1
Q
What are the sources of ethical guidance and who they apply to?
A
IFAC Code of ethics - all accountants
ICAEW Code of ethics - all ICAEW members and trainees
FRC ethical standard - applies to UK auditors
2
Q
What are covered persons?
A
partners and staff
anyone at disposal (expert)
supervisors/management
anyone in a position to influence outcome of audit
3
Q
ICAEW code of ethics:
Confidentiality - DUTY to disclose
A
Regulator
Court
Money laundering
4
Q
ICAEW code of ethics:
Confidentiality - RIGHT to disclose
A
client permission
public interest
defend in legal proceeding
5
Q
ICAEW conflict of interest
if two competitors?
A
separate teams
information barrier
confidentiality agreement
review safeguard by partner
AA
flashcards
Decks in class (21)
# Cards
-
Chapter 1 - Reintroduction to audit and assurance10
-
Chapter 2 - Accepting engagements25
-
Chapter 3 - Quality control36
-
Chapter 4 - Planning an audit (basics)54
-
Chapter 5 - Planning an audit (development)17
-
Chapter 6 - Planning an assurance engagement12
-
Chapter 7 - Responsibilities53
-
Chapter 9 - Ethics General5
-
Chapter 9 - Ethics S1 General requirements4
-
Chapter 9 - Ethics S2 Financial business, employment and personal relationships12
-
Chapter 9 - Ethics S3 Long association7
-
Chapter 9 - Ethics S4 Fees, Remuneration, Gifts, Litigation13
-
Chapter 9 - Ethics S5 Non audit services22
-
Chapter 9 - Ethics S6 Small entities3
-
Chapter 8: Professional standards27
-
Chapter 10 - Audit completion23
-
Chapter 11 - Reporting on an audit engagement (basics)27
-
Chapter 12 - Reporting on an audit engagement (development)10
-
Chapter 13 - Reporting on an assurance engagement6
-
Chapter 14 - Different types of entity7
-
Differences with UK GAAP9
