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The acronym “IFAC” stands for:
A. International Federation of Accountancy
B. International Federation of Accounting
C. International Federation of Accountants
D. Intermediate Federation of Accountants
E. Intermediate Federation of Accounting
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a) As a member of the International Federation of Accountants (IFAC), the Institute of Chartered Accountants, Ghana (ICAG) subscribes to the code of ethics prescribed by the International Ethics Standards Board for Accountants (IESBA).
Required:
Explain each of the FIVE (5) fundamental principles of the Code of Ethics of the Institute of Chartered Accountants, Ghana (ICAG). (5 marks)
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International Standards on Auditing (ISAs) are developed and updated by the International Auditing and Assurance Standards Board (IAASB), which is an independent standard-setting body established by the International Federation of Accountants (IFAC). The Institute of Chartered Accountants, Ghana adopts the standards set by the International Auditing and Assurance Standards Board (IAASB).
Required:
Describe the process for developing and updating ISAs.
(7 marks)
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The IFAC International Ethics Standards Board for Accountants (IESBA) Code of Ethics for Professional Accountants sets out the five fundamental principles of professional ethics and provides a conceptual framework for applying those principles. Professional Accountants must apply this conceptual framework to identify threats to compliance with the principles, evaluate their significance, and apply appropriate safeguards to eliminate or reduce them so that compliance is not compromised.
Required: Identify FIVE major threats identified in the code of ethics, giving examples of each
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The auditing profession is very dynamic and constantly confronted with new challenges emanating from the political and economic spheres. To meet these challenges the global authority responsible for the regulation of accountancy profession, The International Federation of Accountants (IFAC) has been ensuring that the standards for conduct of audit and assurance engagements are revised and brought up to date all the time.
Required: i) Discuss FOUR (4) factors that influence the development of new Auditing Standards. (5 marks)
ii) Identify the procedures for developing new Auditing Standards. (5 marks)
Find Related Questions by Tags, levels, etc.
The auditing profession is very dynamic and constantly confronted with new challenges emanating from the political and economic spheres. To meet these challenges the global authority responsible for the regulation of accountancy profession, The International Federation of Accountants (IFAC) has been ensuring that the standards for conduct of audit and assurance engagements are revised and brought up to date all the time.
Required:
i) Analyze the factors that influence the development of new Auditing Standards. (6 marks)
ii) Discuss the procedures for developing new Auditing Standards. (4 marks)
Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
The acronym “IFAC” stands for:
A. International Federation of Accountancy
B. International Federation of Accounting
C. International Federation of Accountants
D. Intermediate Federation of Accountants
E. Intermediate Federation of Accounting
Find Related Questions by Tags, levels, etc.
a) As a member of the International Federation of Accountants (IFAC), the Institute of Chartered Accountants, Ghana (ICAG) subscribes to the code of ethics prescribed by the International Ethics Standards Board for Accountants (IESBA).
Required:
Explain each of the FIVE (5) fundamental principles of the Code of Ethics of the Institute of Chartered Accountants, Ghana (ICAG). (5 marks)
Find Related Questions by Tags, levels, etc.
International Standards on Auditing (ISAs) are developed and updated by the International Auditing and Assurance Standards Board (IAASB), which is an independent standard-setting body established by the International Federation of Accountants (IFAC). The Institute of Chartered Accountants, Ghana adopts the standards set by the International Auditing and Assurance Standards Board (IAASB).
Required:
Describe the process for developing and updating ISAs.
(7 marks)
Find Related Questions by Tags, levels, etc.
The IFAC International Ethics Standards Board for Accountants (IESBA) Code of Ethics for Professional Accountants sets out the five fundamental principles of professional ethics and provides a conceptual framework for applying those principles. Professional Accountants must apply this conceptual framework to identify threats to compliance with the principles, evaluate their significance, and apply appropriate safeguards to eliminate or reduce them so that compliance is not compromised.
Required: Identify FIVE major threats identified in the code of ethics, giving examples of each
Find Related Questions by Tags, levels, etc.
The auditing profession is very dynamic and constantly confronted with new challenges emanating from the political and economic spheres. To meet these challenges the global authority responsible for the regulation of accountancy profession, The International Federation of Accountants (IFAC) has been ensuring that the standards for conduct of audit and assurance engagements are revised and brought up to date all the time.
Required: i) Discuss FOUR (4) factors that influence the development of new Auditing Standards. (5 marks)
ii) Identify the procedures for developing new Auditing Standards. (5 marks)
Find Related Questions by Tags, levels, etc.
The auditing profession is very dynamic and constantly confronted with new challenges emanating from the political and economic spheres. To meet these challenges the global authority responsible for the regulation of accountancy profession, The International Federation of Accountants (IFAC) has been ensuring that the standards for conduct of audit and assurance engagements are revised and brought up to date all the time.
Required:
i) Analyze the factors that influence the development of new Auditing Standards. (6 marks)
ii) Discuss the procedures for developing new Auditing Standards. (4 marks)
Find Related Questions by Tags, levels, etc.
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