Please fill in the blank with the best possible choice... According to the Professional Ethics and Conduct of the North Carolina State Board of Certified Public Accountant Examiners, the requirement that "a CPA shall not disclose any confidential information obtained in the course of employment or a professional engagement except with the consent of the employer or client" falls under the duty of (Choose the best answer.) O Integrity O Accounting principles O Confidentiality O Stakeholder theory. I
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- Economics (a) Which would you choose as the priority for ethical behaviour in the accounting profession: “protect the public interest” or “protect the credibility of the profession?” Explain, providing an example. (b) Explain the affiliation between the fiduciary relationship and conflict of duties when a professional accountant provides a service to a client. Provide an example{Auditing} 16. A professional accountant should respect the confidentiality of information acquired as a result of professional and business relationships. How could an auditor achieve confidentiality of the information? a. Non-disclosure any such information to third parties b. All the options c. Disclosure of any such information to third party with proper and specific authority d. Disclosure any such information to third parties as required by lawDirections: Please select the appropriate answer on the statement below;T - If the statement is trueF - When the statement is false or part of the statement is false A public accounting firm is believed to have fulfilled its responsibility to provide services in accordance with professional standards because it joins a professional society that encourages the implementation of a code of ethics.
- Question 1 In order for public to have confidence in work perform by professional accountants it is essential to have a system regulation. Regulation can take the form of both ethical and statutory guidance. Required; a) State the five threats contained within IESBA's Code of Ethics for professional Accountants and for each threat list one example of circumstance that might create the threat. b) Explain the Auditor's ethical responsibilities with regards to client confidentiality and when they have obligatory responsibility to disclose client information on a voluntary responsibility to disclose client information. Compliance with the fundamental principles in IESBA's Code of ethics for Professional Accountants can be threatened in a number of ways. Required; c) Explain each of the five fundamental principles of IESBA's Code of Ethics for Professional Accountants. d) List the five ethical threat to independence and objectivity and for each threat identify one example of a circumstance…b) The IESBA Code of Ethics for Professional Accountants highlights a number of areas in which threats might arise to independence and objectivity. Required; i. Explain what is meant by an advocacy threat and give an example of a situation which may create an advocacy threat. ii. State the category of threat that arises from an inappropriately close business relationship with a client and give two examples of close business relationships that would cause such a threat. c) An audit is one type of assurance engagement, but practitioners may carry out other assurance engagements, such as review engagements. Required; Describe a review engagement and explain the level of assurance given in such an engagement. d) Explain the terms `accountancy', `stewardship' and `agency' and explain how they can be applied to the relationship between directors and shareholders.Select the necessary words from the list of possibilities to complete the following statements. Statements 1. The AICPA Code of Professional Conduct includes: Principles, Rules and Auditors must be independent of any enterprise and must also parties. 2. 3. A CPA's independence with respect to an enterprise will be impaired if the CPA has any or material indirect financial interest in the enterprise. In evaluating independence, financial interests of a CPA's 4. the CPA. 5. 6. 7. 8. 9. 10. independent to third are ascribed directly to CPAS in public practice should not accept a fee from an audit client that is specified finding. upon a Consulting services for audit clients should be advisory in nature, CPAS should not make decisions for these clients. Retaining a client's accounting records for nonpayment of fees is an act profession. The Accounting Principles Rule requires the CPA to recognize the pronouncements of the Financial Accounting Standards Board and the Government to the CPAS…
- 4) Explain if, and why an accountant will be held liable to: its client, to 3rd party intended users of the financial statements and audits it prepares for its client, and to reasonably foreseeable users of the work, it prepared for its client. ∙ Be sure to identify who reasonably foreseeable users would be and why the accountant is responsible to them in the absence of privity.Which of the following statements regarding the competence of an accountant is true? The accountant must: Select one: a. Not breach the trust of clients and employers. b. Strive continually to improve technical services and keep knowledge up-to-date. c. At all times safeguard the interest of the clients and employers, provided it does not conflict with their duty to the community. d. Not disclose information acquired in the course of professional work, except where there is a legal or professional duty to disclose. Question 31 Question text Which of the following is an example of Direct Material? Select one: a. Fabric used for T-shirt production. b. Replacing the main door of the factory. c. Cleaning chemical for all products in the factory d. Grease used for the maintenance of machine. Question 32 Indirect labor is a part of: Select one: a. Prime cost. b. Period cost. c. Conversion cost. d. Nonmanufacturing cost.Which of the following statements relating to internal and external auditors is correct? i) Internal auditors are required to be members of a professional body ii) Internal auditors’ scope of work should be determined by the management iii) External auditors are trusted by government agencies, investors, and public. iv) Internal auditors can never be independent of the company a. iii and iv b. i and iii c. i and ii d. ii and ii
- Which of the following is incorrect? A. Non-assurance engagement include agree-upon procedures, compilation of financial or other information and tax consulting B. Assurance service report on the quality of information C. All engagements perform by the professional accountant are assurance engagement D. Assurance engagement encompass attestation engagementWhich of the following acts by a CPA would be most likely to be a violation of the AICPA Code of Professional Conduct? Select one: A “covered member” owns an immaterial amount of stock in an audit client. Accepting a fee in a tax matter that is contingent upon the result of an administrative proceeding. Assisting a client in preparing a financial forecast. Forming a professional corporation to practice as a CPA.Discuss whether the chartered accountants/registered auditors identified in each of the situations described below have failed to comply or are in danger of failing to comply with the fundamental ethical principles in the SAICA Code of Professional Conduct (2022). (First state the ethical principles/s and then the explanation for each principle.) Note: Any of the given situations may amount to non-compliance with more than one principle. Q2.1. John Smith is a registered auditor and the engagement partner on the audit of Letsatsi Safaris Ltd, a large company that owns several wildlife game reserves in South Africa and neighbouring countries. One of the perks of being the audit partner of Letsatsi Safaris Ltd, is that the managing director of the client grants a seven night free stay at a five star all inclusive lodge for four people. John is very excited about this prospect. However, in return, the managing director of the client requires an unqualified audit opinion