FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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"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"
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- 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?arrow_forward(a) You recently attended a lecture where it was stated that “professionals all over the world should be alive to their duties and not breach the ethics of their profession”. This statement was an affirmation of what you know that public interest and ethical standards should not be compromised by professionals in the discharge of their duties. Required: a. What is Professional ethics? b. Briefly discuss the importance of professional ethics c. Highlight the differences between rule based and principle-based professional ethics d. Discuss the inherent weaknesses of rule-based professional ethics e. Discuss the advantages of principle-based professional ethics.arrow_forwardWe discuss the study by Libby and Thorne of the association between auditors’ virtue and professional judgment, done by asking members of the Canadian Institute of Chartered Accountants to rate the importance of a variety of virtues. The most important virtues identified were truthful, independent, objective, and having integrity. The authors note that the inclusion of these virtues in professional codes of conduct (such as the Principles of the AICPA Code of Professional Conduct) may account for their perceived importance. Explain how these virtues relate to an auditor’s intention to make ethical decisions.arrow_forward
- Describe the role of professional judgment in ethical leadership as it pertains to accountants and auditors.arrow_forward49arrow_forwardProblem 2: CPA firms are required to have a peer review done if they are members of the American Institute of Certified Public Accountants or the Public Company Accounting Oversight Board. Define, in your own words, the objective of a peer review and the process of completing one.arrow_forward
- 20. Which of the following is not a fundamental principle of ethics for Professional accountants? a. Integrity b. Advocacy c. Objectivity d. Confidentialityarrow_forwardWhich of the following statements regarding the competence of an accountant is true? The accountant must: Select one: a. Not breach the trust of clients and employers. b. Strive continually to improve technical services and keep knowledge up-to-date. c. At all times safeguard the interest of the clients and employers, provided it does not conflict with their duty to the community. d. Not disclose information acquired in the course of professional work, except where there is a legal or professional duty to disclose. Question 31 Question text Which of the following is an example of Direct Material? Select one: a. Fabric used for T-shirt production. b. Replacing the main door of the factory. c. Cleaning chemical for all products in the factory d. Grease used for the maintenance of machine. Question 32 Indirect labor is a part of: Select one: a. Prime cost. b. Period cost. c. Conversion cost. d. Nonmanufacturing cost.arrow_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
- Under Rule 201, what best describes how an AIPCA member should act? a. With professional competence. b. With due professional care. c. With adequate planning and with appropriate supervision. d. All of the abovearrow_forwardWhat professional conduct is outlined by the American Institute of Certified Public Accountants (AICPA) Professional Code of Conduct?arrow_forwardVisit the AICPA’s web site and read Sections ET 50 to 57 of the Code of Professional Conduct and By- laws. Prepare a memo to your professor setting forth the important professional guidelines incorporated in the Code. For each principle you identify, provide an example of how that principle might impact you in your career as a forensic accountant.arrow_forward
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