Topic 10 - Ethics

Question 1

What is ethics?

Answer 1

set of moral principles, what one ought to do

Question 2

What is the role of ethics in a profession?

Answer 2

application of professional judgement,

making clear decisions when options aren’t clear

Question 3

What is professional judgement?

Answer 3

applying relevant training, knowledge and experience to make informed decision

Question 4

what is the Purposes of a Professional

Code of Conduct?

Answer 4

• outlines required values
• should professionals should act
• basis to exercise self regulation

Question 5

where are the enforceability, definitions, fundamental ethical principles, conceptual framework approach and ethical conflict resolution outlined?

Answer 5

in APES 110- para 1-199

Question 6

where are threats to ethical breaches outlined and given examples of?

Answer 6

APES 110- para 200

Question 7

where are ethical requirements for client acceptance, engagement acceptance and professional appointment outline, as well as an outline/examples of conflicts of interest?

Answer 7

APES 110- 210 and 220

Question 8

where is the ethical requirement of independence and provision of non-audit services discussed?

Answer 8

APES 110- 290

Question 9

do public interest companies have more or less rules than a non-public interest company on an auditor providing non-audit services?

Answer 9

more rules