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ViewsYou have now unlocked unlimited access to 20M+ documents!Unlimited Reading Learn faster and smarter from top experts Unlimited Downloading Download to take your learnings offline and on the go You also get free access to Scribd! Instant access to millions of ebooks, audiobooks, magazines, podcasts and more. Read and listen offline with any device. Free access to premium services like Tuneln, Mubi and more. Discover More On Scribd What threats are faced by professional accountants *?Many threats fall into the following categories: (a) Self-interest; (b) Self-review; (c) Advocacy; (d) Familiarity; and (e) Intimidation. These threats are discussed further in Part A of this Code.
What is selfa. Self-interest threats—threats that arise from auditors acting in their own interest. Self-interests include auditors' emotional, financial, or other personal interests. Auditors may favor, consciously or subconsciously, those self-interests over their interest in performing a quality audit.
What type of threat is created when a professional accountant having a direct financial interest in a client?290.107 The holding by a firm's retirement benefit plan of a direct or material indirect financial interest in an audit client creates a self-interest threat. The significance of the threat shall be evaluated and safeguards applied when necessary to eliminate the threat or reduce it to an acceptable level.
Which of the following may be considered by a professional accountant to eliminate or reduce identified threats to an acceptable level?100.13 Safeguards are actions or other measures that may eliminate threats or reduce them to an acceptable level. They fall into two broad categories: (a) Safeguards created by the profession, legislation or regulation; and (b) Safeguards in the work environment.
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