ACCA F8 - Audit and assurance Questions With Complete Solutions

CHAPTER 4 - PROFESSIONAL ETHICS AND QUALITY CONTROL PROCEDURES correct answer: ° Professional ethics and ACCA code of ethics and conducts ° obtaining, accepting and continuing audit engagements Ethics correct answer: Ethics can be described as moral principles that govern a persons or groups behavior. Professional ethics Professional codes of ethics correct answer: relate to the standard of behavior expected from professional people. What is the current guidance on ethics for ACCA members? correct answer: They must comply with the fundamental principal set out in ACCA's code of ethics and conduct, which is based on International ethics standards boards for accountants ( IESBA) - comes from IFAC. These codes of ethics provide a *conceptual framework* 5 Fundamental principal of Professional ethics correct answer: ICPOP • Integrity • Confidentiality • Professional competence and due care • Objectivity • Professional behavior Integrity correct answer: Members shall be straightforward and honest in all professional and business relationship Confidentiality correct answer: Members should respect the confidentiality of information , therefore should not disclose any such information to third parties without proper and specific authority or unless there is a legal or professional right or duty to disclose. Confidential information should also not be used for personal advantage of members and third parties. Professional competence and due care correct answer: Members have a continuing duty to maintain professional knowledge and skill at the level required to ensure that a client or employer