Fundamental Principles – NBC Institute

AAA – May 2018 – L3 – SB – Q4 – Ethical Issues in Auditing

Educate staff on IFAC’s Code of Ethics principles, types of independence, and general sources of ethical threats in accounting.

Question

You are the HR partner in Ekemode & Company (Chartered Accountants). As part of the continuous training program of your firm, you are to organize an in-house seminar to educate the staff of your firm on Rules of Professional Conduct. You have decided to emphasize the IFAC’s Code of Ethics for Professional Accountants published by the International Ethics Standard Board for Accountants (IESBA), which was recently adopted by ICAN into their localized code called “The Professional Code of Conduct and Guide for Members.”

Required:

a. Explain briefly the FIVE fundamental principles of the IFAC’s Code of Ethics for Professional Accountants. (7½ Marks)

b. Explain independence of mind and independence of appearance to the staff. (5 Marks)

c. Explain briefly THREE general sources of threat to the fundamental principles of the IFAC’s Code of Ethics for Professional Accountants. (7½ Marks)

(Total 20 Marks)

Answer

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Tags: Ethical Threats, Fundamental Principles, ICAN Code, IESBA, IFAC Code of Ethics, Independence, Professional Conduct, Professional Ethics
Level: Level 3

Topic: Ethical Issues in Auditing
Series: MAY 2018

FA – Nov 2011 – L1 – SA – Q15 – Accounting Concepts

This question asks which of the given options does not belong to the group of accounting concepts.

Question

Which of the following does not belong to the group?
A. Going concern concept
B. Realisation concept
C. Matching concept
D. Entity concept
E. Profitability concept

Answer

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Tags: Accounting Concepts, Fundamental Principles
Level: Level 1

Topic: Accounting Concepts
Series: NOV 2011

AA – May 2019 – L2 – Q6 – Professional Ethics and Code of Conduct for Auditors (IESBA Code)

Examination of weaknesses in rules-based ethics, fundamental principles of principles-based ethics, and accountants' duty of care and public interest.

Question

Rules-based code of ethics contains specific rules about how accountants should act in specific situations. Principles-based code of ethics specifies general principles of ethical behaviour and requires professional accountants to act in accordance with the principles. Both are issued by professional accountancy bodies to regulate the conduct of accountants in the course of performing their duties. All accountants who are members of a professional body, such as the Institute of Chartered Accountants of Nigeria, are required to comply with the regulations of that professional body which apply to both external and internal auditors. The reason for the wide reach of ethical guidelines is that the accountancy profession accepts that its members have a responsibility to act in the public interest while discharging their duties.

You are required to:

a. State THREE of the weaknesses of rules-based code of ethics. (3 Marks)

b. Identify FIVE key fundamental principles in the principles-based code. (5 Marks)

c. Explain the phrase “Duty of skill and care.” (2 Marks)

d. When are accountants said to be “acting in the public interest”? (5 Marks)

Answer

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Tags: Duty of Care, Fundamental Principles, Principles-Based Ethics, Public Interest, Rules-Based Ethics
Level: Level 2

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

Find Related Questions by Tags, levels, etc.

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

Topic: Professional and Ethical Considerations
Series: JULY 2023

AAA – May 2018 – L3 – SB – Q4 – Ethical Issues in Auditing

Educate staff on IFAC’s Code of Ethics principles, types of independence, and general sources of ethical threats in accounting.

Question

Required:

a. Explain briefly the FIVE fundamental principles of the IFAC’s Code of Ethics for Professional Accountants. (7½ Marks)

b. Explain independence of mind and independence of appearance to the staff. (5 Marks)

c. Explain briefly THREE general sources of threat to the fundamental principles of the IFAC’s Code of Ethics for Professional Accountants. (7½ Marks)

(Total 20 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ethical Threats, Fundamental Principles, ICAN Code, IESBA, IFAC Code of Ethics, Independence, Professional Conduct, Professional Ethics
Level: Level 3

Topic: Ethical Issues in Auditing
Series: MAY 2018

FA – Nov 2011 – L1 – SA – Q15 – Accounting Concepts

This question asks which of the given options does not belong to the group of accounting concepts.

Question

Which of the following does not belong to the group?
A. Going concern concept
B. Realisation concept
C. Matching concept
D. Entity concept
E. Profitability concept

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Concepts, Fundamental Principles
Level: Level 1

Topic: Accounting Concepts
Series: NOV 2011

AA – May 2019 – L2 – Q6 – Professional Ethics and Code of Conduct for Auditors (IESBA Code)

Examination of weaknesses in rules-based ethics, fundamental principles of principles-based ethics, and accountants' duty of care and public interest.

Question

You are required to:

a. State THREE of the weaknesses of rules-based code of ethics. (3 Marks)

b. Identify FIVE key fundamental principles in the principles-based code. (5 Marks)

c. Explain the phrase “Duty of skill and care.” (2 Marks)

d. When are accountants said to be “acting in the public interest”? (5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Duty of Care, Fundamental Principles, Principles-Based Ethics, Public Interest, Rules-Based Ethics
Level: Level 2

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

Find Related Questions by Tags, levels, etc.

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

Topic: Professional and Ethical Considerations
Series: JULY 2023

Question Tag: Fundamental Principles

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AAA – May 2018 – L3 – SB – Q4 – Ethical Issues in Auditing

Educate staff on IFAC’s Code of Ethics principles, types of independence, and general sources of ethical threats in accounting.

FA – Nov 2011 – L1 – SA – Q15 – Accounting Concepts

This question asks which of the given options does not belong to the group of accounting concepts.

AA – May 2019 – L2 – Q6 – Professional Ethics and Code of Conduct for Auditors (IESBA Code)

Examination of weaknesses in rules-based ethics, fundamental principles of principles-based ethics, and accountants' duty of care and public interest.

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

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

AAA – May 2018 – L3 – SB – Q4 – Ethical Issues in Auditing

Educate staff on IFAC’s Code of Ethics principles, types of independence, and general sources of ethical threats in accounting.

FA – Nov 2011 – L1 – SA – Q15 – Accounting Concepts

This question asks which of the given options does not belong to the group of accounting concepts.

AA – May 2019 – L2 – Q6 – Professional Ethics and Code of Conduct for Auditors (IESBA Code)

Examination of weaknesses in rules-based ethics, fundamental principles of principles-based ethics, and accountants' duty of care and public interest.

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

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

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AAA – May 2018 – L3 – SB – Q4 – Ethical Issues in Auditing

Educate staff on IFAC’s Code of Ethics principles, types of independence, and general sources of ethical threats in accounting.

You're reporting an error for "AAA – May 2018 – L3 – SB – Q4 – Ethical Issues in Auditing"

FA – Nov 2011 – L1 – SA – Q15 – Accounting Concepts

This question asks which of the given options does not belong to the group of accounting concepts.

You're reporting an error for "FA – Nov 2011 – L1 – SA – Q15 – Accounting Concepts"

AA – May 2019 – L2 – Q6 – Professional Ethics and Code of Conduct for Auditors (IESBA Code)

Examination of weaknesses in rules-based ethics, fundamental principles of principles-based ethics, and accountants' duty of care and public interest.

You're reporting an error for "AA – May 2019 – L2 – Q6 – Professional Ethics and Code of Conduct for Auditors (IESBA Code)"

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"

AAA – May 2018 – L3 – SB – Q4 – Ethical Issues in Auditing

Educate staff on IFAC’s Code of Ethics principles, types of independence, and general sources of ethical threats in accounting.

You're reporting an error for "AAA – May 2018 – L3 – SB – Q4 – Ethical Issues in Auditing"

FA – Nov 2011 – L1 – SA – Q15 – Accounting Concepts

This question asks which of the given options does not belong to the group of accounting concepts.

You're reporting an error for "FA – Nov 2011 – L1 – SA – Q15 – Accounting Concepts"

AA – May 2019 – L2 – Q6 – Professional Ethics and Code of Conduct for Auditors (IESBA Code)

Examination of weaknesses in rules-based ethics, fundamental principles of principles-based ethics, and accountants' duty of care and public interest.

You're reporting an error for "AA – May 2019 – L2 – Q6 – Professional Ethics and Code of Conduct for Auditors (IESBA Code)"

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"

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