Professional Responsibilities

AA – May 2022 – L2 – SB – Q2 – Professional Ethics and Code of Conduct for Auditors

Discuss the fundamental principles of ICAN Code of Conduct for auditors and under what circumstances auditors may disclose information to third parties.

Question

There are five fundamental principles of ICAN code of conduct for members which auditors must comply with while carrying out their duties as auditors.

a. Explain the requirements for the application of ethics by ICAN members. (5 Marks)
b. Explain the fundamental principles of ICAN code of ethics. (10 Marks)
c. Under what circumstances may an auditor be required to disclose information to a third party? (5 Marks)

Answer

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Tags: Auditor Ethics, Ethical Standards, ICAN Code of Conduct, Professional Responsibilities
Level: Level 2

Topic: Professional Ethics and Code of Conduct for Auditors
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

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 – May 2022 – L2 – SB – Q2 – Professional Ethics and Code of Conduct for Auditors

Discuss the fundamental principles of ICAN Code of Conduct for auditors and under what circumstances auditors may disclose information to third parties.

Question

There are five fundamental principles of ICAN code of conduct for members which auditors must comply with while carrying out their duties as auditors.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditor Ethics, Ethical Standards, ICAN Code of Conduct, Professional Responsibilities
Level: Level 2

Topic: Professional Ethics and Code of Conduct for Auditors
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

Question Tag: Professional Responsibilities

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AA – May 2022 – L2 – SB – Q2 – Professional Ethics and Code of Conduct for Auditors

Discuss the fundamental principles of ICAN Code of Conduct for auditors and under what circumstances auditors may disclose information to third parties.

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.

AA – May 2022 – L2 – SB – Q2 – Professional Ethics and Code of Conduct for Auditors

Discuss the fundamental principles of ICAN Code of Conduct for auditors and under what circumstances auditors may disclose information to third parties.

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.

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AA – May 2022 – L2 – SB – Q2 – Professional Ethics and Code of Conduct for Auditors

Discuss the fundamental principles of ICAN Code of Conduct for auditors and under what circumstances auditors may disclose information to third parties.

You're reporting an error for "AA – May 2022 – L2 – SB – Q2 – Professional Ethics and Code of Conduct for Auditors"

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 – May 2022 – L2 – SB – Q2 – Professional Ethics and Code of Conduct for Auditors

Discuss the fundamental principles of ICAN Code of Conduct for auditors and under what circumstances auditors may disclose information to third parties.

You're reporting an error for "AA – May 2022 – L2 – SB – Q2 – Professional Ethics and Code of Conduct for Auditors"

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"

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