Question Tag: Objectivity

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AAA – Nov 2013 – L3 – AII – Q20 – Ethical Issues in Auditing

Define the situation where an auditor's role as a rival to the client impairs objectivity.

Question

A situation which puts the auditor as opponent or rival of the client and which may impair his objectivity is termed…………………….

Answer

Find Related Questions by Tags, levels, etc.

Tags: Advocacy Threat, Auditor Independence, Objectivity
Level: Level 3

Topic: Ethical Issues in Auditing

AAA – Nov 2011 – L3 – SA – Q4 – Ethical Issues in Auditing

Identifies exceptions to threats that compromise auditor objectivity.

Question

Threats to objectivity include the following EXCEPT:

A. Familiarity threat
B. Self-regulatory threat
C. Intimidation threat
D. Advocacy threat
E. Self-interest threat

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ethics, Objectivity, Professional Standards, Threats to Independence
Level: Level 3

Topic: Ethical Issues in Auditing
Series: NOV 2011

AAA – May 2018 – L3 – SC – Q5 – Use of Experts in Audits

Evaluate objectivity factors and audit procedures to assess the reliability of a management-employed expert’s work in QQ Limited's financial statements.

Question

The management of QQ Limited had engaged an expert valuer, Segun & Company, in the valuation of its investment property situated at Ojo Oniyun Street, Victoria Island for disclosure in the financial statements as at year-end.

Required:

Discuss the factors to be considered when assessing the objectivity of the expert employed by management. (5 Marks)
Explain the procedures to be performed by the auditor to assess whether the work of the management expert provides sufficient and appropriate evidence for the audit of the financial statements. (10 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit evidence, Financial Statements, Management’s expert, Objectivity
Level: Level 3

Topic: Use of Experts in Audits
Series: MAY 2018

CSME – Nov 2016 – L2 – Q5b – Ethics in Business

Present four fundamental ethical principles for professional accountants and how they motivate compliance.

Question

Present any FOUR fundamental ethical principles that should guide the actions of professional accountants in a way that would motivate a newly qualified accountant to comply with them.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Competence, Ethical Principles, Integrity, Objectivity, Professional Accountants
Level: Level 2

Topic: Corporate Governance, Ethics in Business
Series: NOV 2016

FA – May 2014 – L1 – SA – Q2 – Accounting Concepts

Identifies the concept that implies independence of judgment.

Question

Which concept connotes independence of judgment on the part of the Accountant preparing financial statements?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Concepts, Independence, Objectivity
Level: Level 1

Topic: Accounting Concepts
Series: MAY 2014

CR – May 2021 – L3 – Q3c – Ethical Dilemmas and Actions for a Finance Director

Discuss the ethical dilemmas and potential actions a finance director must take to avoid breaching IFAC's Code of Ethics.

Question

You are the Finance Director of a limited liability company. The company started trading with a handful of employees but now has a workforce of 200. You are aware that staff purchases of goods manufactured by the company are authorised by production managers and then processed outside the accounting system. The proceeds from these sales are used to fund the company’s annual Christmas party, organised for Directors of the company.

Required:
Discuss the possible actions that you will take in order not to breach the fundamental principles of the IFAC’s Code of Ethics. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Conflict of Interest, Ethics, IFAC Code of Ethics, Integrity, Objectivity
Level: Level 3

Topic: Regulatory Framework and Ethics
Series: MAY 2021

BMF – Nov 2023 – L1 – SA – Q14 – The Role of Professional Accountants in Business and Society

Identify the accounting concept that ensures professional judgment is not affected by conflict of interest.

Question

Which of the following best describes the concept that an accountant must NOT allow his professional or business judgment to be affected by conflict of interest?

A. Due care
B. Objectivity
C. Professional competence
D. Confidentiality
E. Integrity

Answer

Find Related Questions by Tags, levels, etc.

Tags: Conflict of Interest, Objectivity, Professional Ethics
Level: Level 1

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

FA – May 2023 – L1 – SA – Q16 – Qualitative Characteristics of Useful Financial Information

Identifying the accounting principle that requires financial information to be supported by evidence.

Question

The accounting principle that requires financial statements information to be supported by evidence other than someone’s opinion or imagination is known as:

A. Consistency

B. Prudence

C. Accrual

D. Aggregation

E. Objectivity

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting principles, Evidence-based Information, Objectivity
Level: Level 1

Topic: Qualitative Characteristics of Useful Financial Information
Series: MAY 2023

FR – Nov 2023 – L2 – Q5a – Professional and Ethical Issues in Financial Reporting

Discuss potential actions to avoid breaching the five fundamental ethical principles and recommend possible actions in dealing with an ethical situation.

Question

a)
i) Explain how you could potentially act in order not to breach each of the FIVE (5) fundamental principles of the IFAC’s code of ethics. (5 marks)

ii) Recommend FIVE (5) possible actions that you should take as a member of the Institute of Chartered Accountants, Ghana in dealing with the situation. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ethical Principles, Financial Reporting, Integrity, Objectivity, Professional Conduct
Level: Level 2

Topic: Professional and Ethical Issues in Financial Reporting
Series: NOV 2023

AA – Dec 2022 – L2 – Q5b – Audit and Assurance Risk Environment

Describes the factors that auditors should consider when assessing the competence and objectivity of an expert.

Question

ISA 620: Using the Work of an Expert explains how an auditor may use an expert to obtain audit evidence.

Required:
State THREE (3) factors that the external auditor should consider when assessing the competence and objectivity of the expert.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit evidence, Competence, Expert, ISA 620, Objectivity
Level: Level 2

Topic: Audit and Assurance Risk Environment
Series: DEC 2022

AAA – Nov 2013 – L3 – AII – Q20 – Ethical Issues in Auditing

Define the situation where an auditor's role as a rival to the client impairs objectivity.

Question

A situation which puts the auditor as opponent or rival of the client and which may impair his objectivity is termed…………………….

Answer

Find Related Questions by Tags, levels, etc.

Tags: Advocacy Threat, Auditor Independence, Objectivity
Level: Level 3

Topic: Ethical Issues in Auditing

AAA – Nov 2011 – L3 – SA – Q4 – Ethical Issues in Auditing

Identifies exceptions to threats that compromise auditor objectivity.

Question

Threats to objectivity include the following EXCEPT:

A. Familiarity threat
B. Self-regulatory threat
C. Intimidation threat
D. Advocacy threat
E. Self-interest threat

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ethics, Objectivity, Professional Standards, Threats to Independence
Level: Level 3

Topic: Ethical Issues in Auditing
Series: NOV 2011

AAA – May 2018 – L3 – SC – Q5 – Use of Experts in Audits

Evaluate objectivity factors and audit procedures to assess the reliability of a management-employed expert’s work in QQ Limited's financial statements.

Question

Required:

Discuss the factors to be considered when assessing the objectivity of the expert employed by management. (5 Marks)
Explain the procedures to be performed by the auditor to assess whether the work of the management expert provides sufficient and appropriate evidence for the audit of the financial statements. (10 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit evidence, Financial Statements, Management’s expert, Objectivity
Level: Level 3

Topic: Use of Experts in Audits
Series: MAY 2018

CSME – Nov 2016 – L2 – Q5b – Ethics in Business

Present four fundamental ethical principles for professional accountants and how they motivate compliance.

Question

Present any FOUR fundamental ethical principles that should guide the actions of professional accountants in a way that would motivate a newly qualified accountant to comply with them.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Competence, Ethical Principles, Integrity, Objectivity, Professional Accountants
Level: Level 2

Topic: Corporate Governance, Ethics in Business
Series: NOV 2016

FA – May 2014 – L1 – SA – Q2 – Accounting Concepts

Identifies the concept that implies independence of judgment.

Question

Which concept connotes independence of judgment on the part of the Accountant preparing financial statements?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Concepts, Independence, Objectivity
Level: Level 1

Topic: Accounting Concepts
Series: MAY 2014

CR – May 2021 – L3 – Q3c – Ethical Dilemmas and Actions for a Finance Director

Discuss the ethical dilemmas and potential actions a finance director must take to avoid breaching IFAC's Code of Ethics.

Question

Required:
Discuss the possible actions that you will take in order not to breach the fundamental principles of the IFAC’s Code of Ethics. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Conflict of Interest, Ethics, IFAC Code of Ethics, Integrity, Objectivity
Level: Level 3

Topic: Regulatory Framework and Ethics
Series: MAY 2021

BMF – Nov 2023 – L1 – SA – Q14 – The Role of Professional Accountants in Business and Society

Identify the accounting concept that ensures professional judgment is not affected by conflict of interest.

Question

Which of the following best describes the concept that an accountant must NOT allow his professional or business judgment to be affected by conflict of interest?

A. Due care
B. Objectivity
C. Professional competence
D. Confidentiality
E. Integrity

Answer

Find Related Questions by Tags, levels, etc.

Tags: Conflict of Interest, Objectivity, Professional Ethics
Level: Level 1

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

FA – May 2023 – L1 – SA – Q16 – Qualitative Characteristics of Useful Financial Information

Identifying the accounting principle that requires financial information to be supported by evidence.

Question

The accounting principle that requires financial statements information to be supported by evidence other than someone’s opinion or imagination is known as:

A. Consistency

B. Prudence

C. Accrual

D. Aggregation

E. Objectivity

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting principles, Evidence-based Information, Objectivity
Level: Level 1

Topic: Qualitative Characteristics of Useful Financial Information
Series: MAY 2023

FR – Nov 2023 – L2 – Q5a – Professional and Ethical Issues in Financial Reporting

Discuss potential actions to avoid breaching the five fundamental ethical principles and recommend possible actions in dealing with an ethical situation.

Question

a)
i) Explain how you could potentially act in order not to breach each of the FIVE (5) fundamental principles of the IFAC’s code of ethics. (5 marks)

ii) Recommend FIVE (5) possible actions that you should take as a member of the Institute of Chartered Accountants, Ghana in dealing with the situation. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ethical Principles, Financial Reporting, Integrity, Objectivity, Professional Conduct
Level: Level 2

Topic: Professional and Ethical Issues in Financial Reporting
Series: NOV 2023

AA – Dec 2022 – L2 – Q5b – Audit and Assurance Risk Environment

Describes the factors that auditors should consider when assessing the competence and objectivity of an expert.

Question

ISA 620: Using the Work of an Expert explains how an auditor may use an expert to obtain audit evidence.

Required:
State THREE (3) factors that the external auditor should consider when assessing the competence and objectivity of the expert.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit evidence, Competence, Expert, ISA 620, Objectivity
Level: Level 2

Topic: Audit and Assurance Risk Environment
Series: DEC 2022

Question Tag: Objectivity

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AAA – Nov 2013 – L3 – AII – Q20 – Ethical Issues in Auditing

Define the situation where an auditor's role as a rival to the client impairs objectivity.

You're reporting an error for "AAA – Nov 2013 – L3 – AII – Q20 – Ethical Issues in Auditing"

AAA – Nov 2011 – L3 – SA – Q4 – Ethical Issues in Auditing

Identifies exceptions to threats that compromise auditor objectivity.

You're reporting an error for "AAA – Nov 2011 – L3 – SA – Q4 – Ethical Issues in Auditing"

AAA – May 2018 – L3 – SC – Q5 – Use of Experts in Audits

Evaluate objectivity factors and audit procedures to assess the reliability of a management-employed expert’s work in QQ Limited's financial statements.

You're reporting an error for "AAA – May 2018 – L3 – SC – Q5 – Use of Experts in Audits"

CSME – Nov 2016 – L2 – Q5b – Ethics in Business

Present four fundamental ethical principles for professional accountants and how they motivate compliance.

You're reporting an error for "CSME – Nov 2016 – L2 – Q5b – Ethics in Business"

FA – May 2014 – L1 – SA – Q2 – Accounting Concepts

Identifies the concept that implies independence of judgment.

You're reporting an error for "FA – May 2014 – L1 – SA – Q2 – Accounting Concepts"

CR – May 2021 – L3 – Q3c – Ethical Dilemmas and Actions for a Finance Director

Discuss the ethical dilemmas and potential actions a finance director must take to avoid breaching IFAC's Code of Ethics.

You're reporting an error for "CR – May 2021 – L3 – Q3c – Ethical Dilemmas and Actions for a Finance Director"

BMF – Nov 2023 – L1 – SA – Q14 – The Role of Professional Accountants in Business and Society

Identify the accounting concept that ensures professional judgment is not affected by conflict of interest.

You're reporting an error for "BMF – Nov 2023 – L1 – SA – Q14 – The Role of Professional Accountants in Business and Society"

FA – May 2023 – L1 – SA – Q16 – Qualitative Characteristics of Useful Financial Information

Identifying the accounting principle that requires financial information to be supported by evidence.

You're reporting an error for "FA – May 2023 – L1 – SA – Q16 – Qualitative Characteristics of Useful Financial Information"

FR – Nov 2023 – L2 – Q5a – Professional and Ethical Issues in Financial Reporting

Discuss potential actions to avoid breaching the five fundamental ethical principles and recommend possible actions in dealing with an ethical situation.

You're reporting an error for "FR – Nov 2023 – L2 – Q5a – Professional and Ethical Issues in Financial Reporting"

AA – Dec 2022 – L2 – Q5b – Audit and Assurance Risk Environment

Describes the factors that auditors should consider when assessing the competence and objectivity of an expert.

You're reporting an error for "AA – Dec 2022 – L2 – Q5b – Audit and Assurance Risk Environment"

AAA – Nov 2013 – L3 – AII – Q20 – Ethical Issues in Auditing

Define the situation where an auditor's role as a rival to the client impairs objectivity.

You're reporting an error for "AAA – Nov 2013 – L3 – AII – Q20 – Ethical Issues in Auditing"

AAA – Nov 2011 – L3 – SA – Q4 – Ethical Issues in Auditing

Identifies exceptions to threats that compromise auditor objectivity.

You're reporting an error for "AAA – Nov 2011 – L3 – SA – Q4 – Ethical Issues in Auditing"

AAA – May 2018 – L3 – SC – Q5 – Use of Experts in Audits

Evaluate objectivity factors and audit procedures to assess the reliability of a management-employed expert’s work in QQ Limited's financial statements.

You're reporting an error for "AAA – May 2018 – L3 – SC – Q5 – Use of Experts in Audits"

CSME – Nov 2016 – L2 – Q5b – Ethics in Business

Present four fundamental ethical principles for professional accountants and how they motivate compliance.

You're reporting an error for "CSME – Nov 2016 – L2 – Q5b – Ethics in Business"

FA – May 2014 – L1 – SA – Q2 – Accounting Concepts

Identifies the concept that implies independence of judgment.

You're reporting an error for "FA – May 2014 – L1 – SA – Q2 – Accounting Concepts"

CR – May 2021 – L3 – Q3c – Ethical Dilemmas and Actions for a Finance Director

Discuss the ethical dilemmas and potential actions a finance director must take to avoid breaching IFAC's Code of Ethics.

You're reporting an error for "CR – May 2021 – L3 – Q3c – Ethical Dilemmas and Actions for a Finance Director"

BMF – Nov 2023 – L1 – SA – Q14 – The Role of Professional Accountants in Business and Society

Identify the accounting concept that ensures professional judgment is not affected by conflict of interest.

You're reporting an error for "BMF – Nov 2023 – L1 – SA – Q14 – The Role of Professional Accountants in Business and Society"

FA – May 2023 – L1 – SA – Q16 – Qualitative Characteristics of Useful Financial Information

Identifying the accounting principle that requires financial information to be supported by evidence.

You're reporting an error for "FA – May 2023 – L1 – SA – Q16 – Qualitative Characteristics of Useful Financial Information"

FR – Nov 2023 – L2 – Q5a – Professional and Ethical Issues in Financial Reporting

Discuss potential actions to avoid breaching the five fundamental ethical principles and recommend possible actions in dealing with an ethical situation.

You're reporting an error for "FR – Nov 2023 – L2 – Q5a – Professional and Ethical Issues in Financial Reporting"

AA – Dec 2022 – L2 – Q5b – Audit and Assurance Risk Environment

Describes the factors that auditors should consider when assessing the competence and objectivity of an expert.

You're reporting an error for "AA – Dec 2022 – L2 – Q5b – Audit and Assurance Risk Environment"

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