Can an Auditor prepare the Financial Statements and then audit them?
Who is responsible for the preparation of the Financial Statements? Management is responsible for preparing and fairly presenting the financial statements under the applicable financial reporting framework. These responsibilities include: Accounting and bookkeeping services comprise a broad range of services, including: Accounting and bookkeeping services that are routine or mechanical: Examples of services that might […]
What are the Fundamental Principles of Professional Ethics?
The ethical conduct of professional accountants and auditors is controlled by a set of criteria they must conform to. Auditors have a direct responsibility to the shareholders of a reporting entity (because auditors are appointed by the shareholders, not by management), but it is generally accepted that the fundamental principles of professional ethics do not […]
What Function Does the International Auditing and Assurance Standards Board（IAASB）Play?
The International Auditing and Assurance Standards Board, also known as the IAASB, is responsible for setting the International Standards on Auditing (ISAs). It is an independent body that sets international standards of high quality on aspects of: The International Auditing and Assurance Standards Board were established in March 1978. Before that, it was known as […]
Exploring The IESBA Code Installment 10 – Pressure to Breach the Fundamental Principles
Exploring The IESBA Code Installment 10 – Pressure to Breach the Fundamental Principles – PDF Exploring The IESBA Code Installment 10 – Pressure to Breach the Fundamental Principles 1. Because of the wide range of professional services that Professional Accountants (PAs) perform, they may be under pressure from a client, supervisor, or other individuals (for […]
Exploring The IESBA Code Installment 11 – The Role and Mindset Expected of Accountant: Focus on Bias
1. In order to meet their obligations under the Code and support the profession’s responsibility to act in the public interest, professional accountants (PAs) need to understand the expectations that come with their role and adopt the appropriate mindset. The IESBA’s Role and Mindset project clarifies these obligations in new provisions that become effective December […]
Exploring The IESBA Code Installment 12 – The Building Blocks Installment
1. The International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code) sets out the fundamental principles of ethics for professional accountants (PAs), reflecting the profession’s public interest responsibility. The principles apply to all PAs irrespective of their roles and responsibilities. 2. Together with the Code’s conceptual framework, the principles provide a […]
Exploring The IESBA Code Installment 8 – Non-Compliance with Laws and Regulations [for PAIBs]
1. This installment addresses NOCLAR for professional accountants in business (PAIBs). 2. The acknowledgment of duty to act in the public interest is a distinctive feature of the accountancy profession. Professional accountants may encounter instances in which they discover or suspect that their employer or a client is in non-compliance with laws and regulations. 3. […]
Exploring The IESBA Code Installment 9 – Responding to Non-Compliance with Laws and Regulations
1. This publication deals with Professional Accountants in Public Practice (PAPPs) and this topic relating to public accountants in business is discussed in Installment 8. 2. The acknowledgment of duty to act in the public interest is a distinctive feature of the accountancy profession. professional accountants in public practice (PAPPs) may encounter instances in which […]
Exploring The IESBA Code Installment 6- Conflicts of Interest
1. Conflicts of interest are the type of situation that is most directly associated with the principle of objectivity. All PAs are prohibited from compromising their professional or business judgement as a result of bias, a conflict of interest, or the undue influence of others, according to the Code. 2. Having conflicts of interest isn’t […]
Exploring The IESBA Code Installment 7 – Inducements, Including Gifts and Hospitality
1. Inducements are defined in the IESBA Code as “anything used to influence the behaviour of another individual.” 2. At times, this influence occurs naturally as a result of commercial relationship development, but at other times, the incentive is intended to improperly encourage someone to act unethically. 3. Inducements can range from conventional business partners’ […]
