Question 1

This organization is developing an international code of conduct for professional accountants.

Accepted Answer

A) The International Accounting Standards Board 
B) The European Federation of Accountants 
C) The Financial Accounting Standards Board 
D) The Public Accounting Oversight Board 
E) The International Federation of Accountants 
A) The International Accounting Standards Board 
B) The European Federation of Accountants 
C) The Financial Accounting Standards Board 
D) The Public Accounting Oversight Board 
E) The International Federation of Accountants

Question 2

A professional accountant has been the partner in charge of a particular audit client for the past eight years. This situation could result in the following threat to professional independence.

Accepted Answer

A) Self-review 
B) Intimidation 
C) Advocacy 
D) Familiarity 
E) None of the above 
A) Self-review 
B) Intimidation 
C) Advocacy 
D) Familiarity 
E) None of the above

Question 3

The following duties are essential to maintaining a fiduciary relationship in the accounting profession.

Accepted Answer

A) Development and maintenance of required knowledge and skills 
B) Maintenance of trust 
C) Maintenance of an acceptable personal reputation 
D) All of the above 
E) a and b only 
A) Development and maintenance of required knowledge and skills 
B) Maintenance of trust 
C) Maintenance of an acceptable personal reputation 
D) All of the above 
E) a and b only

Question 4

If a professional accountant is billing an audit client for more hours than those actually worked, he or she will be violating the following fundamental principle.

Accepted Answer

A) Objectivity 
B) Professional due care 
C) Integrity 
D) Confidentiality 
E) All of the above 
A) Objectivity 
B) Professional due care 
C) Integrity 
D) Confidentiality 
E) All of the above

Question 5

If you are a professional accountant who is considering reporting noncompliance as contemplated under the NOCLAR standards, you would decide if the matter was significant enough to require reporting if it:

Accepted Answer

A) was larger than the company's materiality standards for financial disclosure. 
B) would have increased bonuses. 
C) was self-correcting in the next quarter year and resulted in no distortion. 
D) understated taxes payable. 
E) avoided the exercise of legal covenants from lenders. 
A) was larger than the company's materiality standards for financial disclosure. 
B) would have increased bonuses. 
C) was self-correcting in the next quarter year and resulted in no distortion. 
D) understated taxes payable. 
E) avoided the exercise of legal covenants from lenders.

This organization is developing an international code of conduct for professional accountants.

A professional accountant has been the partner in charge of a particular audit client for the past eight years. This situation could result in the following threat to professional independence.

The following duties are essential to maintaining a fiduciary relationship in the accounting profession.

If a professional accountant is billing an audit client for more hours than those actually worked, he or she will be violating the following fundamental principle.

If you are a professional accountant who is considering reporting noncompliance as contemplated under the NOCLAR standards, you would decide if the matter was significant enough to require reporting if it:

Ethics Expectations

Ethics Governance Scandals

Ethical Behaviorphilosophers Contributions

Practical Ethical Decision Making

Corporate Ethical Governance Accountability

Managing Ethics Risks Opportunities

Subprime Lending Fiascoethics Issues

Filters

Exam 6: Professional Accounting in the Public Interest

This organization is developing an international code of conduct for professional accountants.

A professional accountant has been the partner in charge of a particular audit client for the past eight years. This situation could result in the following threat to professional independence.

The following duties are essential to maintaining a fiduciary relationship in the accounting profession.

If a professional accountant is billing an audit client for more hours than those actually worked, he or she will be violating the following fundamental principle.

If you are a professional accountant who is considering reporting noncompliance as contemplated under the NOCLAR standards, you would decide if the matter was significant enough to require reporting if it:

Ethics Expectations

Ethics Governance Scandals

Ethical Behaviorphilosophers Contributions

Practical Ethical Decision Making

Corporate Ethical Governance Accountability

Managing Ethics Risks Opportunities

Subprime Lending Fiascoethics Issues

Filters