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3160 Ch 3 - Ethics
| Term | Definition |
|---|---|
| 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:
markcanderson
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