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WorksheetsLeonnova Ethics
Total questions: 10
Worksheet time: 5mins
Which of the following is NOT one of the five fundamental principles of ethics in the CPA Code of Professional Conduct?
Professional behaviour
Confidentiality
Profit maximization
Integrity and due care
What is the primary responsibility of management in relation to internal controls?
To conduct external audits
To develop and maintain systems to prevent unethical behavior
To report to the Securities and Exchange Commission
To set accounting standards
What does IFRS stand for?
International Financial Reporting Standards
Internal Financial Regulation System
Independent Financial Reporting Standards
International Fiscal Reporting Standards
Which organization sets accounting standards in Canada?
IASB
SEC
AcSB
PCAOB
What was the main issue in the Enron scandal?
Tax evasion
Insider trading
Misuse of government subsidies
Off-the-books partnerships hiding debt
According to the Sarbanes–Oxley Act, who must certify the accuracy of financial reports?
Internal auditors
CEOs and CFOs
Shareholders
Board of directors
What is one key benefit of strong ESG commitment for businesses?
Increased tax rates
Reduced access to resources
Boosted employee motivation
Higher packaging costs
What is the role of an independent auditor?
To create financial statements
To ensure compliance with HR policies
To manage company assets
To examine financial reports for accuracy
What does the “S” in ESG stand for?
Sustainability
Social
Security
Standards
What was Deloitte’s alleged role in the Livent case?
They were accused of failing to detect financial misstatements
They produced fraudulent musicals
They managed Livent’s marketing
They were responsible for Livent’s bankruptcy
