
Code of Ethics 2
Authored by HENLY PAHILAGAO
Education
University
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Occurs when a firm or a member of the assurance team could benefit from a financial interest in, or other self-interest conflict with, an assurance client.
Self-interest threat
. Advocacy threat
Self-review threat
Familiarity threat
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Occurs when any product or judgment of a previous assurance engagement or nonassurance engagement needs to be re-evaluated in reaching conclusions on the assurance engagement or when a member of the assurance team was previously a director or officer of the assurance client, or was an employee in a position to exert direct and significant influence over the subject matter of the assurance engagement.
Self-interest threat
Advocacy threat
Self-review threat
Familiarity threat
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Occurs when a firm, or a member of the assurance team, promotes, or may be perceived to promote, an assurance client’s position or opinion to the point that objectivity may, or may be perceived to be, compromised. Such may be the case if a firm or a member of the assurance team were to subordinate their judgment to that of the client.
Self-interest threat
Advocacy threat
Self-review threat
Familiarity threat
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Occurs when, by virtue of a close relationship with an assurance client, its directors, officers or employees, a firm or a member of the assurance team becomes too sympathetic to the client’s interests.
Self-interest threat
Advocacy threat
Self-review threat
Familiarity threat
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Intimidation threat
Is not a threat to independence.
Occurs when a member of the assurance team may be deterred from acting objectively and exercising professional skepticism by threats, actual or perceived, from the directors, officers or employees of an assurance clien
Occurs when, by virtue of a close relationship with an assurance client, its directors, officers or employees, a firm or a member of the assurance team becomes too sympathetic to the client’s interests.
Occurs when a firm, or a member of the assurance team, promotes, or may be perceived to promote, an assurance client’s position or opinion to the point that objectivity may, or may be perceived to be, compromised.
6.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
The safeguards available to eliminate the threats or reduce them to an acceptable level include
Safeguards created by the profession,
legislation or regulation
Safeguards within the assurance clien
Safeguards within the firm’s own systems and
procedures
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Safeguards created by the profession, legislation or regulation, include the following, except
Educational, training and experience requirements for entry into the profession.
Continuing education requirements.
. Legislation governing the independence requirements of the firm.
Policies and procedures that emphasize the assurance client’s commitment to fair
financial reporting.
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