Anthony is asked to do an inventory count of a wide assortment of parts. Rather than taking the time to count, he guesses when he enters the quantity. Which, if any, ethical standards did Anthony violate? O Competence - failure to perform duties in accordance with laws and regulations. O Confidentiality - failure to inform all parties of confidential information O Integrity - failure to mitigate conflicts of interest O Credibility - failure to report any delays or deficiencies in information O Integrity - Contribute to a positive ethical culture O Credibility - failure to communicate information fairly and objectively.

Anthony is asked to do an inventory count of a wide assortment of parts. Rather than taking the time to count, he guesses when he enters the quantity. Which, if any, ethical standards did Anthony violate? O Competence - failure to perform duties in accordance with laws and regulations. O Confidentiality - failure to inform all parties of confidential information O Integrity - failure to mitigate conflicts of interest O Credibility - failure to report any delays or deficiencies in information O Integrity - Contribute to a positive ethical culture O Credibility - failure to communicate information fairly and objectively.

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter11: Auditing Inventory, Goods And Services, And Accounts Payable: The Acquisition And Payment Cycle

Section: Chapter Questions

Problem 28RQSC

See similar textbooks

Similar questions

According to Professional Judgment, one of the environmental factors affecting judgment is the "rush to solve" judgement trap. Briefly describe the trap and how it applies to the situation affecting the recording of the sales transaction.
Listed below are the management assertions that are contained in financial statements, financial statement misstatements, and concepts. For each of the below misstatements and concepts, select the appropriate assertion by management that is being violated. Replies may be used more than once. Misstatements & Concepts a. The client failed to include in their financial statements inventory that was consigned to others. b. The client had a significant amount of damaged goods that were presented at cost. C The client failed to describe in the financial statements significant debt restrictions. d. The client recorded receivables that were fictitious. e. The client recorded year-end sales in the subsequent year. f. The client included in their financial statements inventory that was on consignment from vendor. g. In directional testing, vouching from ledgers to source documents most directly addresses this assertion. h. In directional testing, tracing from source documents to journals most…
Genevive is new top Spartans Inc., and has been asked to do an inventory count of a wide assortment of parts. She does not know how to distinguish the various parts, so she guesses when she enters the quantity. Genevive does not want to ask for help because she is new and wants to figure it out on her own. Which, if any, ethical standards did Genevive violate? O Credibility - failure to report any delays or deficiencies in information Integrity - failure to mitigate conflicts of interest Competence - failure to perform duties in accordance with laws and regulations. O Credibility - failure to communicate professional limitations. O Confidentiality - disclosure of confidential information without authorization or legal requirement. O Integrity - failure to contribute to a positive ethical culture
Please describe a time when you were faced with a personal dilemma regarding whether to blow the whistle on a wrongdoing. Some examples of a wrongdoing are witnessing cheating on an exam, witnessing someone trying to steal, noticing someone trying to take advantage of another, and completing a project at work without recording time spent in order to meet time constraints. Who were the stakeholders in the situation and how were they impacted by the wrongdoing? How did rationalization encourage the wrongdoer to follow through with their wrongdoing? What did you do and why? Case scenario: for someone working but not clocking in How would this fit under this dilemma? Please explain:
Please describe a time when you were faced with a personal dilemma regarding whether to blow the whistle on a wrongdoing. Some examples of a wrongdoing are witnessing cheating on an exam, witnessing someone trying to steal, noticing someone trying to take advantage of another, and completing a project at work without recording time spent in order to meet time constraints. Who were the stakeholders in the situation and how were they impacted by the wrongdoing? How did rationalization encourage the wrongdoer to follow through with their wrongdoing? What did you do and why?
The auditor has always received cooperation from a particularclient and has no reason to question management’s integrity. Thecontroller has requested that the auditor inform her about whichwarehouse locations that the auditor will visit during the upcominginventory count. In addition, the controller has requested copies of theauditor’s observations on the physical inventory because she wants tomake sure that a good inventory was taken. Should the auditor complywith these requests? State your rationale, including a discussion of professional skepticism.
A CPA wishes to use representation letter as a substitute for performing other audit procedures. Doing so: Violates professional standards, Is acceptable, but should only be done when cost justified, Is acceptable, but only for non-public clients, Is acceptable and desirable under all conditions
Amjad is an auditor discussing the results of analytical procedures with the management, Amjad should not accept management's explanations at face value, and should obtain corroboratory evidence for the explanations offered. This is an example of O a. Professional skepticism O b. Professional ethics Oc. Conduct of an audit accordance to ISAS O d. Professional judgement
Regarding auditor remuneration, a self-interest threat to professional competence and due care is created if: A professional accountant with an audit firm tries to get new work through advertising or other forms of marketing The fee quoted is so low that it may be difficult to perform the audit The auditor accepts a referral of a new client from an existing client. A gift from a client is accepted
Your para-planner sends out unauthorized information to your client. Your client acts on the information. Are you responsible? A. You are responsible only if the client acts on the information. B. You are not responsible because the client never consulted you C. You are not responsible for the para-planner's actions. D. You are responsible
During the taking of physical inventory, the controller intentionally withheld several inventory tags from the employees responsible for the physical count. After the auditor left the client’s premises at the completion of the inventory observation, the controller recorded nonexistent inventory on the tags and thereby significantly over-stated earnings. How could the auditor have uncovered the misstatement, assuming that there are no perpetual records?
Mr. George faced an ethical dilemma when his manager ordered him to send the customers data to outsiders without permission of customers. Mr. George followed the order of his manager. How he can he justify his action? a. His action is in accordance with the law of his country b. His action is based on the principle of non-maleficence c. His action is based on ethical norms of the society d. His action is based on a lack of freedom of choice and free will