Scribd Logo
Upload

Welcome to Scribd!

  • 35 views

    Question For at

    Uploaded by

    Princess Beldad
    The Code of Professional Ethics for CPAs applies to all CPAs in public practice, government, private business, and education. It provides safeguards against unscrupulous people and is required to maintain public confidence. The CPA profession deemed a code of ethics necessary to provide self-protection, ensure ethical conduct, and accept responsibility to the public, which distinguishes a profession.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd

    Question For at

    Uploaded by

    Princess Beldad
    35 views2 pages
    The Code of Professional Ethics for CPAs applies to all CPAs in public practice, government, private business, and education. It provides safeguards against unscrupulous people and is required to maintain public confidence. The CPA profession deemed a code of ethics necessary to provide self-protection, ensure ethical conduct, and accept responsibility to the public, which distinguishes a profession.

    Original Description:

    Reviewer

    Original Title

    Question for At

    Copyright

    © © All Rights Reserved

    Available Formats

    DOC, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    The Code of Professional Ethics for CPAs applies to all CPAs in public practice, government, private business, and education. It provides safeguards against unscrupulous people and is required to maintain public confidence. The CPA profession deemed a code of ethics necessary to provide self-protection, ensure ethical conduct, and accept responsibility to the public, which distinguishes a profession.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    35 views2 pages

    Question For at

    Uploaded by

    Princess Beldad
    The Code of Professional Ethics for CPAs applies to all CPAs in public practice, government, private business, and education. It provides safeguards against unscrupulous people and is required to maintain public confidence. The CPA profession deemed a code of ethics necessary to provide self-protection, ensure ethical conduct, and accept responsibility to the public, which distinguishes a profession.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    of 2

    The Code of Professional Ethics for CPAs promulgated by the Board applies to

    All CPAs in public practice


    All CPAs in government
    All CPAs in public practice and employed in private business
    All CPAs in public practice employed in private business and industry, in the government and in education.

    The underlying reason for a code of ethics is


    That it provides a safeguards against unscrupulous people
    That it is required by legislation
    To provide the licensing agencies with a basis for measuring the performance of the practitioners
    The need for public confidence in the quality service of the profession

    The CPA profession deemed it necessary to establish a code of ethics and a mechanism for its enforcement because
    The establishment of flexible ethical standards provides self-protection for CPAs
    An ethical conduct that stresses the CPAs responsibility to clients and colleagues is a prerequisite to success
    A requirement of law provides that CPAs establishes a code of ethics
    Acceptance of responsibility to the public is a distinguishing mark of a profession.

    Which of the following is not one of the characteristic of a profession?


    A responsibility to protect exclusively the interest of a client or employer.
    Mastery of a particular intellectual skill acquired by training and education
    Adherence by its members to a common code of conduct
    Acceptance of a duty to society as a whole

    The principle of professional competence and due care imposes certain obligations on professional accountants,
    which of the following is not one of those obligations required by this principle
    To obtain professional knowledge and experience to enable them to fulfil their responsibilities
    To act diligently in accordance with applicable technical and professional standards
    To become aware and understand relevant technical, professional and business developments
    To be fair, intellectually honest and free of conflict of interest

    The essence of due care principle is that the auditor should not be guilty of
    Negligence b. Fraud c. Bias d. Errors in judgment

    Competence as a CPAs includes all of the following except,


    Consulting others if additional technical information is needed
    Having the technical qualifications to perform an engagement
    Warranting the infallibility of the work performed
    Possessing the ability to supervise and evaluate the quality of staff work

    The phase of professional competence that requires a professional accountant to adopt a program designed to endure
    quality control in the performance of professional services consistent with technical and professional standards is
    Review of professional competence c. Application of professional competence
    Attainment of professional competence d. Maintenance of professional competence

    Professional competence should include:


    Statement 1 – Attainment of professional competence
    Statement 2 – Maintenance of professional competence
    Both statements are true c. Only Statement 1 is true
    Both statements are false d. Only Statement 2 is true

    An auditor who accepts an audit engagement and does not possess the industry experience/ expertise of the business
    entity should
    First inform management that an unqualified opinion cannot be issued
    Engage financial experts familiar with the nature of the business entity
    Refer a substantial portion of the audit to another CPA who will act as a principal auditor
    Obtain knowledge of matters that relate to the nature of the entity’s business

    You might also like