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Chapter 05 - Code of Ethics - Coggle Diagram
Chapter 05 - Code of Ethics
Fundamental principles
Integrity
Objectivity
Professional competence and due care
Confidentiality
Professional behavior
Threats to compliance with fundamental principles
Self - interest threats (financial interests or other interests will inappropriately influence the professional accountant's judgment or behavior). Tell TWCG and QCR after 2nd year opinion if gross revenue >15%
Self - review threats (tự đá bóng tự thổi còi)
Advocacy (shares/interests in client)
Familiarity: Must have a gap of 2 yrs after 7 yrs of audit partner and 1 yr of flexibility
Intimidation threat (threats of replacement due to disagreement)
Important terms
Quality control review - having a professional accountant who was not involved with non-assurance service review the non-assurance work perform
Chinese Wall: The use of separate teams, with different engagement partners and team members
Common safeguards
Decline the benefits offered
Remove members from team
Using QCR
Using Chinese Wall
Withdraw from engagement
The audit process:
Obtaining, accepting, continuing audit engagements
Audit planning
Evaluating internal control over financial reporting
Substantive testing (audit evidence)
Review and reporting