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Auditing (india) > Professional Ethics > Flashcards

Professional Ethics Flashcards

1
Q

Integrity

A

Straightforward

Honest

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2
Q

Obejctivity

A

Not bias

Avoid conflict of interest

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3
Q

Professional competence and due care

A

Maintain professional knowledge

Act diligently

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4
Q

Confidentiality

A

Not disclose without authority of the client

Or unless law and regulations require such disclosure

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5
Q

Professional competence

A

Avoid any behavior that discredit the the profession

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6
Q

Fundamental principles

A 
Integrity 
Obejctivity
Professional competence and due care
Confidentiality
Professional behavior
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7
Q

Circumstances where disclosure of information of client is appropriate

A

Permitted by law and authorized by the client
External inspection
To safeguard professional interests of professional
To respond tone quirky or investigation

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8
Q

Threats in compliance of fundamental principles

A 
Self interest threat
Self review threat
Familiarity threat
Advocacy threat
Intimidation threat
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9
Q

Safeguard created by the profession to reduce threats

A 
Education, training and experience requirements to enter the profession
Continue professional development 
Professional standard
External reviews
Professional or regulatory developments
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10
Q

Firm wide safeguards in work environment

A

A senior management posing as a leader introduced the documents policies in relation with independence and internal policies which was timely communicated by publishing e policies and adequate training is being provided

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11
Q

Certificate of practice

A

Sec 6 of CA act, 1949

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12
Q

Members to be known as chartered accountant

A

Section 7 of CA act, 1949

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13
Q

Disability or disqualification OF Ca

A

Section 8

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14
Q

First schedule matter before which authority

A

Board of discipline
Reprimand the member
Remove name up to period of 3 months
Impose fine up to 100000

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15
Q

Second scheduled matter before and punishment .

A

Disciplinary committee
Reprimand the member
Remove the name from register permanently or for a fix period
Impose fine up to 500000

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16
Q

Penalty for falsely claiming to be a member

A

Sec 24
First conviction 1000
Subsequent conviction 5000 or 6 months jail

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17
Q

Unqualified person not to sign documents and penalty for such

A

Sec 26
First conviction - 5000-100000
Subsequent conviction - jail upto a year or fine not less than 10000-200000 or both

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18
Q

Maintenance of branch office

A

Section 27

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19
Q

Clause 1 part 1 first schedule

A

A CA in practice will be deemed to be guity of professional misconduct if he allows any person to practice in his name as a chartered accountant unless such person is also a chartered accountant in practice and is in partnership with or employed by himself

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20
Q

Clause 12 part 1 first schedule

A

A CA in practice shall be deemed to be guilty of professional misconduct if he if he allows a person not BIENG a member of the institute in practice or a member not BIENG his partner to sign on his behalf or on behalf of his firm any balance sheet, profit and loss, reports or financial statements

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21
Q

Clause 2 part 1 first schedule

A

A CA in practice shall be deemed to be guilty of professional misconduct if he pays or allows to pays directly or indirectly any share, commission or brokerage in fees or profit of his professional business to any person other than a member of institute, partner, retired partner, legal representative of deceased partner, member of any other professional bodies or with such over persons having prescribed qualifications for the purpose of rendering such professional services from time to time in or outside India

Sharing of profit by widow or legal representative of deceased partner
Sale of goodwill in case of proprietorship

22
Q

Clause 3 part 1 first schedule

A

A ca in practice shall be deemed to be guilty of professional misconduct if he accepts or agrees to accept any part of the profits of the professional work of a person who is not a member of he institute
However such restrictions does not apply in respect of following
Member of any other professional bodies
With such other persons having prescribed qualifications

23
Q

Clause 4 part 1 first schedule

A

A ca in practice will be deemed to be guilty of professional misconduct if he enters into a partnership in or outside India with any person othe than the following
Ca in practice
Member of other professional body having prescribed qualifications
A person who but for his residence abroad would be entitled to be registered as a member under clause v of sec 4(1) or a person whose qualifications is recognized by CG or council for the purpose of allowing such partnership

24
Q

Clause 5 part 1 first schedule

A

A ca in practice shall be deemed to be guilty of professional misconduct if he secures any professional business through services of a person who is not an employee or not his partner or by means which are not open to a CA

25
Q

Clause 6 part 1 first schedule

A

A ca in practice shall be Deemed to be guilty of professional misconduct if he solicits clients or professional work wore directly or indirectly by circular, advertisement, personal communication or interview or by any other means

Provided that nothing herein shall construed as preventing or prohibiting
Any chartered accountant from applying or securing professional work from another chartered accountant or
A member responding to tenders or enquiries issued by various users of professional services and securing professional work as consequence

26
Q

Clause 7 part 1 first schedule

A

Advertised his professional attainments or services, or
Used any designation or expression other than chartered accountant on professional documents, visiting cards, letter head or sign boards unless it be a degree of a university established by
Law in India or recognized by central government or may be recognized by the council

27
Q

Clause 8 part 1 first schedule

A

A ca in practice shall be deemed to be guilty of professional misconduct if he accepts position as auditor previously held by another chartered accountant or certified auditor without first communicating with him in writing

28
Q

Clause 9 part 1 first schedule

A

A ca in practice shall be deemed to be guilty of professional misconduct if he accepts an appointment of a company without ascertaining whether the requirements of sec 139-141 in respect of such appointment is duly complied with

29
Q

Clause 10 part 1 first schedule

A

Charges or offer to charges, accept or offers to accept in respect of any professional employment which are based on percentage of profits or contingent upon the findings, or results of such employment
Except permitted under any regulation under this act (regulation 192 of CA regulation, 1988

30
Q

Clause 11 part 1 first schedule

A

Engages in any business or occupation or profession other than CA unless permitted by council so to engage provided that nothing contained herein shall disentitle a chartered accountant from BIENG director of a company ( not BIENG MD or WTD ) unless he or any of his partners are interested in such company as an auditor

31
Q

Clause 1 part 1 second schedule

A

Discloses information acquired in course of his professional engagement to any person other than his client so engaging him without the consent of his client or otherwise than as required by any law for the time BIENG in force
Member duties in relation to taxation fraud by clients

32
Q

Clause 2 part 1 second schedule

A

If he certifies or submits in his name or in name of his firm a report on financial statements unless the examination of such financial statements and the related records has been made by him or his partner or his employee or by another CA in practice

33
Q

Clause 3 part 1 second schedule

A

Permits his name or name of his firm to be used in connection with an estimate of earning contingent upon future transactions in a manner which may lead to the Belief thAt he vouched for the accuracy of the forecast

SAE 3400
He indicated the source of the information
Basis Of forecast
Major assumptions made in arriving the forecast
Does not vouch for the accuracy

34
Q

Clause 4 part 1 second schedule

A

Expresses his opinion on financial statement of any business or enterprise in which he, his firm or partner in his firm has a substantial interest

35
Q

Clause 5 part 1 second schedule

A

Fails to disclose a material fact known to him which is not disclosed in FS, but disclosure of which is necessary in making such financial statement not misleading where he is concerned with FS in professional capacity

36
Q

Clause 6 part 1 second schedule

A

Fails to report a material misstatement known to him to appear in FS with which he is concerned in professional capacity

37
Q

Clause 7 part 1 second schedule

A

Does not exercise due diligence or is grossly negligent in the conduct of his professional duties

38
Q

Clause 8 part 1 of second schedule

A

Fails to obtain sufficient information necessary for expression of an opinion or its exceptions are sufficiently material to negate the expression of An opinion

39
Q

Clause 9 part 1 second schedule

A

Fails to invite attention to any material departure from the generally accepted procedures of audit applicable to the circumstances

40
Q

Clause 10 part 1 second schedule

A

Fails to keep money’s of his client other than fees or remuneration or money meant to be expended in a separate banking account or to use such money’s for purposes for which they are intended within a reasonable time

41
Q

Clause 1 part 2 first schedule

A

Pays or allows or agree to pay directly or indirectly to any person any shares in the emoluments of the employment undertaken by him

42
Q

Clause 2 part 2 first schedule

A

Accept or agrees to accept any parts of fees, profits or gains from a lawyer, a CA or broker engaged by such company, firm or person or agent or customer of such company, firm or person by way of commission or gratification

43
Q

Clause 1 part 2 second schedule

A

Contravenes any provision of this act
The regulation made there under
Any guideline issued by the council

44
Q

Clause 2 part 2 second schedule

A

Being an employee of any company, firm or person disclosed confidential information acquired in the course of employment except as and when required by law or Except as permitted by employer

45
Q

Clause 3 part 2 second schedule

A

Includes in an info, statement, return or form to be submitted to the institute, council or any of its committees, QRB or AA any particulars knowing it to be false

46
Q

Clause 4 part 2 second schedule

A

Defalcates or embezzles money received in his professional capacity

47
Q

Clause 1 part 3 first schedule

A

Not BIENG fellow or institute acts as fellow of institute

48
Q

Clause 2 part 3 first schedule

A

Does not supply information called for or does not comply with the requirements asked for by the institute , council or any of its committees , director (discipline), board of discipline, disciplinary committee, quality review board or the appellate authority

49
Q

Clause 3 part 3 first schedule

A

While inviting professional work from another chartered accountant or while responding to tenders or enquiries or while advertising through a write up or anything as provided for in clause 6 & 7 oa part 1 of first schedule , gives information knowing it to be false

50
Q

Clause 1 part 4 first schedule

A

A member of the institute shall be Deemed to be guilty of other misconduct if he is held guilty by any civil or criminal court for an offense which is punishable with imprisonment for term not exceeding 6 months

51
Q

Clause 2 part 4 first schedule

A

In the opinion of the council brings disrepute to the profession or the institute Asa result of his action whether or not related to professional work

52
Q

Clause 1 part 3 second schedule

A

If he is guilty by any civil or criminal court for an offense which is punishable for a term exceeding 6 months

Auditing (india) (14 decks)

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