- What are the 10 work ethics?
- What happens if an auditor is not independent?
- What is management threat in audit?
- What are the five codes of ethics?
- How do you safeguard familiarity threat?
- What are the threats and safeguard measures in professional ethics?
- What is an intimidation threat?
- What are threats to independence?
- What is familiarity threat in auditing?
- What are the threat to ethics?
- What are five types of threats to independence?
- What are the 7 ethical principles?
- What are the 8 ethical principles?
- What are the challenges of auditing?
- What auditing means?
- Which of the following is an example of a familiarity threat?
- What makes an auditor independent?
- What are ethical safeguards?
What are the 10 work ethics?
The ten work ethic traits: appearance, attendance, attitude, character, communication, cooperation, organizational skills, productivity, respect and teamwork are defined as essential for student success and are listed below..
What happens if an auditor is not independent?
The auditor should be independent from the client company, so that the audit opinion will not be influenced by any relationship between them. … If this happens, the auditors can no longer be said to be independent and the shareholders cannot rely on their opinion.
What is management threat in audit?
A management threat is where the auditor finds himself in the shoes of the management. The work that belongs to the management is being requested to be done by the auditor.
What are the five codes of ethics?
What are the five codes of ethics?Integrity.Objectivity.Professional competence.Confidentiality.Professional behavior.
How do you safeguard familiarity threat?
Examples of safeguards that can be applied include:Changing the role of the senior personnel on the attest engagement team or the nature and extent of the tasks the senior personnel perform.Having a professional accountant who was not included on the attest engagement team review the work of the senior personnel.More items…•
What are the threats and safeguard measures in professional ethics?
Threats to compliance with the fundamental ethical principles are grouped into five broad categories: a. Self-interest threats, or conflicts of interest: These occur when the personal interests of the professional accountant, or a close family member, are (or could be) affected by the accountant’s decisions or actions.
What is an intimidation threat?
Intimidation threat Occurs when a member of the audit team may be deterred from acting objectively and exercising professional scepticism by threats, actual or perceived, from the directors, officers or employees of an audit client.
What are threats to independence?
Threats to independence are created when a member of the audit team has a close family member in one of the following positions at an audit client: A director or officer; or. An employee in a position to exert significant influence over the preparation of the accounting records of the financial statements.
What is familiarity threat in auditing?
A familiarity threat is the threat that due to a long or close relationship with a client or employer, a professional accountant will be too sympathetic to their interests or too accepting of their work (100.12(d)).
What are the threat to ethics?
‘Seven threats to ethics’ looks at ideas that destabilize us when we think about standards of choice and conduct: the death of God; relativism; egosim; evolutionary theory; determinism and futility; unreasonable demands; and false consciousness.
What are five types of threats to independence?
Five Threats to Auditor IndependenceSelf-Interest Threat. A self-interest threat exists if the auditor holds a direct or indirect financial interest in the company or depends on the client for a major fee that is outstanding. … Self-Review Threat. … Advocacy Threat. … Familiarity Threat. … Intimidation Threat.
What are the 7 ethical principles?
This approach – focusing on the application of seven mid-level principles to cases (non-maleficence, beneficence, health maximisation, efficiency, respect for autonomy, justice, proportionality) – is presented in this paper. Easy to use ‘tools’ applying ethics to public health are presented.
What are the 8 ethical principles?
The ethical principles that nurses must adhere to are the principles of justice, beneficence, nonmaleficence, accountability, fidelity, autonomy, and veracity.
What are the challenges of auditing?
What are the top challenges in the field of audit?Engagement letter. It had always been a challenge to draft an almost perfect engagement letter. … Revenue recognition. This proves to be one of the most complicated and sensitive areas of audit for the most obvious reasons. … Fraud. … Inventory. … Written representations. … Documentation. … Audit report.
What auditing means?
Definition: Audit is the examination or inspection of various books of accounts by an auditor followed by physical checking of inventory to make sure that all departments are following documented system of recording transactions. It is done to ascertain the accuracy of financial statements provided by the organisation.
Which of the following is an example of a familiarity threat?
Examples of circumstances that create familiarity threats for a professional accountant in public practice include: A professional accountant accepting gifts or preferential treatment from a client, unless the value is trivial or inconsequential. Senior personnel having a long association with the assurance client.
What makes an auditor independent?
Auditor independence refers to the independence of the external auditor. It is characterised by integrity and requires the auditor to carry out his or her work freely and in an objective manner.
What are ethical safeguards?
An ethical safeguard provides guidance or a course of action which attempts to remove the ethical threat. Ethical threats apply to accountants – whether in practice or business. The safeguards to those threats vary depending on the specific threat.