Professional Responsibility

AAA – Nov 2011 – L3 – SA – Q1 – Auditor’s Legal Liability

Identifies the IT automation service that alleviates document-based process management.

Question

A technology that takes away the problems associated with managing Information Technology Systems and can help automate document-based processes, so that customers can focus on growing and knowing their businesses, is known as:

A. Hosted services
B. Bureau services
C. Amazon services
D. Desktop services
E. Office assistance services

Answer

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Tags: Auditor's Liability, Court Cases, Legal Decisions, Professional Responsibility
Level: Level 3

Topic: Auditor’s Legal Liability
Series: NOV 2011

CR – May 2020 – Q3b(ii) – Ethical Actions in Contract Bidding

This question requires recommendations for maintaining ethical standards in a contract bidding situation involving a conflict of interest.

Question

Recommend the possible courses of action that you will take in order to be ethically responsible as expected from a Professional Accountant.

Answer

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Tags: Confidentiality, Conflict of Interest, Ethics, Professional Responsibility
Level: Level 3

Topic: Regulatory Framework and Ethics
Series: MAY 2020

CR – Nov 2020 – L3 – Q3c – Ethical Issues Facing Accountant in Costing Task

Ethical issues faced by an accountant pressured to produce a costing exercise under tight deadlines.

Question

Goodman recently qualified as accountant with the Institute of Chartered Accountants (Ghana). He works with a manufacturing company in Tamale, Ghana, and he has been asked, by his line manager, to complete a costing exercise and given a very short deadline as well as limited resources for the exercise. Goodman thinks that the President of the company is planning to use this information to restructure the company, including making some of Goodman’s close colleagues redundant. Goodman is very worried that the outcome of his work cannot be robust enough to be used for such a big business decision by the company, but his line manager is putting him under a lot of pressure to complete the work pretty much quickly.

Required:
Evaluate FOUR (4) ethical issues facing Goodman and recommend FOUR (4) possible courses of action Goodman should consider taking. (10 marks)

Answer

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Tags: Corporate Governance, Ethics, Professional Responsibility
Level: Level 3

Topic: Regulatory Framework and Ethics
Series: NOV 2020

FR – May 2020 – L2 – Q5a – Ethical Dilemmas in Tendering Process

This question focuses on the ethical course of action in tendering when faced with insider information in the internal audit context.

Question

Mrs. Stella Amoah (Stella), a Chartered Accountant and Head of Internal Audit in Ningo Communications Authority (NCA), is about to tender for a contract in Internal Audit Service. A new member of her team, Mr. Stephen Appiah Coker (Stephen), has been recruited from the Internal Audit Service, where he previously worked in the department responsible for devising the tender contract. Although Stephen was not involved with the tender process, his former colleague and friend is responsible for the tender specification document and the evaluation process.

Stephen had sight of some of the requirements and has offered to share with Stella information that may be of use when preparing the tender. However, this information is confidential and should not be seen by any of the tendering parties.

It will be an open tender process for both external and internal providers. Bids from external providers are being encouraged. The evaluation process has been designed with this in mind. If the contract is awarded externally, Stella will be unsure of her personal position in the organization. She understands that using any insider knowledge of the tendering process would be inappropriate when preparing the tender proposal, but she feels she would have a better chance of success if she used this confidential information.

Required:
Advise Mrs. Stella Amoah on THREE (3) courses of action she should take in order to act ethically in the tendering process given in the above scenario.

Answer

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Tags: Confidentiality, Ethics, Internal Audit, Professional Responsibility, Tender Process
Level: Level 2

Topic: Professional and Ethical Considerations, Professional and Ethical Issues in Financial Reporting

AA – Dec 2022 – L2 – Q2c – Professional and Ethical Considerations

Describes the five procedures an auditor must follow to comply with legal and professional requirements before accepting an audit engagement.

Question

You have been nominated as an Auditor to replace a professional colleague who is retiring from an engagement after having served the mandatory period of six years as required by statute.

Required:
Describe FIVE (5) procedures you should follow to fulfill the legal and professional requirements for the acceptance of the engagement.

Answer

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Tags: Acceptance Procedures, Audit Engagement, Audit Firm, Legal Requirements, Professional Responsibility
Level: Level 2

Topic: Professional and Ethical Considerations
Series: DEC 2022

AAA – April 2022 – L3 – Q1a – Rules of professional conduct

Evaluate four factors that determine the significance of a breach of the IESBA Code of Ethics.

Question

When a firm concludes that a breach has occurred, the firm shall terminate, suspend or eliminate the interest of the relationship that caused the breach and address the consequences of the breach.

Required: Evaluate FOUR (4) factors that determine the significance of a breach of the IESBA code of ethics. (4 marks)

Answer

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Tags: Audit Practice, Breach of IESBA Code, Ethical Conduct, Professional Responsibility, Regulatory Compliance
Level: Level 3

Topic: Rules of professional conduct
Series: APR 2022

AAA – Nov 2015 – L3 – Q1b – Professional responsibility and liability

Methods that an audit firm can use to reduce exposure to litigation claims.

Question

b) You are also responsible for providing direction to more junior members of the audit department of your firm on technical matters. Several recent recruits have asked for guidance in the area of auditor’s liability. They are keen to understand how an audit firm can reduce its exposure to claims of negligence. They have also heard that in some countries, it is possible to restrict liability by making a liability limitation agreement with an audit client.

Required:

Explain five methods that may be used by an audit firm to reduce exposure to litigation claims. (5 marks)

Answer

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Tags: Auditor Liability, Litigation Risk, Professional Responsibility
Level: Level 3

Topic: Professional responsibility and liability
Series: NOV 2015

AAA – Nov 2011 – L3 – SA – Q1 – Auditor’s Legal Liability

Identifies the IT automation service that alleviates document-based process management.

Question

A. Hosted services
B. Bureau services
C. Amazon services
D. Desktop services
E. Office assistance services

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditor's Liability, Court Cases, Legal Decisions, Professional Responsibility
Level: Level 3

Topic: Auditor’s Legal Liability
Series: NOV 2011

CR – May 2020 – Q3b(ii) – Ethical Actions in Contract Bidding

This question requires recommendations for maintaining ethical standards in a contract bidding situation involving a conflict of interest.

Question

Recommend the possible courses of action that you will take in order to be ethically responsible as expected from a Professional Accountant.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Confidentiality, Conflict of Interest, Ethics, Professional Responsibility
Level: Level 3

Topic: Regulatory Framework and Ethics
Series: MAY 2020

CR – Nov 2020 – L3 – Q3c – Ethical Issues Facing Accountant in Costing Task

Ethical issues faced by an accountant pressured to produce a costing exercise under tight deadlines.

Question

Required:
Evaluate FOUR (4) ethical issues facing Goodman and recommend FOUR (4) possible courses of action Goodman should consider taking. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Corporate Governance, Ethics, Professional Responsibility
Level: Level 3

Topic: Regulatory Framework and Ethics
Series: NOV 2020

FR – May 2020 – L2 – Q5a – Ethical Dilemmas in Tendering Process

This question focuses on the ethical course of action in tendering when faced with insider information in the internal audit context.

Question

Required:
Advise Mrs. Stella Amoah on THREE (3) courses of action she should take in order to act ethically in the tendering process given in the above scenario.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Confidentiality, Ethics, Internal Audit, Professional Responsibility, Tender Process
Level: Level 2

Topic: Professional and Ethical Considerations, Professional and Ethical Issues in Financial Reporting

AA – Dec 2022 – L2 – Q2c – Professional and Ethical Considerations

Describes the five procedures an auditor must follow to comply with legal and professional requirements before accepting an audit engagement.

Question

You have been nominated as an Auditor to replace a professional colleague who is retiring from an engagement after having served the mandatory period of six years as required by statute.

Required:
Describe FIVE (5) procedures you should follow to fulfill the legal and professional requirements for the acceptance of the engagement.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Acceptance Procedures, Audit Engagement, Audit Firm, Legal Requirements, Professional Responsibility
Level: Level 2

Topic: Professional and Ethical Considerations
Series: DEC 2022

AAA – April 2022 – L3 – Q1a – Rules of professional conduct

Evaluate four factors that determine the significance of a breach of the IESBA Code of Ethics.

Question

When a firm concludes that a breach has occurred, the firm shall terminate, suspend or eliminate the interest of the relationship that caused the breach and address the consequences of the breach.

Required: Evaluate FOUR (4) factors that determine the significance of a breach of the IESBA code of ethics. (4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Practice, Breach of IESBA Code, Ethical Conduct, Professional Responsibility, Regulatory Compliance
Level: Level 3

Topic: Rules of professional conduct
Series: APR 2022

AAA – Nov 2015 – L3 – Q1b – Professional responsibility and liability

Methods that an audit firm can use to reduce exposure to litigation claims.

Question

Required:

Explain five methods that may be used by an audit firm to reduce exposure to litigation claims. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditor Liability, Litigation Risk, Professional Responsibility
Level: Level 3

Topic: Professional responsibility and liability
Series: NOV 2015

Question Tag: Professional Responsibility

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AAA – Nov 2011 – L3 – SA – Q1 – Auditor’s Legal Liability

Identifies the IT automation service that alleviates document-based process management.

CR – May 2020 – Q3b(ii) – Ethical Actions in Contract Bidding

This question requires recommendations for maintaining ethical standards in a contract bidding situation involving a conflict of interest.

CR – Nov 2020 – L3 – Q3c – Ethical Issues Facing Accountant in Costing Task

Ethical issues faced by an accountant pressured to produce a costing exercise under tight deadlines.

FR – May 2020 – L2 – Q5a – Ethical Dilemmas in Tendering Process

This question focuses on the ethical course of action in tendering when faced with insider information in the internal audit context.

AA – Dec 2022 – L2 – Q2c – Professional and Ethical Considerations

Describes the five procedures an auditor must follow to comply with legal and professional requirements before accepting an audit engagement.

AAA – April 2022 – L3 – Q1a – Rules of professional conduct

Evaluate four factors that determine the significance of a breach of the IESBA Code of Ethics.

AAA – Nov 2015 – L3 – Q1b – Professional responsibility and liability

Methods that an audit firm can use to reduce exposure to litigation claims.

AAA – Nov 2011 – L3 – SA – Q1 – Auditor’s Legal Liability

Identifies the IT automation service that alleviates document-based process management.

CR – May 2020 – Q3b(ii) – Ethical Actions in Contract Bidding

This question requires recommendations for maintaining ethical standards in a contract bidding situation involving a conflict of interest.

CR – Nov 2020 – L3 – Q3c – Ethical Issues Facing Accountant in Costing Task

Ethical issues faced by an accountant pressured to produce a costing exercise under tight deadlines.

FR – May 2020 – L2 – Q5a – Ethical Dilemmas in Tendering Process

This question focuses on the ethical course of action in tendering when faced with insider information in the internal audit context.

AA – Dec 2022 – L2 – Q2c – Professional and Ethical Considerations

Describes the five procedures an auditor must follow to comply with legal and professional requirements before accepting an audit engagement.

AAA – April 2022 – L3 – Q1a – Rules of professional conduct

Evaluate four factors that determine the significance of a breach of the IESBA Code of Ethics.

AAA – Nov 2015 – L3 – Q1b – Professional responsibility and liability

Methods that an audit firm can use to reduce exposure to litigation claims.

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Question Tag: Professional Responsibility

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AAA – Nov 2011 – L3 – SA – Q1 – Auditor’s Legal Liability

Identifies the IT automation service that alleviates document-based process management.

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CR – May 2020 – Q3b(ii) – Ethical Actions in Contract Bidding

This question requires recommendations for maintaining ethical standards in a contract bidding situation involving a conflict of interest.

You're reporting an error for "CR – May 2020 – Q3b(ii) – Ethical Actions in Contract Bidding"

CR – Nov 2020 – L3 – Q3c – Ethical Issues Facing Accountant in Costing Task

Ethical issues faced by an accountant pressured to produce a costing exercise under tight deadlines.

You're reporting an error for "CR – Nov 2020 – L3 – Q3c – Ethical Issues Facing Accountant in Costing Task"

FR – May 2020 – L2 – Q5a – Ethical Dilemmas in Tendering Process

This question focuses on the ethical course of action in tendering when faced with insider information in the internal audit context.

You're reporting an error for "FR – May 2020 – L2 – Q5a – Ethical Dilemmas in Tendering Process"

AA – Dec 2022 – L2 – Q2c – Professional and Ethical Considerations

Describes the five procedures an auditor must follow to comply with legal and professional requirements before accepting an audit engagement.

You're reporting an error for "AA – Dec 2022 – L2 – Q2c – Professional and Ethical Considerations"

AAA – April 2022 – L3 – Q1a – Rules of professional conduct

Evaluate four factors that determine the significance of a breach of the IESBA Code of Ethics.

You're reporting an error for "AAA – April 2022 – L3 – Q1a – Rules of professional conduct"

AAA – Nov 2015 – L3 – Q1b – Professional responsibility and liability

Methods that an audit firm can use to reduce exposure to litigation claims.

You're reporting an error for "AAA – Nov 2015 – L3 – Q1b – Professional responsibility and liability"

AAA – Nov 2011 – L3 – SA – Q1 – Auditor’s Legal Liability

Identifies the IT automation service that alleviates document-based process management.

You're reporting an error for "AAA – Nov 2011 – L3 – SA – Q1 – Auditor’s Legal Liability"

CR – May 2020 – Q3b(ii) – Ethical Actions in Contract Bidding

This question requires recommendations for maintaining ethical standards in a contract bidding situation involving a conflict of interest.

You're reporting an error for "CR – May 2020 – Q3b(ii) – Ethical Actions in Contract Bidding"

CR – Nov 2020 – L3 – Q3c – Ethical Issues Facing Accountant in Costing Task

Ethical issues faced by an accountant pressured to produce a costing exercise under tight deadlines.

You're reporting an error for "CR – Nov 2020 – L3 – Q3c – Ethical Issues Facing Accountant in Costing Task"

FR – May 2020 – L2 – Q5a – Ethical Dilemmas in Tendering Process

This question focuses on the ethical course of action in tendering when faced with insider information in the internal audit context.

You're reporting an error for "FR – May 2020 – L2 – Q5a – Ethical Dilemmas in Tendering Process"

AA – Dec 2022 – L2 – Q2c – Professional and Ethical Considerations

Describes the five procedures an auditor must follow to comply with legal and professional requirements before accepting an audit engagement.

You're reporting an error for "AA – Dec 2022 – L2 – Q2c – Professional and Ethical Considerations"

AAA – April 2022 – L3 – Q1a – Rules of professional conduct

Evaluate four factors that determine the significance of a breach of the IESBA Code of Ethics.

You're reporting an error for "AAA – April 2022 – L3 – Q1a – Rules of professional conduct"

AAA – Nov 2015 – L3 – Q1b – Professional responsibility and liability

Methods that an audit firm can use to reduce exposure to litigation claims.

You're reporting an error for "AAA – Nov 2015 – L3 – Q1b – Professional responsibility and liability"

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