2010_F8_CH4_professionalethics

2010_F8_CH4_professionalethics - Part A audit framework and...

Info iconThis preview shows pages 1–11. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Part A audit framework and regulation CH1 the nature and purpose of assurance CH2 statutory audit and regulation CH3 corporate governance CH4 professional ethics 2 CH4 professional ethics Topic list 1 fundamental principles of professional ethics 2 accepting audit appointment 3 agreeing the terms of the engagement Study guide 1 fundamental principles of professional ethics 1.1 the fundamental principles 1.2 confidentiality 1.3 integrity, objectivity and independence 1.4 threats to independence and objectivity 1.4.1self-interest ~  1.4.2self-review ~  1.4.3advocacy~  1.4.4familiarity ~  1.4.5 intimidation ~ 1.5 conflicts of interest 1.6 enforcement mechanisms 1.6 country-specific ethical guidance 3 1 fundamental principles of professional ethics Conceptual framework identify, evaluate and respond to them identified threats Evaluate significance apply safeguards to eliminate or reduce 4 1.1 the fundamental principles Integrity Straightforward & honest Objectivity Not allow: bias, interest, influence Professional competence and due care Service Diligently, accordance Confidentiality Respect, disclose, use Professional behavior laws, discredits , 1 fundamental principles of professional ethics 1.2 confidentiality Confidentiality Disclose unless: Consent has been obtained. There is a public duty There is a legal or professional right or duty Recognized exceptions Obligatory voluntary 6 1.2 confidentiality Obligatory disclosures Money-laundering, treason, drug-trafficking, terrorist Voluntary disclosures Necessary to protect the members interests Is compelled by process of law Is a public duty to disclose non-governmental bodieshave powers to compel disclosure 1.2 confidentiality If is requested to assist the police, the taxation or other authorities First enquire under what statutory authority Unless satisfied he should declineuntil he has obtained clients authority. If clients authority is not forthcomingnot accedelegal advisor 1.2 confidentiality If knows or suspects.client has committed a wrongful act Member give careful thought to his own position Ensure not prejudiced by It would be a criminal offence act positively 1 fundamental principles of professional ethics 1.3 integrity, objectivity and independence Not only to be ethical but also to be seen to be ethical Why objectivity matter?...
View Full Document

Page1 / 67

2010_F8_CH4_professionalethics - Part A audit framework and...

This preview shows document pages 1 - 11. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online