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In a recent study involving different users of financial services in Nigeria, various types of unethical behaviour have been identified. Which of the following does NOT have general application in the industry?
A. Any act that does not follow the norms of a profession
B. Any act not in consonance with professional code of conduct
C. A conduct that is morally adjudged wrong, unbecoming, and below expectation
D. Behaviour that is based on moral or pre-modial principles
E. Deviations from standard and known code of conduct guiding an operation
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Quality control in audit is maintained by professional accountancy bodies through all the following EXCEPT:
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Professional ethics are essential for building trust and credibility with clients, colleagues, and society. The integrity and reputation of the profession are upheld by members who demonstrate ethical and globally accepted professional behavior. A retreat on “Ethics and professionalism in tax management in Nigeria” is to be organized by a reputable professional accounting firm for its newly employed audit officers and tax consultants.
Your professional accounting firm has been invited to send a resource person to present a paper at the workshop.
As the accounting firm’s Senior Manager (Audit), you are mandated to prepare and present the paper at the workshop covering the following areas:
a. Categories of threats that may pose a challenge to compliance with fundamental principles of the accounting profession. (3 Marks)
b. Safeguards that can be used to eliminate or reduce the identified threats. (4 Marks)
c. Identification of specific legal and ethical issues that could arise from tax engagements. (7 Marks)
d. Powers available to The Institute of Chartered Accountants of Nigeria (ICAN) in enforcing the ethical standards of its members. (6 Marks)
(Total 20 Marks)
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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)
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a. Agency problems and conflicts are common in all organisations.
Required:
Explain the concept of agency problems and discuss FIVE types of agency conflicts that might exist in an organisation. (8 Marks)
b. Tucker‟s Five Question Model can be employed in training new professional accountants in ethics.
Required:
Explain the issues covered by the Tucker‟s Five Question Model. (7 Marks)
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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:
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Find Related Questions by Tags, levels, etc.
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In the course of carrying out their assignments, the auditors are usually faced with threats created by a broad range of circumstances.
a. Explain THREE types of threats usually faced by auditors. (6 Marks)
b. Explain the circumstances that may give rise to the threats in (a) above. (6 Marks)
c. Highlight THREE major categories of safeguards which may mitigate or reduce threats to auditors. (3 Marks)
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The ICAN Professional Code of Conduct and Guide for Members requires every member or student of the Institute to always “act professionally” and in “the public interest” in the discharge of their responsibilities.
Required:
Discuss briefly „acting in the public interest‟.
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The ICAN Professional Code of Conduct and Guide for Members requires every member or student of the Institute to always “act professionally” and in “the public interest” in the discharge of their responsibilities.
Required:
a. Explain “act professionally” in relation to the ICAN code. (1 Mark)
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Ade, Chika, Idris and company is an independent firm of Chartered Accountants. The firm intends to resign its appointment for non-payment of professional fees to it for some time by the management of Tisco Ventures Limited.
Required:
a. Explain other reasons that may cause a professional firm to resign from an audit engagement. (3 Marks)
b. Explain the procedures for the resignation of current auditors as per provision of company legislations. (10 Marks)
c. State the ethical position as stated in the ICAN code on another auditor taking up the appointment after the resignation of the current auditor applicable to this type of situation. (2 Marks)
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You have been invited to facilitate a session on how to deal with ethical conflicts based on the Institute of Chartered Accountants of Nigeria code of professional conduct. Discuss the six stages in handling ethical conflicts.
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a) Kwadwo Kusi (KK), the Financial Accountant of Dibimame Ltd was reviewing the draft
financial statements prepared by an Accounts Officer and came across the following issues:
i) In calculating the interest on staff loan, the Accounts Officer in error applied 5% instead of
10% interest rate. KK is a beneficiary of the staff loan and a member of the staff loan
committee.
ii) The staff union has demanded a separate accounts for the staff loan. This they advise would
promote transparency and accountability in the process and approval of loans.
iii) Included in accounts receivables was a company known as Sede Ltd, owned by his motherin law. Instead of an outstanding amount of GH¢60,000, the account balance as per the
draft financial statements was GH¢80,000.
iv) The CEO who is known to be domineering has an outstanding balance of GH¢100,000.
This was as a result of cumulative unaccountable imprest which is against the accounting
policy of Dibimame Ltd.
Required:
Identify, evaluate and address the above threats to compliance with the fundamental
principles of good ethical behavior, KK is confronted with
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a) At LCH, the Financial Accountant and the Internal Auditor have been designated as Ethics Focal Persons (EFP) to raise awareness of good ethical behavior among the staff.
As a student of ethics, explain FIVE (5) reasons why good ethical behavior (study and application of ethics) is important to today’s Accountant.
(5 marks)
b) The general public has high expectations of the accountancy profession and the idea of an ethical profession should be reinforced in their minds.
State THREE (3) reasons why the general public has high expectations of the accountancy profession to ensure good corporate governance practices.
(5 marks)
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Find Related Questions by Tags, levels, etc.
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