Code of Ethics

Code of Ethics

University

21 Qs

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Code of Ethics

Code of Ethics

Assessment

Quiz

Other

University

Practice Problem

Hard

Created by

Alyssa Malagueño

Used 142+ times

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21 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the correct order of how the new Code is structured?

I. Complying with the Code, Fundamental principles, and Conceptual Framework

II. Professional Accountants in Public Practice

III. International Independence Standards

IV. Professional Accountants in Business

V. Glossary

I, ii, iii, iv, v

I, iv, ii, iii, v

I, v, ii, iv, iii

I, ii, iv, iii (iv is not part of the code structure)

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This is the distinguishing mark of the accountancy profession as noted in the 2018 Code of Ethics.

Acceptance of the responsibility to act in the public interest

Ability to sign audit reports of clients in various industries

Satisfaction of the needs of an individual client or employing organization

Competence and capability to execute and conform with the auditing and accounting standards

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When applying the conceptual framework, the professional accountant shall:

Exercise professional judgment

Remain alert for new information and to changes in facts and circumstances

Use the reasonable and informed third party test

All of the above

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This is the fundamental principle of ethics which is characterized as “to comply with relevant laws and regulations and avoid any conduct that the professional accountant knows or should know might discredit the profession.”

Integrity

Objectivity

Professional Behavior

Professional Competence and Due Care

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following statements appropriately relates to independence as denoted by the Handbook?

Required for professional accountants in business

Linked to the principles of objectivity and integrity.

Relates to independence of mind but not of appearance

Exclusively applicable to audits and review engagements

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In order to achieve the objectives of the accountancy profession, professional accountants have to observe a number of prerequisites or fundamental principles. The fundamental principles include the following, except:

Objectivity

Professional Competence and due Care

Confidentiality

Confidence

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

For assurance engagements provided to an audit client, the following should be independent of the client:

• The members of the assurance team (YES OR NO)

• The firm (YES OR NO)

• Network firms (YES OR NO)

YES, YES, YES

YES, YES, NO

YES, NO, NO

YES, NO, YES

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