Question Tag: Ethical Standards

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AA – Nov 2024 – L2 – Q5c – General Principles of Public Sector Auditing

Explain five general principles of public sector auditing under ISSAI.

Question

There are general principles that guide the practice of auditing in the public sector in accordance with International Standards of Supreme Audit Institutions (ISSAI). The principles of auditing are not very different from auditing and assurance in the private sector.

Required:
In relation to the statement above, explain FIVE general principles of public sector audit.

Answer

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Tags: Audit Principles, Audit Risk, Ethical Standards, ISSAI, Materiality, Professional Skepticism, Public Sector Audit
Level: Level 2

Topic: Public Sector Auditing
Series: Nov 2024

AAA – Nov 2012 – L3 – AII – Q11 – Ethical Issues in Auditing

Identifies the nature of ethical standards in the ICAN Code of Professional Conduct.

Question

Ethical standards as contained in the ICAN Code of Professional Conduct for Members are ………….. principles and statements.

Answer

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Tags: Accounting Ethics, Ethical Standards, ICAN Code, Principles, Professional Conduct
Level: Level 3

Topic: Ethical Issues in Auditing
Series: NOV 2012

AAA – Nov 2012 – L3 – AII – Q5 – Ethical Issues in Auditing

Identifies two general approaches to negotiation for auditors when discussing fees.

Question

Auditors need negotiation skills to be able to agree fees with prospective clients or agree to increase fees with existing clients. TWO recommended general approaches to negotiation are …………… and …………… bargaining.

Answer

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Tags: Audit Fees, Client Relations, Ethical Standards, Negotiation, Professional Skills
Level: Level 3

Topic: Ethical Issues in Auditing
Series: NOV 2012

CR – Nov 2016 – L3 – Q5 – Ethical Issues in Corporate Reporting

Provide definitions, examples, reasons, and preventive measures for Creative Accounting and Window Dressing.

Question

Manipulation of reporting entities’ books and records has been termed in many quarters as “Creative Accounting” and “Window Dressing.” The Management of Wastage Plc requires clarification of these two concepts.

You are required to write a report to the management of Wastage Plc. Your report should include:

a. Definitions of the TWO concepts. (2 Marks)
b. FIVE examples of each. (5 Marks)
c. THREE possible reasons for Creative Accounting and Window Dressing. (3 Marks)
d. Advise to management on FIVE possible preventive measures of Creative Accounting. (5 Marks)

Answer

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Tags: Creative Accounting, Ethical Standards, Financial Statements, Fraud Prevention, Window Dressing
Level: Level 3

Topic: Ethical Issues in Corporate Reporting

AAA – Nov 2011 – L3 – SAII – Q14 – Ethical Issues in Auditing

Definition of the gap between public expectation and auditor conduct.

Question

A situation where public expectation is reasonable but the auditor’s conduct does not meet the required standards is known as …………………..

Answer

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Tags: Auditor Conduct, Ethical Standards, Expectation Gap, Public Expectation
Level: Level 3

Topic: Ethical Issues in Auditing
Series: NOV 2011

AAA – Nov 2011 – L3 – SAII – Q5 – Regulatory Framework and Professional Standards

ICAN's authority to discipline members for ethical breaches.

Question

The power of The Institute of Chartered Accountants of Nigeria to initiate disciplinary action against any member who has run foul of ethical standards rests with……………………….

Answer

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Tags: Disciplinary Action, Ethical Standards, ICAN Authority, Professional Conduct
Level: Level 3

Topic: Regulatory Framework and Professional Standards
Series: NOV 2011

AT – Nov 2023 – L3 – SC – Q6 – Tax Administration and Dispute Resolution

Outline of the fundamental features of NTP 2017 and principles from the IESBA codes for professional accountants.

Question

The National tax policy (NTP) 2017, provides fundamental guidelines for the orderly development of the Nigerian tax system. Professional accountants are one of the major stakeholders that are expected to drive the tenets of the tax policy for economic development of the country. In guiding professional accountants to behave in a responsible ethical manner, the International Ethics Standards Board for Accountants (IESBA) develops and issues in the public interest, high-quality ethical standards and other pronouncements for use by professional accountants around the world.

Required:

a. Explain FIVE fundamental features as provided for in the NTP 2017, which the existing and future taxes are expected to align with. (5 Marks)

b. Identify and explain FOUR principles and guidance for accountants as specified in the IESBA codes. (10 Marks)

Answer

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Topic: Tax Administration and Dispute Resolution
Series: NOV 2023

AA – May 2023 – L2 – SC – Q6 – Audit Documentation

Types, importance, and determining conditions for audit working paper files.

Question

At one of the seminars you attended on legal and regulatory frameworks of financial reporting, it was stated that one of the duties of the Financial Reporting Council of Nigeria (FRC) is to provide legal and regulatory frameworks for minimum practice guidelines for auditors in Nigeria. To do this, the FRC ensures that all activities of Registered Auditors, other Assurance Providers, and Audit Committee members are regulated to sustain best ethical practices and promote quality audit services.

It is part of the obligations of the Financial Reporting Council of Nigeria to conduct practice reviews of registered professionals. You learned that, for effective monitoring, the Audit Regulation mandates external auditors to create an audit file for each statutory audit carried out and to retain the working papers and other materials supporting the audit report conclusions for a minimum of seven years.

A classmate from university, now a banker, attended the seminar with you and has asked for further clarification on what is meant by “working paper” and why regulators are concerned with audit file reviews.

Required:

a. Identify the different types of audit working paper files. (5 Marks)

b. Outline the importance of audit working paper files. (5 Marks)

c. Explain briefly the conditions that determine the size of audit working papers. (5 Marks)

Answer

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Tags: Audit Documentation, Ethical Standards, FRC Regulations, Legal Compliance, Working Paper Files
Level: Level 2

Topic: Audit Documentation
Series: MAY 2023

AA – May 2023 – L2 – SC – Q5 – Audit of Public Sector Entities

Outline external auditor rights, management responsibilities, and ISA requirements in proposal submission.

Question

The Association of Builders is conducting a selection process for an external audit firm. Your firm has been invited to participate by submitting a proposal to render external audit services.

i. Terms of Reference: The terms of reference provide a scope of work and deliverables for external audit services for an initial three-year period from March 31, 2021, to March 31, 2023. Extension of the term by two years is subject to Council approval.

ii. Background: Established in 2014 and registered with the Corporate Affairs Commission, the Association of Builders is committed to public service and member guidance. It regulates the building profession, including registration, education, ethics, continuing professional development, and compliance with building standards.

iii. Objectives: The auditors will:

Express an independent opinion on the financial statements’ true and fair view according to IFRS and relevant laws.
Conduct the audit following International Standards on Auditing (ISAs) issued by IFAC.
Comply with the Financial Reporting Council Act.

iv. Scope of Work: The audit provider will:

Audit annual financial statements per IFRS and provide an audit opinion.
Ensure ISA compliance in all audits.
Collaborate with internal auditors to assess internal controls.
Communicate audit findings and implications to management.
Review and contribute to the annual report’s financial information.
Attend Audit and Risk Committee meetings if needed.

v. Mandatory Requirements: The audit firm must:

Be registered with a recognized accounting body and Financial Reporting Council.
Demonstrate experience and understanding of the construction industry.
Have the capacity for external audit services.

vi. Proposal Contents: Proposals must include:

Firm profile and relevant experience.
Information to evaluate competence.
Methodology for audit processes.
Description of similar past projects with fees.
CVs of the proposed project team, detailing qualifications and experience.

vii. Evaluation Process: Proposals submitted after the deadline are disqualified.

Your firm has included you as a team member for the audit proposal preparation.

Required:

a. Identify and explain briefly the rights of external auditors concerning Companies and Allied Matters Act (CAMA). (5 Marks)

b. State the responsibilities of management and those charged with governance in relation to the financial statements. (6 Marks)

c. Explain what auditors are required to do under International Standards on Auditing (ISA 200). (4 Marks)

Answer

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Tags: Audit Proposal, CAMA Compliance, Ethical Standards, External Audit Services, Terms of Reference
Level: Level 2

Topic: Audit of Public Sector Entities
Series: MAY 2023

AA – Nov 2016 – L2 – Q2b – The Role and Responsibilities of Auditors

This question explains the steps an incoming auditor must take after accepting an appointment when there is a change in professional auditors.

Question

Explain in brief the measures to be taken by incoming Independent Auditors after accepting an appointment and when there is a change in professional appointment.

Answer

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Tags: Audit Communication, Change of Auditor, Ethical Standards, Incoming Auditor, Independence, Professional Appointment
Level: Level 2

Topic: The Role and Responsibilities of Auditors
Series: NOV 2016

AA – Nov 2016 – L2 – Q2a – Professional Ethics and Code of Conduct for Auditors (IESBA Code)

This question addresses the ethical issues auditors face when accepting clients and engagements, focusing on independence and professional conduct.

Question

Audit practice around the world is generally a business, and its objective is to make profit. However, this does not mean that the practice should automatically accept every audit engagement that is offered to it to maximise profit. Circumstances may arise where it is appropriate to decline the offer of an audit engagement for either commercial or ethical reasons.

Required:
a. Discuss the ethical issues to be considered by an independent auditor in the following matters:
i. Client Acceptance
ii. Engagement Acceptance
(5 Marks)

Answer

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Tags: Auditor's Liability, Client Acceptance, Engagement Acceptance, Ethical Standards, Independence, Professional Ethics
Level: Level 2

Topic: Professional Ethics and Code of Conduct for Auditors
Series: NOV 2016

AA – May 2022 – L2 – SB – Q2 – Professional Ethics and Code of Conduct for Auditors

Discuss the fundamental principles of ICAN Code of Conduct for auditors and under what circumstances auditors may disclose information to third parties.

Question

There are five fundamental principles of ICAN code of conduct for members which auditors must comply with while carrying out their duties as auditors.

a. Explain the requirements for the application of ethics by ICAN members. (5 Marks)
b. Explain the fundamental principles of ICAN code of ethics. (10 Marks)
c. Under what circumstances may an auditor be required to disclose information to a third party? (5 Marks)

Answer

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Tags: Auditor Ethics, Ethical Standards, ICAN Code of Conduct, Professional Responsibilities
Level: Level 2

Topic: Professional Ethics and Code of Conduct for Auditors
Series: MAY 2022

SCS – Nov 2021 – L3 – Q8 – Professional practice and codes of ethics

Discuss the merits and demerits of the rules-based approach versus the principles-based approach to setting ethical standards.

Question

COM has not had any serious corporate governance issues that have raised concerns as to potential ethical conflicts. However, the Board of Directors has raised concerns about the fact that the Finance department does not have a separate code of conduct in view of the risks associated with their work. Some are proposing a rules-based approach instead of a principles-based approach.

Required:
The CEO has approached you as a Finance professional and a friend to assist him in guiding the Board since the issue was not discussed exhaustively and there is the likelihood that the matter would be part of the next Board meeting. Write a report discussing the merits and demerits of both rules-based approach and a principles-based approach to setting ethical standards.

Answer

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Tags: Corporate Governance, Ethical Standards, Ethics, Finance Department, Principles-Based Approach, Rules-Based Approach
Level: Level 3

Topic: Professional practice and codes of ethics
Series: NOV 2021

BMF – Nov 2022 – L1 – SA – Q10 – The Role of Professional Accountants in Business and Society

This question tests knowledge of the meaning of IESBA.

Question

The acronym ‘IESBA’ denotes:
A. International Ethical Standards Board for Accountants
B. International Ethics Standards Boards for Accountants
C. International Ethics Standard Board for Accountants
D. International Ethics Standards Board for Accountants
E. International Ethic Standard Board for Accountants

Answer

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Tags: Accounting Ethics, Ethical Standards, IESBA
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: NOV 2022

BMF – May 2021 – L1 – SB – Q6c – The Role of Professional Accountants in Business and Society

Explain the role of professional accountancy bodies in promoting ethical behaviour in the business environment.

Question

What are the roles expected of the professional accountancy bodies in promoting ethical behaviour in the business environment?

Answer

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Tags: Business Conduct, Ethical Standards, Ethics, Professional Accountancy Bodies
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: MAY 2021

AA – Mar/Jul 2020 – L2 – Q2 – Professional Ethics and ICAN’s Ethical Standards

Explains the concept of professional ethics, its importance, and the differences between rule-based and principle-based ethics, highlighting their advantages and weaknesses.

Question

At an inaugural lecture, a professor stated that ‘professionals all over the world should be alive to their duties and not breach the ethics of their profession’. As a professional, you attended the inaugural lecture and you are aware that The Institute of Chartered Accountants of Nigeria (ICAN) has “Accuracy and Integrity” on its logo, and you also know that professionals should not act contrary to ethical standards and public interest in discharging their duties.

Required:</strong >
Explain the following:
(a) Professional ethics. (2 Marks)
(b) Importance of professional ethics. (5 Marks)
(c) Differences between rule-based and principle-based professional ethics. (3 Marks)
(d) Weaknesses of rule-based professional ethics. (4 Marks)
(e) Advantages of principle-based professional ethics. (6 Marks)
(Total 20 Marks)

Answer

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Tags: Ethical Decision-making, Ethical Standards, Principle-based Ethics, Professional Ethics, Rule-based Ethics
Level: Level 2

Topic: Ethical Standards, Professional Ethics, Rule-based vs Principle-based Ethics
Series: MAR/JULY 2020

BMF – May 2023 – L1 – SB – Q4b – The Role of Professional Accountants in Business and Society

Identify three purposes of ICAN codes of ethics in the professional accounting field.

Question

Identify THREE purposes of ICAN codes of ethics.

Answer

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Tags: Code of Conduct, Ethical Standards, ICAN, Professional Ethics
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: MAY 2023

BL – March July 2020 – L1 – SB – Q5c – Business Ethics

Explains why ICAN has an ethical code for regulating the conduct of professionals.

Question

Ethical codes are developed usually to regulate the conduct of professionals.

Required:
Explain why the Institute of Chartered Accountants of Nigeria (ICAN) has an ethical code.

Answer

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Tags: Business Ethics, Ethical Standards, ICAN, Professional Code of Conduct
Level: Level 1

Topic: Business ethics
Series: MAR/JULY 2020

BL – May 2016 – L1 – SA – Q7 – Business Ethics and Corporate Governance

Identify the statement that is not a purpose of ethical codes administered by professional bodies.

Question

Ethical codes are administered by professional bodies to ensure all of the following EXCEPT
A. Maintain high standard in the profession
B. Protect the vulnerable client
C. Prevent arbitrary use of power
D. Prevent quackery in the profession
E. Maintain a monopoly of the profession

Answer

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Tags: Ethical Standards, Legal Ethics, Professional Conduct
Level: Level 1

Topic: Business Ethics and Corporate Governance
Series: MAY 2016

AAA – April 2022 – L3 – Q5a – Professional responsibility and liability

Discuss non-audit services that could lead to a conflict of interest or impair the independence of an auditor.

Question

Companies Act, 2019 (Act 992) section 143 (2) states among others that a company, person, or firm that carries out duties of an auditor should ensure that the personal judgment of the auditor is not impaired by reason of any relationship with a client that will result in a conflict of interest.

Some governance experts consider the provision of non-audit services to audit clients as an example of conflict of interest and could impair the firm’s independence.

Required: In reference to the above concern, discuss FOUR (4) non-audit services that could lead to conflict of interest or impair the independence of an Auditor. (10 marks)

Answer

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Tags: Auditor Independence, Conflict of Interest, Ethical Standards, Non-Audit Services, Sarbanes-Oxley Act
Level: Level 3

Topic: Professional responsibility and liability
Series: APR 2022

Question Tag: Ethical Standards

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AA – Nov 2024 – L2 – Q5c – General Principles of Public Sector Auditing

Explain five general principles of public sector auditing under ISSAI.

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AAA – Nov 2012 – L3 – AII – Q11 – Ethical Issues in Auditing

Identifies the nature of ethical standards in the ICAN Code of Professional Conduct.

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AAA – Nov 2012 – L3 – AII – Q5 – Ethical Issues in Auditing

Identifies two general approaches to negotiation for auditors when discussing fees.

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CR – Nov 2016 – L3 – Q5 – Ethical Issues in Corporate Reporting

Provide definitions, examples, reasons, and preventive measures for Creative Accounting and Window Dressing.

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AAA – Nov 2011 – L3 – SAII – Q14 – Ethical Issues in Auditing

Definition of the gap between public expectation and auditor conduct.

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AAA – Nov 2011 – L3 – SAII – Q5 – Regulatory Framework and Professional Standards

ICAN's authority to discipline members for ethical breaches.

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AT – Nov 2023 – L3 – SC – Q6 – Tax Administration and Dispute Resolution

Outline of the fundamental features of NTP 2017 and principles from the IESBA codes for professional accountants.

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AA – May 2023 – L2 – SC – Q6 – Audit Documentation

Types, importance, and determining conditions for audit working paper files.

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AA – May 2023 – L2 – SC – Q5 – Audit of Public Sector Entities

Outline external auditor rights, management responsibilities, and ISA requirements in proposal submission.

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AA – Nov 2016 – L2 – Q2b – The Role and Responsibilities of Auditors

This question explains the steps an incoming auditor must take after accepting an appointment when there is a change in professional auditors.

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AA – Nov 2016 – L2 – Q2a – Professional Ethics and Code of Conduct for Auditors (IESBA Code)

This question addresses the ethical issues auditors face when accepting clients and engagements, focusing on independence and professional conduct.

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AA – May 2022 – L2 – SB – Q2 – Professional Ethics and Code of Conduct for Auditors

Discuss the fundamental principles of ICAN Code of Conduct for auditors and under what circumstances auditors may disclose information to third parties.

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SCS – Nov 2021 – L3 – Q8 – Professional practice and codes of ethics

Discuss the merits and demerits of the rules-based approach versus the principles-based approach to setting ethical standards.

You're reporting an error for "SCS – Nov 2021 – L3 – Q8 – Professional practice and codes of ethics"

BMF – Nov 2022 – L1 – SA – Q10 – The Role of Professional Accountants in Business and Society

This question tests knowledge of the meaning of IESBA.

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BMF – May 2021 – L1 – SB – Q6c – The Role of Professional Accountants in Business and Society

Explain the role of professional accountancy bodies in promoting ethical behaviour in the business environment.

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AA – Mar/Jul 2020 – L2 – Q2 – Professional Ethics and ICAN’s Ethical Standards

Explains the concept of professional ethics, its importance, and the differences between rule-based and principle-based ethics, highlighting their advantages and weaknesses.

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BMF – May 2023 – L1 – SB – Q4b – The Role of Professional Accountants in Business and Society

Identify three purposes of ICAN codes of ethics in the professional accounting field.

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BL – March July 2020 – L1 – SB – Q5c – Business Ethics

Explains why ICAN has an ethical code for regulating the conduct of professionals.

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BL – May 2016 – L1 – SA – Q7 – Business Ethics and Corporate Governance

Identify the statement that is not a purpose of ethical codes administered by professional bodies.

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AAA – April 2022 – L3 – Q5a – Professional responsibility and liability

Discuss non-audit services that could lead to a conflict of interest or impair the independence of an auditor.

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