Q. What are the
principles or standards followed by AICPA ‘s white auditing.
Ans :
The principle following by AICPA are given
below:
01. General standard
:
a)
The auditor will be sufficient educated and skillful.
b)
The auditor should be free from male practice and should
be honest.
c)
The auditor shall prepare the audit report in skillful
mind and proper care.
02. Standard of field
work :
a)
For preparing good, audit report the auditor should
prepare an audit program .The main auditor inspect the audit work of the whole
audit team.
b)
The auditor, should cheek properly the internal control
and internal audit.
c)
The auditor should prepare audit report for judgment,
inspection and enquiry. The auditor accepts the most acceptable document.
03. Standard of
reporting :
a)
The auditor should inspect the report has been made by following generally accepted accounting principles.
b)
The report has been prepared by some way by year to year.
c)
The information included in the financial statement should
be true and fair.
d)
The auditor should give the proper report about the financial
information.
Q. What is Ethics?
What are the needs for ethics.
Ans :
Ethics can be define broadly as a ,set of
moral principles or values although we or may not have consider them to
implicit .
Needs for ethics :
1.
Ethics is necessary for a society to function it in on
orderly manner. It can be argued that ethics is a glue that holds the society
together.
2.
The need for ethics in society is sufficiently important
that most commonly held ethical is value are incorporated into law.
So, it can be said
that, ethics is an important and valuable instrument of society as well as
business.
Q . Describe the
ethical principle.
Ans:
The
following are the six ethical principles i.e. core ethical value. That the washperson
institute associates with ethical behavior
.
1. Trustworthiness: Trustworthiness
includes honesty ,integrity .reliability and loyalty.
2. Respects: It
includes nation such as civility ,dignity tokrence and acceptance.
3. Responsibility: Responsibility means being accountable for one
action and exercising restraint .It also means presuming excellence.
4. Fairness and justice:
Fairness and justice means issue of equally impartiality, proportionately
openness and due process. Fair treatment means that similarly situations are
handed consistently.
5. Caring: Caring means being genuinely concerned for
the welfare of others and includes and showing benevolence.
6. Citizenship : It includes obeying laws performing one fair
,share to make society work ,including activities as voting ,serving on juries
and conserving resources
So, these
are the principles of ethics that are important element to operate a society
and business.
Q. What
is Ethical dilemma?
Ans: An ethical dilemma is a situation that a
personal faces in which a decision must be made about the appropriate behavior
.
1. Auditors accounts and
in other business people face many ethical dilemma in their business career.
2. Dealing with a client
who threatens to seek a new auditor unless an qualified is inappropriate.
Q. Write down the
AICP’S ethical principles or Identify and state the essence of the six ethical
principles.
Ans : There are six ethical
principles ,these are as follows :
1. Responsibility: In
carrying out their responsibility as professional member should exercise
sensitive, profession and moral judgments in all their activities.
2. The public interest: Member should accept the obligation
to act in a way that will serve the public interest, owner the public trust and
demonstrate commitment to professionalism.
3. Integrity: To maintain and brooder public confidence
member should perform all professional responsibilities with the highest scene
of integrity.
4. Objective and independence: A member in public practice should maintain
objective and should be independent in fact an appearance when providing
auditing and other attestation service.
5. Due core: A member should observe the professions
technical and ethical standard and discharged professional responsibility to
the of the number ability.
6. Scope of nature of service: A member in public practice should observe
the principles of the code of professional inducts in determining the scope and
nature of service to be provided.
Q. Write down the
rules of conduct of professional ethical .
Ans: The rules of conduct of professional ethical
1. Independence: A member
in public practice shall be independent in the performance of profession
services as required by standees promulgated by bodies designated by council.
2. Integrity and objective: In the performance of any
professional service a member shall maintain objective and integrity and shell
be free of conflicts of interest and shall not knowing misrepresent facts or
subordinate his or her judgment to her.
3. Compliance with standards: A member who performs auditing .review compilation,
management consulting .tax or other professional service shall comply with
standards promulgated by bodies designated by council.
4. Accounting principles: A member shell not express on opinion
or state affirmatively that the financial statement or others financial data of
any entity are presented in conformity with generally accepted accounting
principles.
5. Contingent fees : A member in public practice shell not perform for a contingent fee any
professional service for ,or receive such a fee form ,a client for whom the
member or the member firm performs.
6. Acts discreditable: A member shall not commit an .act
discreditable to the profession.
7. Advertising and other form of solicitation: A member in public
practice shall not seek to obtain client by advertising or other forms of
solicitation in a manner that is false .misleading or deceptive.
8. The form of organization and name: A member may
practice public accounting only in a form of organization permitted by state
law of regulation whose characteristics conform to resonation of council.
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