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: 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: How does an accounting professional's commitment to the firm, the profession, and to colleagues…

A: The choice of an accounting professional to report financial misconduct is impacted by a variety of…

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: What are the prohibitions in the Code of Ethics for Professional Accountants

A: The International Code of Ethics for Professional Accountants, (including Worldwide Independence…

Q: 1. In your opinion, which competency is most important in accounting, knowledge and intellectual or…

A: Accounting In a simple word the meaning of accounting which describes as recording, collecting and…

Q: Which one of the following code of ethics, shows the way to professional accountant to comply with…

A: Code of ethics are referred to as the set of rules that are being provided to the professional so…

Q: Why accountants are not afraid of subjectivity? Theory

A: An accountant is a professional who handles accounting tasks like account analysis, auditing, and…

Q: Which of the following is NOT a regulatory authority or a professional body for auditors? a. IAS b.…

A: IAASB: International auditing and assurance standards Board (IAASB) is the organisation whose…

Q: Which one of the following fundamental principles of professional conduct is under threat when an…

A: Accountants are professionals and relevant professional bodies for accountants have outline…

Q: The IESBA Code of Ethics for Professional Accountants highlights a number of areas in which threats…

A: Advocacy threat refers to the threat which exists when the auditor is involved in promoting the…

Q: True or False: Chartered Professional Accountants maintain their professional skills and competence…

A: In relation to auditing, professional competence is the ability to master the knowledge, skills, and…

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: Which of the following is NOT one of the AICPA Principles of Professional Conduct?

A: The AICPA (American Institute of Certified Public Accountants) Principles of Professional Conduct…

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: Which of the following point is related to institutional factors that affect the accounting quality?…

A: Accounting quality refers to the accuracy, completeness, and reliability of financial information…

Q: 42 A professional accountant is one who has expertise in the field of accountancy, achieved through…

A: The term "audit" refers to the process of determining the information's trustworthiness and…

Q: Which of the following statements is most likely to lead to an effective code of ethics in a…

A: Since you have not mentioned the specific subpart we will just answer the first subpart in case you…

Q: Directions: Please select the appropriate answer on the statement below; T - If the statement is…

A: Code of ethics means the rules and regulations which are to be implemented under the ethics. A firm…

Q: Select the necessary words from the list of possibilities to complete the following statements. 1.…

A: Auditing is the verification of financial statements and based upon which the auditor provides the…

Q: One of an accounting firm’s basic objectives is to provide professional services that conform to…

A: Definition: Quality control: Quality control is a set of guidelines that helps in ensuring that the…

Q: Identify to what ethical theories these quotations best relate. Explain your answers in 3 to 5…

A: Code of Ethics for Professional Accountants - The IFAC code of ethics for professional accountant is…

Q: Which of the following Threats to The Fundamental Principles of professional ethics, that may occur…

A: According to Threats to The Fundamental Principles of professional ethics,Self interest threat may…

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: Identify and explain briefly the fundamental principles that accountants are required to comply…

A: 1. Integrity: Accountants must act with integrity, objectivity, and independence. This means that…

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: In order for public to have confidence in work perform by professional accountants it is essential…

A: The Institute of European and International Studies Business Administrators Code of Ethics contains…

Q: {Auditing} 16. A professional accountant should respect the confidentiality of information acquired…

A: Auditing refers to the independent checking of a company's operation by the outsider known as an…

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: If a public accounting firm says it always follows the rule that requires adherence to…

Q: How do the concepts of cognitive dissonance and organizational/ethical dissonance relate to whether…

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…

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

Economics (a) Which would you choose as the priority for ethical behaviour in the accounting profession: “protect the public interest” or “protect the credibility of the profession?” Explain, providing an example. (b) Explain the affiliation between the fiduciary relationship and conflict of duties when a professional accountant provides a service to a client. Provide an example
45. Avoiding misconduct and doing what is right, just, and fair relates to a business's: A. economic responsibility. B. corporate citizenship. C. legal responsibility. D. ethical responsibility. E. responsibility toward the government.
The ethical standards for certified public accountants only require that such accountants comply with applicable laws and regulations. True or False True False
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.
How 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?
Why is the public’s image of the accounting profession important and how does Ethics for Accountants affects that public image?
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?
Which of the following term is related to the compliance of business ethics? O a. Public image O b. Goods O C. Social responsibility O d. Law
31 ____________ can ensure that those benefits and costs to third parties are considered in determining what service is to be produced and at what quality? It also seeks to ensure that accounting services are of the right quality. a. Auditors b. Accountant c. All the options d. Regulations
How 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 support
Identity, which one of the following is related to ‘adherence to a strict moral or ethical code’. Openness Integrity Fairness Honesty
How 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?