Question Tag: Code of Ethics

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AA – May 2017 – L2 – SA – Q3 – Professional Ethics and Code of Conduct for Auditors

Identification of threats to ethical principles and safeguards for accountants.

Question

There are a variety of circumstances that could give rise to the threats of self-interest, advocacy, familiarity, and intimidation against the five fundamental principles of integrity, objectivity, personal competence and due care, confidentiality, and professional behaviour as enunciated in the Code of Ethics. There are, however, safeguards created to help the Professional Accountant in such circumstances.

You are required to:

(a) List FIVE safeguards created by the profession and legislation. (5 Marks)
(b) Identify and explain FIVE safeguards that could be created by firms of Chartered Accountants. (10 Marks)
(c) List FIVE possible safeguards that an individual Chartered Accountant could apply. (5 Marks)

Answer

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Tags: Code of Ethics, Familiarity Threat, Professional Conduct, Safeguards, Self-Interest Threat
Level: Level 2

Topic: Professional Ethics and Code of Conduct for Auditors
Series: MAY 2017

BMF – May 2022 – L1 – SB – Q5b – The Role of Professional Accountants in Business and Society

Reasons why companies develop a code of ethics.

Question

State and explain TWO reasons why companies develop a code of ethics.

Answer

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Tags: Business Ethics, Code of Ethics, Corporate Governance
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: MAY 2022

FR – Nov 2019 – L2 – Q5b – Professional and Ethical Issues in Financial Reporting

Identify ethical principles and apply them to a scenario involving errors in previous accounts and inexperience with complex tax issues.

Question

Mr. Charles Agyekum is a qualified ICAG member who prepares accounts on behalf of a small independent trader. An annual practicing certificate is not required.

This is the first year the member has prepared these accounts. When compiling the most recent accounts, he noticed that some errors were noted in the previous accounts. It appeared that the accounts were based on incomplete records as certain costs were excluded, either intentionally or because records were not maintained.

The client has also requested some additional work to be completed on a complex tax issue. However, the member has no prior experience and does not feel competent to do the work. The client would also like him to provide an audit opinion as they are planning to apply for a bank loan and the bank would like some additional assurance.

Required:
In accordance with IFAC’s code of ethics, explain which ethical principles apply and comment on their relevance to the above scenario.

Answer

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Tags: Code of Ethics, Ethics, Financial Reporting, Professional competence, Professional Responsibilities

Topic: Professional and Ethical Issues in Financial Reporting
Series: NOV 2019

AA – July 2023 – L2 – Q5a – Professional and Ethical Considerations

Explanation of the five fundamental principles of the ICAG Code of Ethics.

Question

a) As a member of the International Federation of Accountants (IFAC), the Institute of Chartered Accountants, Ghana (ICAG) subscribes to the code of ethics prescribed by the International Ethics Standards Board for Accountants (IESBA).

Required:
Explain each of the FIVE (5) fundamental principles of the Code of Ethics of the Institute of Chartered Accountants, Ghana (ICAG). (5 marks)

Answer

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Tags: Code of Ethics, Fundamental Principles, ICAG, IFAC
Level: Level 2

Topic: Professional and Ethical Considerations
Series: JULY 2023

AA – May 2017 – L2 – Q1b – Professional and Ethical Considerations

Identification of major threats to compliance with professional ethics.

Question

The IFAC International Ethics Standards Board for Accountants (IESBA) Code of Ethics for Professional Accountants sets out the five fundamental principles of professional ethics and provides a conceptual framework for applying those principles. Professional Accountants must apply this conceptual framework to identify threats to compliance with the principles, evaluate their significance, and apply appropriate safeguards to eliminate or reduce them so that compliance is not compromised.

Required: Identify FIVE major threats identified in the code of ethics, giving examples of each

Answer

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Tags: Code of Ethics, IESBA, IFAC, Professional Ethics, Safeguards, Threats
Level: Level 2

Topic: Professional and Ethical Considerations
Series: MAY 2017

AA – May 2021 – L2 – Q2a – Professional and Ethical Considerations

Explain the five fundamental principles of the Code of Ethics for audit practitioners.

Question

The IFAC Code of ethics governs the practice of auditing to ensure that practitioners will act in the public interest. Furthermore, in an audit, many relevant auditing standards must be followed to perform work that will serve the needs of the users of the Auditor’s report.

Required:
Explain each of the FIVE (5) fundamental principles of the Code of Ethics and conduct for professional audit practitioners. (5 marks)

Answer

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Tags: Code of Ethics, Confidentiality, Integrity, Objectivity, Professional Behavior, Professional competence
Level: Level 2

Topic: Professional and Ethical Considerations
Series: MAY 2021

CSEG – May 2017 – L2 – Q5 – Corporate governance framework | Business ethics

Discuss the fundamental principles for a code of ethics in an NGO and the benefits of good corporate governance.

Question

Covenant Mission (CM) is a non-governmental organisation that provides charitable support to disadvantaged families.

It is currently involved in a number of community projects to assist in the provision of clean water supply to families in Liberia, Nigeria, and the Gambia. In its home country, Ghana, it focuses more on assisting clients in accessing state-granted financial support as well as providing counselling and psychological support to less privileged people.

The NGO has grown very rapidly in recent years as demand for its services has increased. In line with this rising demand, it has begun to slowly evolve from an enterprise primarily run by volunteers to an institution employing professional managers from the private sector. These changes are considered essential in supporting the sustainability of the charity.

The board of trustees at the NGO recognizes the need to adopt a relevant code of ethics as part of necessary governance support structures. They are, however, concerned about recent criticism of such codes and wish to ensure that any code developed is effective throughout the organization.

Required:

a) Advise CM on FOUR fundamental principles to be included in its code of ethics. (8 marks)

b) Explain FOUR benefits of good corporate governance to CM. (12 marks)

Answer

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Tags: Code of Ethics, Corporate Governance, Ethical Principles, Governance Benefits, NGO
Level: Level 2

Topic: Corporate governance framework
Series: MAY 2017

BCL – May 2020 – L2 – Q3d – Governance and Ethical Issues Relating to Business

Identify three codes of ethics for accountants in Ghana.

Question

Code of Ethics are drawn up to be followed by all the company’s structures and professionals. It serves as a guide to professional conduct and guarantees concerns about efficiency, competitiveness, and profitability.

Required:

Identify THREE (3) codes of ethics for Accountants in Ghana.
(3 marks)

Answer

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Tags: Accounting Profession, Code of Ethics, Governance, Professional Conduct
Level: Level 1

Topic: Governance and Ethical Issues Relating to Business
Series: MAY 2020

AAA – May 2016 – L3 – Q1b – Professional responsibility and liability | Rules of professional conduct

Identify and evaluate ethical threats in an audit engagement and recommend safeguards to mitigate these threats.

Question

Dibidibi & Co., an audit and assurance firm, has been engaged as auditors for BCG Bank Ltd, a public limited liability company, for some time now. BCG Bank has sixty branches throughout the country and branches in Togo, Burkina Faso, and Cote d’Ivoire. The Bank is one of the banks in the country which can boast of large landed properties. Dibidibi & Co. receives about 20% of its income from this particular client. Before last year’s audit, the bank engaged the audit firm to value its Land and Buildings in all its branches and headquarters. This work was executed by the audit firm and a report has been issued to management. The report has been incorporated in this year’s financial statements to be audited soon. Dibidibi & Co. sees BCG Bank Ltd. as a very important client whose works are always executed with dispatch.

i) Identify and evaluate the significance of any threats to the Code of Ethics for Professional Accountants raised in the case. (4 marks)

ii) Recommend safeguards to eliminate the threats (mentioned in (i) above) or reduce them to an acceptable level. (6 marks)

Answer

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Tags: Code of Ethics, Ethical Threats, Safeguards, Self-Interest Threat, Self-review threat
Level: Level 3

Topic: Professional responsibility and liability, Rules of professional conduct
Series: MAY 2016

AA – May 2017 – L2 – SA – Q3 – Professional Ethics and Code of Conduct for Auditors

Identification of threats to ethical principles and safeguards for accountants.

Question

You are required to:

(a) List FIVE safeguards created by the profession and legislation. (5 Marks)
(b) Identify and explain FIVE safeguards that could be created by firms of Chartered Accountants. (10 Marks)
(c) List FIVE possible safeguards that an individual Chartered Accountant could apply. (5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Code of Ethics, Familiarity Threat, Professional Conduct, Safeguards, Self-Interest Threat
Level: Level 2

Topic: Professional Ethics and Code of Conduct for Auditors
Series: MAY 2017

BMF – May 2022 – L1 – SB – Q5b – The Role of Professional Accountants in Business and Society

Reasons why companies develop a code of ethics.

Question

State and explain TWO reasons why companies develop a code of ethics.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Ethics, Code of Ethics, Corporate Governance
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: MAY 2022

FR – Nov 2019 – L2 – Q5b – Professional and Ethical Issues in Financial Reporting

Identify ethical principles and apply them to a scenario involving errors in previous accounts and inexperience with complex tax issues.

Question

Mr. Charles Agyekum is a qualified ICAG member who prepares accounts on behalf of a small independent trader. An annual practicing certificate is not required.

Required:
In accordance with IFAC’s code of ethics, explain which ethical principles apply and comment on their relevance to the above scenario.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Code of Ethics, Ethics, Financial Reporting, Professional competence, Professional Responsibilities

Topic: Professional and Ethical Issues in Financial Reporting
Series: NOV 2019

AA – July 2023 – L2 – Q5a – Professional and Ethical Considerations

Explanation of the five fundamental principles of the ICAG Code of Ethics.

Question

Required:
Explain each of the FIVE (5) fundamental principles of the Code of Ethics of the Institute of Chartered Accountants, Ghana (ICAG). (5 marks)

Answer

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Tags: Code of Ethics, Fundamental Principles, ICAG, IFAC
Level: Level 2

Topic: Professional and Ethical Considerations
Series: JULY 2023

AA – May 2017 – L2 – Q1b – Professional and Ethical Considerations

Identification of major threats to compliance with professional ethics.

Question

Required: Identify FIVE major threats identified in the code of ethics, giving examples of each

Answer

Find Related Questions by Tags, levels, etc.

Tags: Code of Ethics, IESBA, IFAC, Professional Ethics, Safeguards, Threats
Level: Level 2

Topic: Professional and Ethical Considerations
Series: MAY 2017

AA – May 2021 – L2 – Q2a – Professional and Ethical Considerations

Explain the five fundamental principles of the Code of Ethics for audit practitioners.

Question

Required:
Explain each of the FIVE (5) fundamental principles of the Code of Ethics and conduct for professional audit practitioners. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Code of Ethics, Confidentiality, Integrity, Objectivity, Professional Behavior, Professional competence
Level: Level 2

Topic: Professional and Ethical Considerations
Series: MAY 2021

CSEG – May 2017 – L2 – Q5 – Corporate governance framework | Business ethics

Discuss the fundamental principles for a code of ethics in an NGO and the benefits of good corporate governance.

Question

Covenant Mission (CM) is a non-governmental organisation that provides charitable support to disadvantaged families.

Required:

a) Advise CM on FOUR fundamental principles to be included in its code of ethics. (8 marks)

b) Explain FOUR benefits of good corporate governance to CM. (12 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Code of Ethics, Corporate Governance, Ethical Principles, Governance Benefits, NGO
Level: Level 2

Topic: Corporate governance framework
Series: MAY 2017

BCL – May 2020 – L2 – Q3d – Governance and Ethical Issues Relating to Business

Identify three codes of ethics for accountants in Ghana.

Question

Required:

Identify THREE (3) codes of ethics for Accountants in Ghana.
(3 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Profession, Code of Ethics, Governance, Professional Conduct
Level: Level 1

Topic: Governance and Ethical Issues Relating to Business
Series: MAY 2020

AAA – May 2016 – L3 – Q1b – Professional responsibility and liability | Rules of professional conduct

Identify and evaluate ethical threats in an audit engagement and recommend safeguards to mitigate these threats.

Question

i) Identify and evaluate the significance of any threats to the Code of Ethics for Professional Accountants raised in the case. (4 marks)

ii) Recommend safeguards to eliminate the threats (mentioned in (i) above) or reduce them to an acceptable level. (6 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Code of Ethics, Ethical Threats, Safeguards, Self-Interest Threat, Self-review threat
Level: Level 3

Topic: Professional responsibility and liability, Rules of professional conduct
Series: MAY 2016

Question Tag: Code of Ethics

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AA – May 2017 – L2 – SA – Q3 – Professional Ethics and Code of Conduct for Auditors

Identification of threats to ethical principles and safeguards for accountants.

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BMF – May 2022 – L1 – SB – Q5b – The Role of Professional Accountants in Business and Society

Reasons why companies develop a code of ethics.

You're reporting an error for "BMF – May 2022 – L1 – SB – Q5b – The Role of Professional Accountants in Business and Society"

FR – Nov 2019 – L2 – Q5b – Professional and Ethical Issues in Financial Reporting

Identify ethical principles and apply them to a scenario involving errors in previous accounts and inexperience with complex tax issues.

You're reporting an error for "FR – Nov 2019 – L2 – Q5b – Professional and Ethical Issues in Financial Reporting"

AA – July 2023 – L2 – Q5a – Professional and Ethical Considerations

Explanation of the five fundamental principles of the ICAG Code of Ethics.

You're reporting an error for "AA – July 2023 – L2 – Q5a – Professional and Ethical Considerations"

AA – May 2017 – L2 – Q1b – Professional and Ethical Considerations

Identification of major threats to compliance with professional ethics.

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AA – May 2021 – L2 – Q2a – Professional and Ethical Considerations

Explain the five fundamental principles of the Code of Ethics for audit practitioners.

You're reporting an error for "AA – May 2021 – L2 – Q2a – Professional and Ethical Considerations"

CSEG – May 2017 – L2 – Q5 – Corporate governance framework | Business ethics

Discuss the fundamental principles for a code of ethics in an NGO and the benefits of good corporate governance.

You're reporting an error for "CSEG – May 2017 – L2 – Q5 – Corporate governance framework | Business ethics"

BCL – May 2020 – L2 – Q3d – Governance and Ethical Issues Relating to Business

Identify three codes of ethics for accountants in Ghana.

You're reporting an error for "BCL – May 2020 – L2 – Q3d – Governance and Ethical Issues Relating to Business"

AAA – May 2016 – L3 – Q1b – Professional responsibility and liability | Rules of professional conduct

Identify and evaluate ethical threats in an audit engagement and recommend safeguards to mitigate these threats.

You're reporting an error for "AAA – May 2016 – L3 – Q1b – Professional responsibility and liability | Rules of professional conduct"

AA – May 2017 – L2 – SA – Q3 – Professional Ethics and Code of Conduct for Auditors

Identification of threats to ethical principles and safeguards for accountants.

You're reporting an error for "AA – May 2017 – L2 – SA – Q3 – Professional Ethics and Code of Conduct for Auditors"

BMF – May 2022 – L1 – SB – Q5b – The Role of Professional Accountants in Business and Society

Reasons why companies develop a code of ethics.

You're reporting an error for "BMF – May 2022 – L1 – SB – Q5b – The Role of Professional Accountants in Business and Society"

FR – Nov 2019 – L2 – Q5b – Professional and Ethical Issues in Financial Reporting

Identify ethical principles and apply them to a scenario involving errors in previous accounts and inexperience with complex tax issues.

You're reporting an error for "FR – Nov 2019 – L2 – Q5b – Professional and Ethical Issues in Financial Reporting"

AA – July 2023 – L2 – Q5a – Professional and Ethical Considerations

Explanation of the five fundamental principles of the ICAG Code of Ethics.

You're reporting an error for "AA – July 2023 – L2 – Q5a – Professional and Ethical Considerations"

AA – May 2017 – L2 – Q1b – Professional and Ethical Considerations

Identification of major threats to compliance with professional ethics.

You're reporting an error for "AA – May 2017 – L2 – Q1b – Professional and Ethical Considerations"

AA – May 2021 – L2 – Q2a – Professional and Ethical Considerations

Explain the five fundamental principles of the Code of Ethics for audit practitioners.

You're reporting an error for "AA – May 2021 – L2 – Q2a – Professional and Ethical Considerations"

CSEG – May 2017 – L2 – Q5 – Corporate governance framework | Business ethics

Discuss the fundamental principles for a code of ethics in an NGO and the benefits of good corporate governance.

You're reporting an error for "CSEG – May 2017 – L2 – Q5 – Corporate governance framework | Business ethics"

BCL – May 2020 – L2 – Q3d – Governance and Ethical Issues Relating to Business

Identify three codes of ethics for accountants in Ghana.

You're reporting an error for "BCL – May 2020 – L2 – Q3d – Governance and Ethical Issues Relating to Business"

AAA – May 2016 – L3 – Q1b – Professional responsibility and liability | Rules of professional conduct

Identify and evaluate ethical threats in an audit engagement and recommend safeguards to mitigate these threats.

You're reporting an error for "AAA – May 2016 – L3 – Q1b – Professional responsibility and liability | Rules of professional conduct"

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