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3160 Ch 3 - Ethics

ethics a set of moral principles or values
ethical principles 1 trustworthiness 2 respect 3 responsibility 4 fairness 5 caring 6 citizenship
reasons a person may act unethical 1 the persons ethical standards differ from the societies 2 the person acts selfishly
ethical dilemma a situation in which a decision must be made about the appropriate behavior
ways the rationalize unethical behavior 1 everyone does it 2 if its legal its ethical 3 likelihood of discovery and consequences
steps to resolving ethical dilemmas 1 obtain facts 2 identify ethical issues from facts 3 determine who affected by outcomes and how is affected 4 identify alternatives available 5 identify the likely consequence of each alternative 6 decide on the appropriate action
principles ideal standards of ethical conduct in philosophical terms that are not enforceable
rules of conduct minimum standards of ethical conduct stated as specific rules that are enforceable
client the person engaged in the practice of public accounting for the performance of professional services
firm a partnership engaged in the practice of public accounting
member a member of the CICA or CGAAC
practice of public accounting representing oneself as a PA and at the same time performing for a client one or more types of services rendered by PA
independence impartiality in performing professional services
independence in fact the auditors ability to take an unbiased viewpoint in the performance of professional services
independence in appearance the auditors ability to maintain an unbiased viewpoint in the eyes of others
threats to independence 1 self interest threat 2 self review threat 3 advocacy threat 4 familiarity threat 5 intimidation threat
self interest threat member has financial interest in the client or in the financial results of the client
self review threat PA is in position of having to audit his own work during the period
advocacy threat member is perceived to promote the clients position
familiarity threat difficult to behave with professional skepticism during the engagement
intimidation threat the client intimidates the public accounting firm or its staff with respect to the content of the financial statements or with respect to the conduct of the audit
listed entity entity whose debts or shares are listed on a stock exchange and that has market capitalization and total assets > 10,000
independent threat analysis assessment of independence threats for a particular engagement
audit committee selected members of a clients board of directors who provide a forum for the auditors to remain independent of mgt
confidential client information that may not be disclosed without the specific consent of the client except under authoritative professional or legal investigation
Created by: Mark Anderson Mark Anderson on 2013-04-05

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