IESBA – 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

BMF – Nov 2022 – L1 – SA – Q10 – The Role of Professional Accountants in Business and Society

This question tests knowledge of the meaning of IESBA.

Question

The acronym ‘IESBA’ denotes:
A. International Ethical Standards Board for Accountants
B. International Ethics Standards Boards for Accountants
C. International Ethics Standard Board for Accountants
D. International Ethics Standards Board for Accountants
E. International Ethic Standard Board for Accountants

Answer

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Tags: Accounting Ethics, Ethical Standards, IESBA
Level: Level 1

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

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

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 – Nov 2021 – L2 – Q3a – Professional and Ethical Considerations

Lists areas of non-compliance by clients and explains actions auditors can take when they become aware of non-compliance situations.

Question

The International Ethics Standards Board for Accountants (IESBA) code guides all Professional Accountants on how to respond when their clients are not complying with the laws and regulations of a country or a state.

Required:
i) State FIVE (5) areas where auditees can be non-compliant.
ii) When an auditor becomes aware of non-compliant situations, what FIVE (5) actions can the auditor take?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditor Actions, Ethics, IESBA, Legal Violations, Non-compliance
Level: Level 2

Topic: Professional and Ethical Considerations
Series: NOV 2021

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

BMF – Nov 2022 – L1 – SA – Q10 – The Role of Professional Accountants in Business and Society

This question tests knowledge of the meaning of IESBA.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Ethics, Ethical Standards, IESBA
Level: Level 1

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

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 – Nov 2021 – L2 – Q3a – Professional and Ethical Considerations

Lists areas of non-compliance by clients and explains actions auditors can take when they become aware of non-compliance situations.

Question

Required:
i) State FIVE (5) areas where auditees can be non-compliant.
ii) When an auditor becomes aware of non-compliant situations, what FIVE (5) actions can the auditor take?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditor Actions, Ethics, IESBA, Legal Violations, Non-compliance
Level: Level 2

Topic: Professional and Ethical Considerations
Series: NOV 2021

Question Tag: IESBA

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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.

BMF – Nov 2022 – L1 – SA – Q10 – The Role of Professional Accountants in Business and Society

This question tests knowledge of the meaning of IESBA.

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

Identification of major threats to compliance with professional ethics.

AA – Nov 2021 – L2 – Q3a – Professional and Ethical Considerations

Lists areas of non-compliance by clients and explains actions auditors can take when they become aware of non-compliance situations.

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.

BMF – Nov 2022 – L1 – SA – Q10 – The Role of Professional Accountants in Business and Society

This question tests knowledge of the meaning of IESBA.

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

Identification of major threats to compliance with professional ethics.

AA – Nov 2021 – L2 – Q3a – Professional and Ethical Considerations

Lists areas of non-compliance by clients and explains actions auditors can take when they become aware of non-compliance situations.

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Question Tag: IESBA

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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.

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BMF – Nov 2022 – L1 – SA – Q10 – The Role of Professional Accountants in Business and Society

This question tests knowledge of the meaning of IESBA.

You're reporting an error for "BMF – Nov 2022 – L1 – SA – Q10 – The Role of Professional Accountants in Business and Society"

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 – Nov 2021 – L2 – Q3a – Professional and Ethical Considerations

Lists areas of non-compliance by clients and explains actions auditors can take when they become aware of non-compliance situations.

You're reporting an error for "AA – Nov 2021 – L2 – Q3a – 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"

BMF – Nov 2022 – L1 – SA – Q10 – The Role of Professional Accountants in Business and Society

This question tests knowledge of the meaning of IESBA.

You're reporting an error for "BMF – Nov 2022 – L1 – SA – Q10 – The Role of Professional Accountants in Business and Society"

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 – Nov 2021 – L2 – Q3a – Professional and Ethical Considerations

Lists areas of non-compliance by clients and explains actions auditors can take when they become aware of non-compliance situations.

You're reporting an error for "AA – Nov 2021 – L2 – Q3a – Professional and Ethical Considerations"

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