Quality Auditing: Why it Matters
14 important questions on Quality Auditing: Why it Matters
Direct financial interest
What are the two related, but distinct, public policy goals which the independence requirements serve?
2. The other related goal is to promote investor confidence in the financial statements of public companies.
According to the four basic principles of the SEC statements on independence, the independence of the auditor is impaired when the auditor has a relationship that:
2. Places the accountant in the position of auditing his or her own work
3. Results in the accountant acting as management or an employee of the audit client
4. Places the accountant in a position of being an advocate for the audit client
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What are the additional requirements for professional conduct for auditors of public companies
- Fee disclosures
- Audit partner rotation
- Prohibited services (e.g. bookkeeping, financial information system inplementation and design, management functions, legal services unrelated to the audit, actuarial services etc)
What are the five fundamental principles of the Code of Ethics for Professional Accountants of the IESBA?
- Objectivity
- Professional Competence and Due Care
- Confidentiality
- Professional Behavior
What is a difficulty auditors face when exercising professional skepticism?
How can audit firms be sure that they maintain and exercise appropriate professional skepticism?
- Create firm policies and procedures to encourage skepticism
When does an ethical dillemma occurs?
What does the rights theory requires?
Ethical decision making framework
2. Determine the affected parties and identify their rights
3. Determine the most important rights
4. Develop alternative courses of actions
5. Determine the likely consequences of each proposed course of action
6. Assess the possible conseuqences
7. Decide on the approprate course of action
What are the three things that can happen in the beginning-of-period client portfolio?
- Client continuance decisions
- Client acceptance decisions
Which evaluation is important by client continuance decisions and client acceptance decisions?
- Audit fees
Auditors should provide aut services only when the preconditions for an audit are present. These preconditions are:
- The agreement of management that it acknowledges and understands its responsibilities
Indirect financial interest
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