

Q: cornerstone of the auditing profession?

A: internal external concern are convoluted when nominal independent division of a firm provide…

Q: What do you think is meant by the term ethical auditing with respect to the principles and rules of…

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

Q: Under the AICPA Code of Professional Conduct, which of the following rules is not applicable to CPAs…

A: AICPA (American Institute of Certified Public Accountants) code of professional conduct sets rules,…

Q: A professional accountant should act diligently and in accordance with applicable technical and…

A: Solution: A professional accountant has a continuing duty to maintain professional knowledge and…

Q: what is the importance of ethical conduct for auditors

A: The moral code that guides employees' behavior in terms of what is right and wrong in terms of…

Q: Question 6 Which of the following are elements of a CPA fırm's quality control that should be…

A: Quality control: It implies to a process with the help of which the quality of all the factors that…

Q: Performance Principle. Identify how each of the following statements relates to the performance…

A: Performance Principle The guiding principle known as the performance principle defines the general…

Q: Performing tasks for which an accountant is not competent is unethical’

Q: Professional behaviour refers to the obligation that all members of the professional bodies: a.…

A: Professional bodies are the professional organizations whereby the professional individual tend to…

Q: Why do you think "independence" is the foremost quality that a forensic accountant must possess?

A: Accounting: The process to record, classify, summarize organization transactions in a systematic…

Q: 15) Which of the following is not included in a forensic accountant's knowledge base? A.…

A: Introduction:- Forensic accounting is the examination of fraud or financial manipulation through…

Q: Objectivity refers to the obligation that all members of the professional bodies: a. be…

A: A professional body is an organization whereby the individual members practice their profession.

Q: Various societies hold different opinions on what ‘should be’ regarding ethics. Discuss six (6)…

A: 1. UtilitarianismUtilitarianism, which is rooted by Jeremy Bentham and amplified by John Stuart…

Q: ll of the following are overarching principles in the IMA Statement of Ethical Professional Practice…

A: IMA involves 4 principles that are required to be adhere within the organization. These principles…

Q: Respond to this topic by indicating what you think are the top three ethical problems facing…

A: Bookkeeping: Bookkeeping is the course of recording and coordinating all the deals that have…

Q: Auditor's report is often called Independent Auditor's Report. Why is independence important to the…

A: Auditor is the person whos is responsible for identifying the fraud and errors presented in the…

Q: Registered external auditors must have the knowledge and skills to perform their function and should…

A: Auditors are the professionals who check each detail furnished by the client through his/her…

Q: When it comes to cases involving compilation and review services, what extra defenses are available…

A: Engagement in the compilation: Compilation engagements are when an accountant assists management…

Q: What factors should an auditor evaluate or consider when deciding whether to keep working with a…

A: Factors that an auditor should evaluate when deciding whether to keep working with a client: Where…

Q: Discuss about the rules of independence of auditors in the professional code of conduct?

A: The rules of independence of auditors are a critical component of the professional code of conduct…

Q: Please fill in the blank with the best possible choice... According to the Professional Ethics and…

A: Professional ethics refers to the principles, values and standards of conduct that guide an…

Q: The ethical standards for certified public accountants only require that such accountants comply…

A: The ethical standards for certified public accountants (CPAs) are designed to guide their…

Q: General Ethics. Is there any moral difference between a disapproved action in which youare caught…

A: Morality is indispensable for any and everything throughout everyday life. Be it the relationship…

Q: (a) You recently attended a lecture where it was stated that “professionals all over the world…

A: Professional ethics are the moral principles that guide the behavior of individuals in professional…

Q: Need Answer please provide Solutions

A: Ethics risk and opportunity management (EROM) expands the scope of traditional risk management by…

Q: Need help with questions: Determine why it is important to have auditing standards. Specifically,…

A: The importance of auditing standardsAuditing standards are the backbone of any auditing process.…

Q: 50. Which of the following rules of conduct would fall under Integrity? Group of answer choices…

A: Code of conduct are the ethical rules, regulations and guidelines that an auditor must follow in…

Q: ethical code

A: which one of the following is related to ‘adherence to a strict moral or ethical code’. Correct…

Q: Provide Answer with calculation and explanation

A: Step 1:Step 2: Step 3: Step 4:

Q: 11. How could an auditor ensure that a client or employer receives competent professional services…

A: EXPLANATION:- Professional Competence and Due Care – to webservice or company receives knowledgeable…

Question

20. Which of the following is not a fundamental principle of ethics for Professional accountants? a. Integrity b. Advocacy c. Objectivity d. Confidentiality

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Legal, Regulatory and Professional Obligations of Auditors

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

I. MAS involves decision making of practitioner for the management to meet its goals.II. A CPA’ scope of management services is broad and covers financial and non-financial engagement including audit engagements, as this is within the expertise of CPA. A• True True B• False False C• False True D• True False
Describe the role of professional judgment in ethical leadership as it pertains to accountants and auditors.
2. Summarize your thoughts on the Zeff articles. (1-2 paragraphs). Do you regard the CPA profession as an ethical profession? How can the CPA profession restore it's reputation?
S1: Where a conflict of interest poses a threat to one or more of the fundamental principles that cannot be eliminated or reduced to an acceptable level through the application of safeguards, the professional accountant in public practice should conclude that it is not appropriate to accept a specific engagement. S2: A professional accountant in business should only undertake significant tasks for which the professional accountant in business has, or can obtain, sufficient specific training or experience. S3: It is not appropriate for the engagement team to use of advisory services provided by other firms, professional and regulatory bodies, or commercial organizations that provide relevant quality control services. A. Only 1 statement is True B. Only 2 statements are True C. All statements are True D. All statements are False
Which organization or group is the only one that “controls” the forensic accounting profession and its credentials? Group of answer choices ACFEI. AICPA. ACFE. NACVA. No one group “controls” the forensic accounting profession.
24. A professional accountant should comply with relevant laws and regulations and should avoid any action that discredits the profession. Which of the following Fundamental principles of professional ethics matching with the above? a. Objectivity b. Integrity c. None of the options d. Confidentiality
What are (a) the AICPA Principles of Professional Conduct, (b) Rules of Conduct, and (c) Interpretation of Rules of Conduct?
In teaching about moral development, instructors often point out the threefold nature of morality: It depends on emotional development (in the form of the ability to feel guilt or shame), social development (manifested by the recognition of the group and the importance of moral behavior for the group’s existence), and cognitive development (especially the ability to adopt another’s perspective). How does this perspective of morality relate to ethical reasoning by accountants and auditors?
AICPA members who work in industry and government must always uphold which two of the following AICPA rules of conduct?a. The Independence Rule.b. The Integrity and Objectivity Rule.c. The Confidential Client Information Rule.d. The Acts Discreditable Rule.
Which of the following ethical principles states that “A professional accountant should not allow bias, conflict of interest or undue influence of others to override professional or business judgments” Professional Behaviour Confidentiality Integrity Objectivity
S1: Assurance engagements performed by professional accountants are intended to improve the operating efficiency and effectiveness of the responsible parties.S2: An auditor is required to understand all the aspects of internal control of the client. Group of answer choices Only S1 is correct. Both S1 and S2 are incorrect. Only S2 is correct. Both S1 and S2 are correct.
Why it is important to have auditing standards? Specifically, why are ethics important to the auditing profession?