Using Table 3-1, explain how a professional accountant would embody each of the illustrated ethical principles. In
Question:
In Table 3-1
Transcribed Image Text:
Table 3-1 Illustrative Ethical Principles The following list of ethical principles incorporates characteristics and values that many people and organizations associate with ethical behaviour. Trustworthiness Be honest and reliable. Honour your agreements or promises, and do not inten- tionally mislead others. Be reliable-do your best to fulfill your commitments. Declare conflicts of interest. Act promptly to disclose hazards. Respect Be civil, courteous, and accepting of others, understanding the many differences that exist among people. Be unbiased in your decision making. Responsibility Be accountable for your own actions and aware of the actions of those you are supervising. Keep confidential information confidential. Use resources wisely and economically. Do not use the work of others without declaring the source. Identify your own competence levels and act within that competence. Judge actions and individuals on their merits, considering the equality of indi- Act out of a positive intention to do no harm or to minimize harm. Be concerned Obey laws, and assist others in obeying laws, including the reporting of offend- Faimess viduals and having regard for due process and transparency. Caring for others, showing benevolence when it is within your ability to do so. Citizenship ers. Help your society function by participating in voting, volunteer work, and the conservation of resources.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 61% (18 reviews)
Two examples are provided for each principle Others are possible Principle Example Trustworthiness c...View the full answer
Answered By
Muhammed Azhar
I started tutoring since I completed my high school education and till now I did not see it as a profession. I enjoy tutoring and sharing my knowledge. So it's a way to utilize my time in an effective way. I help lot of my friends to pass in semester examinations. So I believe I can share my knowledge with you in an effective way.
0.00
0 Reviews
10+ Question Solved
Related Book For
Auditing The Art and Science of Assurance Engagements
ISBN: 978-0133098235
12th Canadian edition
Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Ingrid B. Splettstoesser
Question Posted:
Students also viewed these Auditing questions
-
1. Critics of CRAs assert that they are too intrusive, ineffective, and unnecessary and that they can cause as many problems as they solve. Identify the specific reasons and examples that might...
-
1. What are the ethical issues in this case? 2. Is illegal immigration primarily an economic, legal, ethical, social, or political issue? Explain. 3. Are companies that hire illegal immigrants being...
-
How would you classify Alcoas ethical work climate? Which ethical criterion, as shown in Figure, was used by the company: egoism (self-centered), benevolence (concern for others), or principles...
-
Hi,Please answer no.5 and 6 only. This is my 3rd time to uploadthis question. Thank you so much! Bay Lake Mining Ltd. purchases earth-moving equipment on 1 August \( 20 \times 6 \) and signs a...
-
Radioactive cobalt-60 is used to study defects in vitamin B12 absorption because cobalt is the metallic atom at the center of the vitamin B12 molecule. The nuclear synthesis of this cobalt isotope...
-
Comment on the following statements: a. "Only synergistic mergers have the potential to create value." b. "If a merger cannot generate synergistic gains through cost reductions, it will not create...
-
(EPS: Simple Capital Structure) A portion of the combined statement of income and retained earnings of Seminole Inc. for the current year follows. At the end of the current year, Seminole Inc. has...
-
You have been hired by Morris & Son, Inc., to manage its human resource department. As a first step, you want to determine personnel needs and assigned duties in order to prevent errors and fraud in...
-
George and Mary form Crow Corporation. George transfers property, basis of $ 2 0 0 , 0 0 0 and value of $ 1 , 6 0 0 , 0 0 0 , for 5 0 shares in Crow Corporation. Mary transfers property, basis of $ 8...
-
What financial statement misrepresentations may result from an inconsistently applied credit policy? Be specific.
-
Explain how an objective state of mind and due care contribute to a PAs qualifications to conduct a financial statement audit.
-
The auditors working papers usually can be provided to someone else only with the permission of the client. What is the rationale for such a rule? What are the exceptions to this rule?
-
a. The successive ionisation energies of boron are shown in Table 3.3. i. Why is there a large increase between the third and fourth ionisation energies? ii. Explain how these figures confirm that...
-
MTB Surfboards has a P / E of 2 0 . The discount rate for this firm is 3 0 percent. They had earnings of $ 2 , 0 0 0 , 0 0 0 and 1 0 0 , 0 0 0 shares of common stock outstanding. What should be the...
-
Question 4 (20 marks) Laboratory 4: Superposition Theorem Objectives: 1. Understand the principles of a Superposition Theorem 2. Determine the characteristics of a Superposition Theorem...
-
2 Ursala, Inc., has a target debt-equity ratio of .65. Its WACC is 10.4 percent, and the tax rate is 23 percent. a. If the company's cost of equity is 14 percent, what is its pretax cost of debt? b....
-
Thinking about Nike's corporate practices, discuss your approach to starting a company that outsourced labor in order to reduce manufacturing costs. What decisions would you make to combine...
-
Owen Properties recently purchased a building in a community that is eligible for participation in the National Flood Insurance Program (NFIP). Under the regular program of the NFIP, the maximum...
-
Perform a verification and validation walkthrough of the functional models of the video store system described in exercises L and M. Exercises L Draw a use-case diagram and a set of activity diagrams...
-
The nitrogen atoms in N2 participate in multiple bonding, whereas those in hydrazine, N2H4, do not. (a) Draw Lewis structures for both molecules. (b) What is the hybridization of the nitrogen atoms...
-
Weight of Equity OMG Inc. has 4 million shares of common stock outstanding, 3 million shares of preferred stock outstanding, and 5,000 bonds. If the common shares are selling for $17 per share, the...
-
Your comparison of the gross margin percent for Jones Drugs for the years 2012 through 2015 indicates a significant decline. This is shown by the following information: A discussion with Nandini...
-
The internet has dramatically increased global ecommerce activities. Both traditional "bricks and mortar" businesses and new dot-com businesses use the internet to meet business objectives. However,...
-
Winston Black was an audit partner at Maharajah, Davis, LLP. He was in the process of reviewing the audit files for the audit of a new client, McMullan Resourcing. McMullan was in the business of...
-
Practice Problem 1 The stockholders equity accounts of Bramble Corp. on January 1, 2017, were as follows. Preferred Stock (6%, $100 par noncumulative, 4,400 shares authorized) $264,000 Common Stock...
-
JVCU Which of the following is considered cash for financial reporting purposes? 1 JVCU Which of the following is considered cash for financial reporting purposes? 1
-
Required information The Foundational 15 [LO8-2, LO8-3, LO8-4, LO8-5, LO8-7, LO8-9, L08-10) (The following information applies to the questions displayed below.) Morganton Company makes one product...
Study smarter with the SolutionInn App