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REVIEWER (401) - COE 1. Which statement is incorrect regarding employed professional accountants? When undertaking significant tasks for which a professional accountant has not had sufficient specific training or experience, he or she should not mislead the employer as to the degree of expertise or experience he or she possesses, and where appropriate, expert advice and assistance should be sought. A professional accountant, particularly one having authority over others, should give due weight for the need for them to develop and hold their own judgment in accounting matters and should deal with difference of opinion in a professional way. Employed professional accountants owe a duty of loyalty to their employer as well as to the profession, therefore there may be no time that the two will be in conflict. A professional accountant is expected to present financial information fully, honestly and professionally and so that it will be understood in its context. 2. Which of the following is incorrect regarding confidentiality? Confidentiality should always be observed by a professional accountant unless specific authority has been given to disclose information or there is a legal or professional duty to disclose. Confidentiality requires that a professional accountant acquiring information in the course of performing professional services neither uses nor appear to use that information for personal advantage or for the advantage of a third party. The duty of confidentiality ceases after the end of the relationship between the professional accountant and the client or employer. Professional accountants have an obligation respect the confidentiality of information about a client's or employer's affairs acquired in the course of professional services. 3. Assurance engagement include the following, except An engagement conducted to provide a high level of assurance that the subject matter conforms in all material respects with identified suitable criteria. An engagement conducted to provide a moderate level of assurance that the subject matter is plausible in the circumstances. An engagement in accordance with the Philippine Standard on Assurance Engagement(s) issued by the Philippine Auditing Standards and Practices Council as approved by the Board of Accountancy/Professional Regulation Commission. An engagement to perform agreed-upon procedures. 4. Which statement is incorrect regarding long association of senior personnel with audit clients that are listed entities? Using the same lead engagement partner on an audit over a prolonged period may create a familiarity threat. When audit client becomes a listed entity the length of time the lead engagement partner has served the audit client in that capacity should be considered in determining when the partner should rotated. Why is this page out of focus?This is a Premium document. Become Premium to read the whole document. Why is this page out of focus?This is a Premium document. Become Premium to read the whole document. Why is this page out of focus?This is a Premium document. Become Premium to read the whole document. Why is this page out of focus?This is a Premium document. Become Premium to read the whole document. Why is this page out of focus?This is a Premium document. Become Premium to read the whole document. Why is this page out of focus?This is a Premium document. Become Premium to read the whole document. Why is this page out of focus?This is a Premium document. Become Premium to read the whole document. Why is this page out of focus?This is a Premium document. 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Why is this page out of focus?This is a Premium document. Become Premium to read the whole document. Why is this page out of focus?This is a Premium document. Become Premium to read the whole document. Why is this page out of focus?This is a Premium document. Become Premium to read the whole document. Why is this page out of focus?This is a Premium document. Become Premium to read the whole document. Why is this page out of focus?This is a Premium document. Become Premium to read the whole document. Why is this page out of focus?This is a Premium document. Become Premium to read the whole document. Why is this page out of focus?This is a Premium document. Become Premium to read the whole document. Why is this page out of focus?This is a Premium document. Become Premium to read the whole document. Why is this page out of focus?This is a Premium document. Become Premium to read the whole document. Why is this page out of focus?This is a Premium document. Become Premium to read the whole document. Why is this page out of focus?This is a Premium document. Become Premium to read the whole document. Why is this page out of focus?This is a Premium document. Become Premium to read the whole document. Why is this page out of focus?This is a Premium document. Become Premium to read the whole document. What is a professional accountant in public practice?A professional accountant promoting the interests of, or shares in, a client. A professional accountant acting as an advocate on behalf of a client in litigation or disputes with third parties. A professional accountant lobbying in favour of legislation on behalf of a client.
What are the 5 fundamental principles of Ethics for professional accountants?The revised Code establishes a conceptual framework for all professional accountants to ensure compliance with the five fundamental principles of ethics:. Integrity.. Objectivity.. Professional Competence and Due Care.. Confidentiality.. Professional Behavior.. What is professional practice in accounting?Professionalism in accounting involves adhering to national and international accounting standards, such as Generally Accepted Accounting Principles, or GAAP, in the United States and standards set by the International Accounting Standards Board, or IASB.
What are the three parts of the code of ethics for professional accountant?The Fundamental Principles, Independence and Conceptual Framework.
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The term professional accountant in public practice includes the following, except
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