Ethical Conduct – NBC Institute

CSME – Nov 2021 – L2 – Q7 – Corporate Ethics Programs

Explanation and purpose of corporate code of ethics and its content for organizations.

Question

It has become common practice among organizations to have a Corporate Code of Ethics.

Required:

a. Explain Corporate Code of Ethics and its purpose. (5 Marks)
b. Provide an outline of the content of Corporate Code of Ethics. (10 Marks)
(Total 15 Marks)

Answer

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Tags: Compliance, Corporate Code of Ethics, Ethical Conduct, Stakeholder Relations
Level: Level 2

Topic: Corporate Ethics Programs
Series: NOV 2021

CR – Nov 2017 – L3 – Q5d – Regulatory Framework and Ethics

Discuss the implications of compliance or non-compliance with the ethical code of conduct for professional accountants.

Question

A distinguishing mark of the accountancy profession is its acceptance of the responsibility to act in the public interest. Therefore, a professional accountant’s responsibility is not exclusively to satisfy the needs of an individual client or employer. In acting in the public interest, a professional accountant should observe and comply with the ethical requirements of the IFAC’s Code of Ethics. All accounting professionals are responsible for acting in the public interest, and for promoting professional ethics.

Required:
Comment on the implications of compliance or non-compliance of the ethical code of conduct by professional accountants.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ethical Conduct, IFAC Code, Professional Accountants, Public Interest
Level: Level 3

Topic: Regulatory Framework and Ethics
Series: NOV 2017

CR – Nov 2017 – L3 – Q5c – Regulatory Framework and Ethics

Discuss the impact of a partner’s family relationship on the objectivity and independence of the audit firm.

Question

Mr. Odorkor Asare is a partner of Fobes Chartered Accountants, an auditing firm. Mr. Asare was informed by the other partners to take a “compulsory leave” because he was in breach of the firm’s independence rules as his wife was the Finance Director of Millenium Insurance (an audit client). He was to resume after completion of the audit. Mr. Asare was disturbed by this notice even though he was not the reporting partner.

Required:
Discuss the stance taken by the other partners of the firm and its effect on the objectivity of Fobes Chartered Accountants.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditor Independence, Ethical Conduct, Objectivity
Level: Level 3

Topic: Regulatory Framework and Ethics
Series: NOV 2017

AAA – April 2022 – L3 – Q1b – Professional responsibility and liability

Explain parties not allowed to own financial interest in a client and identify relevant safeguards.

Question

Where an audit firm owns shares or is a trustee of a trust that holds shares in a client, there is said to be a financial interest in the client’s affairs. According to the IESBA, some selected parties are not allowed to own direct or indirect material financial interest in a client.

Required: i) Explain THREE (3) parties that are not allowed to own direct or indirect financial interest in a client. (3 marks)

ii) Identify THREE (3) safeguards that may be relevant in relation to direct or indirect financial interest in a client. (3 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditor Independence, Conflict of Interest, Ethical Conduct, Financial Interest, IESBA Guidelines
Level: Level 3

Topic: Professional responsibility and liability
Series: APR 2022

AAA – April 2022 – L3 – Q1a – Rules of professional conduct

Evaluate four factors that determine the significance of a breach of the IESBA Code of Ethics.

Question

When a firm concludes that a breach has occurred, the firm shall terminate, suspend or eliminate the interest of the relationship that caused the breach and address the consequences of the breach.

Required: Evaluate FOUR (4) factors that determine the significance of a breach of the IESBA code of ethics. (4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Practice, Breach of IESBA Code, Ethical Conduct, Professional Responsibility, Regulatory Compliance
Level: Level 3

Topic: Rules of professional conduct
Series: APR 2022

CSME – Nov 2021 – L2 – Q7 – Corporate Ethics Programs

Explanation and purpose of corporate code of ethics and its content for organizations.

Question

It has become common practice among organizations to have a Corporate Code of Ethics.

Required:

a. Explain Corporate Code of Ethics and its purpose. (5 Marks)
b. Provide an outline of the content of Corporate Code of Ethics. (10 Marks)
(Total 15 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Compliance, Corporate Code of Ethics, Ethical Conduct, Stakeholder Relations
Level: Level 2

Topic: Corporate Ethics Programs
Series: NOV 2021

CR – Nov 2017 – L3 – Q5d – Regulatory Framework and Ethics

Discuss the implications of compliance or non-compliance with the ethical code of conduct for professional accountants.

Question

Required:
Comment on the implications of compliance or non-compliance of the ethical code of conduct by professional accountants.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ethical Conduct, IFAC Code, Professional Accountants, Public Interest
Level: Level 3

Topic: Regulatory Framework and Ethics
Series: NOV 2017

CR – Nov 2017 – L3 – Q5c – Regulatory Framework and Ethics

Discuss the impact of a partner’s family relationship on the objectivity and independence of the audit firm.

Question

Required:
Discuss the stance taken by the other partners of the firm and its effect on the objectivity of Fobes Chartered Accountants.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditor Independence, Ethical Conduct, Objectivity
Level: Level 3

Topic: Regulatory Framework and Ethics
Series: NOV 2017

AAA – April 2022 – L3 – Q1b – Professional responsibility and liability

Explain parties not allowed to own financial interest in a client and identify relevant safeguards.

Question

Required: i) Explain THREE (3) parties that are not allowed to own direct or indirect financial interest in a client. (3 marks)

ii) Identify THREE (3) safeguards that may be relevant in relation to direct or indirect financial interest in a client. (3 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditor Independence, Conflict of Interest, Ethical Conduct, Financial Interest, IESBA Guidelines
Level: Level 3

Topic: Professional responsibility and liability
Series: APR 2022

AAA – April 2022 – L3 – Q1a – Rules of professional conduct

Evaluate four factors that determine the significance of a breach of the IESBA Code of Ethics.

Question

When a firm concludes that a breach has occurred, the firm shall terminate, suspend or eliminate the interest of the relationship that caused the breach and address the consequences of the breach.

Required: Evaluate FOUR (4) factors that determine the significance of a breach of the IESBA code of ethics. (4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Practice, Breach of IESBA Code, Ethical Conduct, Professional Responsibility, Regulatory Compliance
Level: Level 3

Topic: Rules of professional conduct
Series: APR 2022

Question Tag: Ethical Conduct

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CSME – Nov 2021 – L2 – Q7 – Corporate Ethics Programs

Explanation and purpose of corporate code of ethics and its content for organizations.

CR – Nov 2017 – L3 – Q5d – Regulatory Framework and Ethics

Discuss the implications of compliance or non-compliance with the ethical code of conduct for professional accountants.

CR – Nov 2017 – L3 – Q5c – Regulatory Framework and Ethics

Discuss the impact of a partner’s family relationship on the objectivity and independence of the audit firm.

AAA – April 2022 – L3 – Q1b – Professional responsibility and liability

Explain parties not allowed to own financial interest in a client and identify relevant safeguards.

AAA – April 2022 – L3 – Q1a – Rules of professional conduct

Evaluate four factors that determine the significance of a breach of the IESBA Code of Ethics.

CSME – Nov 2021 – L2 – Q7 – Corporate Ethics Programs

Explanation and purpose of corporate code of ethics and its content for organizations.

CR – Nov 2017 – L3 – Q5d – Regulatory Framework and Ethics

Discuss the implications of compliance or non-compliance with the ethical code of conduct for professional accountants.

CR – Nov 2017 – L3 – Q5c – Regulatory Framework and Ethics

Discuss the impact of a partner’s family relationship on the objectivity and independence of the audit firm.

AAA – April 2022 – L3 – Q1b – Professional responsibility and liability

Explain parties not allowed to own financial interest in a client and identify relevant safeguards.

AAA – April 2022 – L3 – Q1a – Rules of professional conduct

Evaluate four factors that determine the significance of a breach of the IESBA Code of Ethics.

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CSME – Nov 2021 – L2 – Q7 – Corporate Ethics Programs

Explanation and purpose of corporate code of ethics and its content for organizations.

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CR – Nov 2017 – L3 – Q5d – Regulatory Framework and Ethics

Discuss the implications of compliance or non-compliance with the ethical code of conduct for professional accountants.

You're reporting an error for "CR – Nov 2017 – L3 – Q5d – Regulatory Framework and Ethics"

CR – Nov 2017 – L3 – Q5c – Regulatory Framework and Ethics

Discuss the impact of a partner’s family relationship on the objectivity and independence of the audit firm.

You're reporting an error for "CR – Nov 2017 – L3 – Q5c – Regulatory Framework and Ethics"

AAA – April 2022 – L3 – Q1b – Professional responsibility and liability

Explain parties not allowed to own financial interest in a client and identify relevant safeguards.

You're reporting an error for "AAA – April 2022 – L3 – Q1b – Professional responsibility and liability"

AAA – April 2022 – L3 – Q1a – Rules of professional conduct

Evaluate four factors that determine the significance of a breach of the IESBA Code of Ethics.

You're reporting an error for "AAA – April 2022 – L3 – Q1a – Rules of professional conduct"

CSME – Nov 2021 – L2 – Q7 – Corporate Ethics Programs

Explanation and purpose of corporate code of ethics and its content for organizations.

You're reporting an error for "CSME – Nov 2021 – L2 – Q7 – Corporate Ethics Programs"

CR – Nov 2017 – L3 – Q5d – Regulatory Framework and Ethics

Discuss the implications of compliance or non-compliance with the ethical code of conduct for professional accountants.

You're reporting an error for "CR – Nov 2017 – L3 – Q5d – Regulatory Framework and Ethics"

CR – Nov 2017 – L3 – Q5c – Regulatory Framework and Ethics

Discuss the impact of a partner’s family relationship on the objectivity and independence of the audit firm.

You're reporting an error for "CR – Nov 2017 – L3 – Q5c – Regulatory Framework and Ethics"

AAA – April 2022 – L3 – Q1b – Professional responsibility and liability

Explain parties not allowed to own financial interest in a client and identify relevant safeguards.

You're reporting an error for "AAA – April 2022 – L3 – Q1b – Professional responsibility and liability"

AAA – April 2022 – L3 – Q1a – Rules of professional conduct

Evaluate four factors that determine the significance of a breach of the IESBA Code of Ethics.

You're reporting an error for "AAA – April 2022 – L3 – Q1a – Rules of professional conduct"

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