Ethics and Acceptance

List the 5 fundamental principles

Which of the five fundamental principles is..
members should comply with relevant laws and regulations and avoid any action that discredits the profession

Which of the five fundamental principles is..
members should be straightforward and honest in all professional and business relationships

Which of the five fundamental principles is..
members should not allow bias, conflicts of interest to override professional or business judgements

Which of the five fundamental principles is..
members should maintain professional knowledge and skill at a level to ensure a client/ employer receives competent professional services based on current developments in practice, legislation and techniques

Which of the five fundamental principles is..
members should respect confidentiality of information acquired as a result of professional and business relationships

List the 5 threats to the fundamental principles

Explain familiarity

Explain self interest

Explain advocacy

Explain intimidation

What is an action/ measure that eliminates a threat or reduces a threat to a reduced acceptable level

Safeguards are divided into two broad categories what are they

List three circumstances when the auditor has a duty to disclose information to a specific authority?

List three circumstances where an auditor has the RIGHT to disclose information?

List some things the audit team must do to reduce the risk of conflicts of interest

Auditors should only accept a new audit engagement or continue an existing one if the preconditions reuired by ISA 210 are met, which require:

An engagement letter is

How often should the engagement letter be reviewed?

State three reasons why the engagement letter may need to be changed?

What is the contents of an engagement letter
(5)

Role of audit committee

Before an auditor accepts appointment they must ensure:

What is the maximum % of a firms income can come from one client before it is considered a self interest threat

What are outstanding fees perceived to be

Audit partners should be swapped every how many years and the reason why

What are the corporate governance requirements for a listed company