Question Tag: Self-Review

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

Explain threats to auditor independence and provide examples of each.

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)

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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.

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)

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

Explain threats to auditor independence and provide examples of each.

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)

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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.

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)

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