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WorksheetsCODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS
Total questions: 12
Worksheet time: 11mins
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
All are safeguards created by the profession, legislation or regulation EXCEPT for _______________
Professional standards
Strong internal controls
Educational, training and experience requirements for entry into the profession
Professional or regulatory monitoring and disciplinary procedures
When initiating conflict resolution process, a professional accountant should consider _______________
Relevant facts
Ethical issues involved
Alternative courses of action
All of the above
