3160 Ch 3 - Ethics
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ethics | a set of moral principles or values
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ethical principles | 1 trustworthiness
2 respect
3 responsibility
4 fairness
5 caring
6 citizenship
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reasons a person may act unethical | 1 the persons ethical standards differ from the societies
2 the person acts selfishly
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ethical dilemma | a situation in which a decision must be made about the appropriate behavior
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ways the rationalize unethical behavior | 1 everyone does it
2 if its legal its ethical
3 likelihood of discovery and consequences
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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
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principles | ideal standards of ethical conduct in philosophical terms that are not enforceable
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rules of conduct | minimum standards of ethical conduct stated as specific rules that are enforceable
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client | the person engaged in the practice of public accounting for the performance of professional services
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firm | a partnership engaged in the practice of public accounting
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member | a member of the CICA or CGAAC
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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
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independence | impartiality in performing professional services
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independence in fact | the auditors ability to take an unbiased viewpoint in the performance of professional services
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independence in appearance | the auditors ability to maintain an unbiased viewpoint in the eyes of others
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threats to independence | 1 self interest threat
2 self review threat
3 advocacy threat
4 familiarity threat
5 intimidation threat
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self interest threat | member has financial interest in the client or in the financial results of the client
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self review threat | PA is in position of having to audit his own work during the period
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advocacy threat | member is perceived to promote the clients position
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familiarity threat | difficult to behave with professional skepticism during the engagement
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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
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listed entity | entity whose debts or shares are listed on a stock exchange and that has market capitalization and total assets > 10,000
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independent threat analysis | assessment of independence threats for a particular engagement
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audit committee | selected members of a clients board of directors who provide a forum for the auditors to remain independent of mgt
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confidential | client information that may not be disclosed without the specific consent of the client except under authoritative professional or legal investigation
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