Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Audit Mnemonics ICAP > Ch# 13 Professional ethics and code of conduct > Flashcards

Ch# 13 Professional ethics and code of conduct Flashcards

1
Q

Fundamental principles of ethics

A

POPCI

Professional behavior
Objectivity
Professional competence and due care
Confidentiality
Integrity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Integrity

A

BAD FONTS or [ BTS DA FON ]

Business relationship
Truthfulness
Straight forward

Disassociate
Associate

False
Omits
Necessary info.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Objectivity

A

PUS on CUB or [ BUS on CUP ]

Professional judgment
Unduly influence
Service

Conflict of interest
Undue influence
Bias

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Confidentiality Principle

A

I FEDUP PSX

Individuals

Firm
Ensure
Disclose
Under
Personal Advantage

Prospective clients
Social envirnoment
X~~~> Ex-clients

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Exceptions of confidentiality principle

A

L(DPN) R(RIP^2) A

LAW
Disclose
Public authorities
Non-compliance

Right
Requirement
Inquiry/Investigation
Professional interest
Program (QCR)

Authorized

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Factors considering while disclosing confidential information

A

IPS HR

Interest
Proposed
Substantiated

Harmed
Recipients

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Professional competence and due care

A

MASKED IAS EAT

Maintain
Attain
Skill
Knowledge
Ensure
Diligently

Inherent limitation
Aware
Supervision
!!!
Ensure
Appropriate
Training

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Professional behavior

A

CARD LAP

Comply
Avoid
Regulations
Discredit

Laws
Actions
Profession

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Threats on fundamental principles of ethics

A

S-SAFI

Self-interest
Self-review
Advocacy
Familiarity
Intimidation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Examples of self interest threat

A

FFC BELL

Financial interest
Fees dependence
Contingent

Business relationship with client
Employment potential
Loan taken from client
Losing possibility of client

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Examples of self review threat

A

DOSSED

Discover of significant error during re-evaluation
Original data prepared by firm and audit is also performed by same firm
Systems are designed by firm and reporting on their operations
Subject matter directly affects
Employed by client that influence directly on subject matter
Director or officer of that client

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Examples of Advocacy threat

A

PSL

Promoting
Shares
Litigation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Examples of Familiarity threat

A

LPG DF

Long association
Preferential treatment
Gifts

Director or officer
Family relationship

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Examples of intimidation threat

A

DRL (Day time running lamp)

Dismissal or replacement
Reduce
Litigation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Significance of threats?

A

GREED CUM

Governance
Report
Educational
Experience
Disciplinary

Complaint
Unethical behaviour
Monitoring

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Addressing threats?

A

SDC

Safeguard
Decline the engagement
Circumstances eliminate

17
Q

Professional skepticism helps in achieving?

A

IPO

Integrity
Professional competence and due care
Objectivity

Audit Mnemonics ICAP (5 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions