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APES 110 PROFFESIONAL ETHICS - Coggle Diagram
APES 110 PROFFESIONAL ETHICS
Evaluated Threats
Integrity
doing the right thing when no one is watching
Objectivity
necessary to get an accurate explanation of how things work in the world.
Professional competence and due care
ensure that clients or employers receive competent professional service
Confidentiality
not disclosed information unless a legal or professional right and duty
Professional behavior
ensure they comply with relevant laws and regulations and should avoid any action that discredits the profession
Threats
Self-interest threat
a firm of a member of the assurance team has some financial or other interest in an assurance client
Self-review threat
a previous judgement needs to be re-evaluated by members responsible for that judgement
Advocacy threat
members promote a position or opinion to the point that subsequent objectivity may be compromised
Familiarity threat
close relationship, members become too sympathetic to the interests of others.
Intimidation threat
members of the audit teams may be deterred from acting objectively and exercising professional skepticism by threats, actual or perceived, from the directors, officers, or employees of an audit clients.
Apply Safeguard
Created by the profession, legislation or regulation
Education, Training and experience requirement
CPD requirements
Corporate governance codes
In the work enviroment
Recruitment procedures
Strong internal controls
Quality control proceddures
Created by the individual
Complying with CPD requirements
Using an independent mentor
Maintaining contact with legal advisors and professional bodies