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3160 Ch 3 - Ethics

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Term
Definition
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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Created by: markcanderson
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