Self-Interest – NBC Institute

CR – Nov 2022 – L3 – Q6 – Ethical Issues in Corporate Reporting

Evaluate ethical threats and recommend safeguards in corporate reporting practices.

Question

Compliance with the fundamental ethical principles may potentially be threatened by a broad range of circumstances. It is expected for professional members to evaluate identified threats and put up enough safeguards as appropriate responses to such threats. Unless any threat is clearly insignificant, members must implement safeguards to eliminate the threats or reduce them to an acceptable level so that compliance with the fundamental principles is not compromised. Many threats fall into the following categories:

i. Self-interest;
ii. Self-review;
iii. Advocacy;
iv. Familiarity; and
v. Intimidation.

Required:
a. Evaluate two circumstances which may give rise to each of the categories of threats enumerated above. (10 Marks)
b. Recommend two safeguards to eliminate or reduce the threats to an acceptable level. (5 Marks)
(Total 15 Marks)

Answer

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Tags: Advocacy, Ethical Threats, Intimidation, Safeguards, Self-Interest
Level: Level 3

Topic: Ethical Issues in Corporate Reporting
Series: NOV 2022

AA – Nov 2014 – L2 – Q5 – Professional Ethics and Code of Conduct for Auditors

Explain threats to auditor independence and provide examples of each.

Question

The ICAN Professional Code of Conduct and Guide for Members gives a list of threats to auditors’ independence, which may impair integrity, objectivity, or the good reputation of the profession.

Required:

Explain the following threats and give TWO examples each of circumstances that may lead to the threats:

a. Self-Interest (3 Marks)

b. Self-Review (3 Marks)

c. Advocacy (3 Marks)

d. Familiarity (3 Marks)

e. Intimidation (3 Marks)

Answer

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Tags: Advocacy, Auditor Independence, Familiarity, Intimidation, Self-Interest, Self-Review
Level: Level 2

Topic: Professional Ethics and Code of Conduct for Auditors

BMF – May 2015 – L1 – SA – Q5 – The Role of Professional Accountants in Business and Society

This question tests knowledge of ethical theories, specifically focusing on one that prioritizes self-interest as the basis for human conduct.

Question

Which of the following ethical theories expresses the view that human conduct should be based exclusively on self-interest?

A. Normative ethics
B. Applied ethics
C. Ethical egoism
D. Ethics of duty
E. Virtue ethics

Answer

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Tags: Ethical Theories, Ethics, Self-Interest
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: MAY 2015

AA – April 2022 – L2 – Q5a – Professional and Ethical Considerations

Identifies, evaluates, and addresses ethical threats faced by an audit firm in its engagement with a new client.

Question

External Auditors. This happens to be the first client of Agassi. The books of account for Sampras were incomplete, and Agassi agreed to prepare the financial statements for the year-end 31 December 2021.

The Accountant of Sampras doubles as the Sales Manager, and Agassi agreed to second one of its staff to assist the Accountant in Sampras. The business relationship between Agassi and Sampras has started on a good note, and they intend to continue into the foreseeable future. The Managing Director of Sampras worked as a Partner of one of the Big 4 audit firms.

Required:
Identify, evaluate, and address threats faced by Agassi. (10 marks)

Answer

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Tags: Auditor Independence, Ethical Threats, Professional Standards, Self-Interest, Self-Review
Level: Level 2

Topic: Professional and Ethical Considerations
Series: APR 2022

CR – Nov 2022 – L3 – Q6 – Ethical Issues in Corporate Reporting

Evaluate ethical threats and recommend safeguards in corporate reporting practices.

Question

i. Self-interest;
ii. Self-review;
iii. Advocacy;
iv. Familiarity; and
v. Intimidation.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Advocacy, Ethical Threats, Intimidation, Safeguards, Self-Interest
Level: Level 3

Topic: Ethical Issues in Corporate Reporting
Series: NOV 2022

AA – Nov 2014 – L2 – Q5 – Professional Ethics and Code of Conduct for Auditors

Explain threats to auditor independence and provide examples of each.

Question

The ICAN Professional Code of Conduct and Guide for Members gives a list of threats to auditors’ independence, which may impair integrity, objectivity, or the good reputation of the profession.

Required:

Explain the following threats and give TWO examples each of circumstances that may lead to the threats:

a. Self-Interest (3 Marks)

b. Self-Review (3 Marks)

c. Advocacy (3 Marks)

d. Familiarity (3 Marks)

e. Intimidation (3 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Advocacy, Auditor Independence, Familiarity, Intimidation, Self-Interest, Self-Review
Level: Level 2

Topic: Professional Ethics and Code of Conduct for Auditors

BMF – May 2015 – L1 – SA – Q5 – The Role of Professional Accountants in Business and Society

This question tests knowledge of ethical theories, specifically focusing on one that prioritizes self-interest as the basis for human conduct.

Question

Which of the following ethical theories expresses the view that human conduct should be based exclusively on self-interest?

A. Normative ethics
B. Applied ethics
C. Ethical egoism
D. Ethics of duty
E. Virtue ethics

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ethical Theories, Ethics, Self-Interest
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: MAY 2015

AA – April 2022 – L2 – Q5a – Professional and Ethical Considerations

Identifies, evaluates, and addresses ethical threats faced by an audit firm in its engagement with a new client.

Question

Required:
Identify, evaluate, and address threats faced by Agassi. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditor Independence, Ethical Threats, Professional Standards, Self-Interest, Self-Review
Level: Level 2

Topic: Professional and Ethical Considerations
Series: APR 2022

Question Tag: Self-Interest

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CR – Nov 2022 – L3 – Q6 – Ethical Issues in Corporate Reporting

Evaluate ethical threats and recommend safeguards in corporate reporting practices.

AA – Nov 2014 – L2 – Q5 – Professional Ethics and Code of Conduct for Auditors

Explain threats to auditor independence and provide examples of each.

BMF – May 2015 – L1 – SA – Q5 – The Role of Professional Accountants in Business and Society

This question tests knowledge of ethical theories, specifically focusing on one that prioritizes self-interest as the basis for human conduct.

AA – April 2022 – L2 – Q5a – Professional and Ethical Considerations

Identifies, evaluates, and addresses ethical threats faced by an audit firm in its engagement with a new client.

CR – Nov 2022 – L3 – Q6 – Ethical Issues in Corporate Reporting

Evaluate ethical threats and recommend safeguards in corporate reporting practices.

AA – Nov 2014 – L2 – Q5 – Professional Ethics and Code of Conduct for Auditors

Explain threats to auditor independence and provide examples of each.

BMF – May 2015 – L1 – SA – Q5 – The Role of Professional Accountants in Business and Society

This question tests knowledge of ethical theories, specifically focusing on one that prioritizes self-interest as the basis for human conduct.

AA – April 2022 – L2 – Q5a – Professional and Ethical Considerations

Identifies, evaluates, and addresses ethical threats faced by an audit firm in its engagement with a new client.

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Question Tag: Self-Interest

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CR – Nov 2022 – L3 – Q6 – Ethical Issues in Corporate Reporting

Evaluate ethical threats and recommend safeguards in corporate reporting practices.

You're reporting an error for "CR – Nov 2022 – L3 – Q6 – Ethical Issues in Corporate Reporting"

AA – Nov 2014 – L2 – Q5 – Professional Ethics and Code of Conduct for Auditors

Explain threats to auditor independence and provide examples of each.

You're reporting an error for "AA – Nov 2014 – L2 – Q5 – Professional Ethics and Code of Conduct for Auditors"

BMF – May 2015 – L1 – SA – Q5 – The Role of Professional Accountants in Business and Society

This question tests knowledge of ethical theories, specifically focusing on one that prioritizes self-interest as the basis for human conduct.

You're reporting an error for "BMF – May 2015 – L1 – SA – Q5 – The Role of Professional Accountants in Business and Society"

AA – April 2022 – L2 – Q5a – Professional and Ethical Considerations

Identifies, evaluates, and addresses ethical threats faced by an audit firm in its engagement with a new client.

You're reporting an error for "AA – April 2022 – L2 – Q5a – Professional and Ethical Considerations"

CR – Nov 2022 – L3 – Q6 – Ethical Issues in Corporate Reporting

Evaluate ethical threats and recommend safeguards in corporate reporting practices.

You're reporting an error for "CR – Nov 2022 – L3 – Q6 – Ethical Issues in Corporate Reporting"

AA – Nov 2014 – L2 – Q5 – Professional Ethics and Code of Conduct for Auditors

Explain threats to auditor independence and provide examples of each.

You're reporting an error for "AA – Nov 2014 – L2 – Q5 – Professional Ethics and Code of Conduct for Auditors"

BMF – May 2015 – L1 – SA – Q5 – The Role of Professional Accountants in Business and Society

This question tests knowledge of ethical theories, specifically focusing on one that prioritizes self-interest as the basis for human conduct.

You're reporting an error for "BMF – May 2015 – L1 – SA – Q5 – The Role of Professional Accountants in Business and Society"

AA – April 2022 – L2 – Q5a – Professional and Ethical Considerations

Identifies, evaluates, and addresses ethical threats faced by an audit firm in its engagement with a new client.

You're reporting an error for "AA – April 2022 – L2 – Q5a – Professional and Ethical Considerations"

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