Identify and explain briefly the fundamental principles that accountants are required to comply with in their practice
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. Identify and explain briefly the fundamental principles that accountants are required to
comply with in their practice
Step by step
Solved in 2 steps
- 1. Give one example of an ethical standard from the conceptual framework that accountants have to follow and briefly apply it to a self-created scenario.Distinguish between ethical rights and obligations from the perspective of accountants and auditors.Please list and describe all of the issues that concern accountants and auditors regarding potential liability for their work to their clients.
- What roles must a professional accountant be prepared to perform in regard to ethical decisionproblems?The person or class of persons from whom the professional accountant prepares the report for specific use or purpose A. Intended users B. Responsible party C. Management D. Board of DirectorsWhat are the ethical responsibilities ofmanagement accountants?
- Discuss the importance of professional ethics for the Accountant and auditors?Identify the relevance of “Professional Competence and Due Care” with one of the following options. a. Duty of Auditor b. Powers of auditor c. Code of Ethics for professional accountants d. Role of Regulatory and professional bodiesAssess the accounting function within the organization in the context of regulatory and ethical constraints.