Chapter 9 - Ethics General Flashcards
1
Q
What are the sources of ethical guidance and who they apply to?
A
IFAC Code of ethics - all accountants
ICAEW Code of ethics - all ICAEW members and trainees
FRC ethical standard - applies to UK auditors
2
Q
What are covered persons?
A
partners and staff
anyone at disposal (expert)
supervisors/management
anyone in a position to influence outcome of audit
3
Q
ICAEW code of ethics:
Confidentiality - DUTY to disclose
A
Regulator
Court
Money laundering
4
Q
ICAEW code of ethics:
Confidentiality - RIGHT to disclose
A
client permission
public interest
defend in legal proceeding
5
Q
ICAEW conflict of interest
if two competitors?
A
separate teams
information barrier
confidentiality agreement
review safeguard by partner
