Audit ch04 slides

Audit ch04 slides - Chapter 4 Professional Ethics and...

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Chapter 4 Professional Ethics and Auditor Responsibilities
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Slide 2 General Ethics Professional responsibilities (ethics) are the rules and principles for the proper conduct of an auditor in his/her professional work. – Professional ethics are necessary for a number or reasons: • Obtain respect and confidence of the public. • Distinguish professional from general public. • To achieve order within the profession. • Provide a means of self-policing the profession.
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Slide 3 General Ethics Overview – Ethics: “that branch of philosophy which is the systematic study of reflective choice, of the standards of right and wrong…” – Ethical problem: A situation when you must make a clear choice among alternative actions, and the right choice is not absolutely clear.
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Slide 4 General Ethics Ethical behaviour: That which produces the greatest good, or that which conforms to rules and principles. Why do we need a code of ethical conduct? – A code serves as a reference and benchmark for individuals.
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Slide 5 An Ethical Problem In your work as an auditor, you discover that the cashier, who has custody over the petty cash fund, has forged several payment records in order to cover innocent mistakes and to make the fund balance each month when it is replenished. Your investigation reveals that the amount involved during the year is $240. the cashier is a woman, age 55, and the president of the company is a man who can tolerate no mistakes, intentional or otherwise, in the accounting records. In fact, he is unyielding in this respect. He asks you about the results of your audit. Not doubting that the cashier would be fired if the forgeries were known, should you remain silent and thus not tell the truth?
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General Ethics An ethical decision process: 1. Recognize a decision problem. 2. Collect evidence.
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Audit ch04 slides - Chapter 4 Professional Ethics and...

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