34) Which threat may occur as a result of the financial or other interests of a professional accountant or of an immediate or close family member?a) Familiarity threatsb) Self-review threatsc) Advocacy threatsd) Self-interest threats Auditors are important because they are able to provide assurance of an organization's financial statements from an objective and independentopinion. It benefits the company in several ways, such as maintaining consistency, finding errors in their processing, or detecting fraud. Whileperforming work , the auditors may face situations when they will not be able to fulfill ethical requirements.Answer the following three questions based on the above case

Self -Interest Threats While performing audit functions, the auditor may face various situations in…

Which threat may occur as a result of the financial or other interests of a professional accountant or of an immediate or close family member? a) Familiarity threats b) Self-review threats c) Advocacy threats d) Self-interest threats

Which threat may occur as a result of the financial or other interests of a professional accountant or of an immediate or close family member? a) Familiarity threats b) Self-review threats c) Advocacy threats d) Self-interest threats

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

34) Which threat may occur as a result of the financial or other interests of a professional accountant or of an immediate or close family member?

a) Familiarity threats

b) Self-review threats

c) Advocacy threats

d) Self-interest threats

Auditors are important because they are able to provide assurance of an organization's financial statements from an objective and independent
opinion. It benefits the company in several ways, such as maintaining consistency, finding errors in their processing, or detecting fraud. While
performing work , the auditors may face situations when they will not be able to fulfill ethical requirements.
Answer the following three questions based on the above case

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Code of Ethical Conduct and Its Interpretations

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