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AAA Vocabulary > Block 2 - Ethical And Professional Issues > Flashcards

Block 2 - Ethical And Professional Issues Flashcards

1
Q

Ethical matters

A
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2
Q

Professional matters

A
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3
Q

Exposure draft amendments

A

Revisions to promote role and mindset of professional accountant

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4
Q

Code of Conduct

A

Published by IESBA

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5
Q

Code of ethics

A
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6
Q

Ethical sides of accountant

A
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7
Q

Integrity

A

Honesty, straightforward

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8
Q

Objectivity

A

Independence threats

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9
Q

Confidentiality

A
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10
Q

Professional sides of an accountant

A
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11
Q

Professional behavior

A

Adherence to applicable law for audit and non-audit services (e.g. IASs).

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12
Q

Professional competence and due care

A

Industry or service specialization thus competence; service conducted with care (skeptical mindset, careful planning, sufficient, appropriate evidence, review of work performed)

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13
Q

Ensure info and explanations kept confidential

A
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14
Q

Exceptions

A
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15
Q

Obligatory disclosure

A

By law, to regulatory authority e.g. NOCLAR

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16
Q

Break confidentiality

A
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17
Q

Voluntary disclosure

A

Public interest - optional, exercise discretion

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18
Q

Judgement

A
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19
Q

Information access

A
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20
Q

Cannot disclose information for personal gain

A
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21
Q

Inform public at large

A
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22
Q

Legal guidance by consultant

A
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23
Q

Money laundering

A

MLRO, then MLRO decides future course of action - obligatory disclosure fulfilled by auditor

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24
Q

Middle managent discussion

A
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25
Q

TCWG management discussion

A
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26
Q

Inform regulator (obligatory disclosure)

A
27
Q

Voluntary disclosure

A
28
Q

Conflicts of interest

A
29
Q

Client competitors

A
30
Q

Nothing improper

A
31
Q

Safeguards

A
32
Q

Consent of management

A
33
Q

Notify client

A
34
Q

Different team

A
35
Q

Permission

A
36
Q

Different partners, different independent second partner reviewers

A
37
Q

Confidentiality agreement

A
38
Q

Both teams

A
39
Q

No information sharing

A
40
Q

Legal trouble

A
41
Q

Client with higher audit fee

A
42
Q

Commercial interest

A
43
Q

Threats to objectivity

A
44
Q

Self-interest

A
45
Q

Self-review

A
46
Q

Intimidation

A

E.g. client says auditor will get low fees

47
Q

Familiarity

A
48
Q

Advocacy

A
49
Q

Management threat

A
50
Q

Justification

A
51
Q

Management responsibilities assumed

A

Prepare financial statements, develop and implement sound internal controls, recruit Human Resources, strategic decisions

52
Q

Segregation

A
53
Q

No safeguards

A
54
Q

Ethical threats

A
55
Q

Listed companies

A
56
Q

Non-listed companies

A
57
Q

Big companies management threat is the same

A
58
Q

Small companies owner managed

A

Can assume management responsibilities because management can lack competence and skill

59
Q

Safeguards

A
60
Q

Change/rotate person

A
61
Q

Discuss with TCWG

A

Intimidation

62
Q

Different teams

A

Self-review

63
Q

Advocacy

A

Politely decline as listed company, permissible as long as safeguards for no -listed company

64
Q

Prohibited contingent fees, dispose of shares, recover outstanding fees first

A

Self-interest

AAA Vocabulary (17 decks)

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