List and Explain the Three Facets of an Auditor's Responsibility

Question

Examlex · Accepted Answer

The Answer is An auditor's responsibility towards society can be broken down into three components: moral,professional,and legal responsibility.The moral aspect deals with "doing the right thing",which is largely determined by society.It encompasses the rules and principles conforming to broad social norms of behavior.Professional responsibilities refer to the formal ethical responsibilities of auditors.They are the rules and principles for the proper conduct of an auditor in his or her work.The audit profession establishes formal rules of conduct in order to: gain the respect and confidence of the public,distinguish the professional from the general public,achieve order within the profession,and provide a means of self-policing the profession.Legal responsibilities are the risks the auditor accepts in a court of law while practicing public accounting.Legal and professional responsibilities are highly intertwined.

List and Explain the Three Facets of an Auditor's Responsibility

Essay

Correct Answer:
Verified

List and Explain the Three Facets of an Auditor's Responsibility

Essay

Correct Answer:VerifiedShow Answer

Correct Answer:
Verified