CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS

Ethic refers to _____________

• a set of moral principles, especially ones relating to or affirming a specified group, field or form of conduct.

• well-founded standards of right and wrong that prescribe what humans ought to do.

• concerned with what is good for individuals and society and is also described as moral philosophy.

• all of the above

A professional accountant’s responsibility is to satisfy the needs of _________

• individual client

• the public interest

• employer

• supplier

Steps in the conceptual framework requires a professional accountant to ___________ to compliance with the fundamental principles.

• Evaluate, identify and address threats

• Address threats, identify and evaluate threats

• Identify, evaluate and address threats

There are ______ fundamental principles that a professional accountant is required to comply with.

• 3

• 4

• 5

• 6

Below are the fundamental principles of professional accountants EXCEPT ___________

• Objectivity

• Confidentiality

• Hard working

• Professional Behavior

Professional Behavior means _____________

• A professional accountant should comply with relevant laws and regulations and should avoid any action that discredits the profession.

• A professional accountant should not allow bias, conflict of interest or undue influence of others to override professional or business judgments.

• A professional accountant should be straightforward and honest in all professional and business relationships.

• A professional accountant should respect the confidentiality of information acquired as a result of professional and business relationships.

The principle of objectivity means that a professional accountant should be straightforward and honest in performing professional services.

• True

• False

Advocacy threats may occur ________________

• when a professional accountant may be deterred from acting objectively by threats, actual or perceived

• when a professional accountant promotes a position or opinion to the point that subsequent objectivity may be compromised

• when, because of a close relationship, a professional accountant becomes too sympathetic to

  the interests of others

• when a previous judgment needs to be re-evaluated by the professional accountant responsible for that judgment

Which of the following would be considered a self-interest threats?

• a member of the audit team has a close family member who is a director or officer of the client.

• acting as the client's lawyer in a legal proceeding.

• when a member of the audit team was a previously an officer of the client.

May occur when a professional accountant may be deterred from acting objectively by threats, actual or perceived, What is the term of the threats?

• SELF-INTEREST THREATS

• SELF-REVIEW THREATS

• FAMILIARITY THREATS

• INTIMIDATION THREATS

• ADVOCACY THREATS