FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Describe the role of professional judgment in ethical leadership as it pertains to accountants and auditors.
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- Auditors seek to understand a client's internal control in order to better serve their clients.arrow_forwardDefine and explain the importance of the phrase Certified Management Accountant (CMA).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_forward
- What is Teacher professionalism through the following aspect- Professional Ethics in Teaching Practicearrow_forwardI. 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 Falsearrow_forward20. Which of the following is not a fundamental principle of ethics for Professional accountants? a. Integrity b. Advocacy c. Objectivity d. Confidentialityarrow_forward
- What professional conduct is outlined by the American Institute of Certified Public Accountants (AICPA) Professional Code of Conduct?arrow_forwardDefine certified public accountants.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
- As a part of understanding the client's performance measurement system, the auditor focusing on key performance indicators that management uses to measure progress toward its objectives which beyond financial statements figures Select one: True or Faisearrow_forwardWhat is meant by respect to authority ?. How it should be recognized by salarized professionals as morally jistified .arrow_forwardIdentify how each of the following statements relates to the performance principle by considering which element(s) of the principle are related to that statement. (A statement may be related to more than one element.) Use the following elements in providing your response: Reasonable assurance • Planning and supervision • Materiality ⚫ Risk assessment • Audit evidence a. Evaluating the effectiveness of the client's internal control in preventing or detecting misstatements. b. Obtaining an understanding of the client's business and industry. c. Acknowledging that the risk of failing to detect a material misstatement cannot be reduced to zero. d. Obtaining confirmations from the client's customers as to the ending balances in accounts receivable. e. Preparing a written audit plan. f. Designing audit procedures to identify misstatements that would have a significant effect on financial statement users' decisions. g. Considering the likelihood that the account balance contains a material…arrow_forward
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