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The Principle of Integrity in the AICPA’s Code ofProfessional Conduct would be violated in cases of:

genuine differences in opinion.

subordination of judgment.

inadvertent error.

unintentional distortion of facts.

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Lelia Lubowitz
Lelia LubowitzLv2
28 Sep 2019

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When dealing with issues such as professional ethics, the stakescan be high. This is why such care is taken to painstakinglyclarify terms such as integrity and independence in the AICPAProfessional Code of Conduct, as they could otherwise be open tointerpretation. In this week’s discussion, you will findillustrative examples of these key principles to share and discusswith your peers.

First, review the terms and definitions identified in the“Principles of Professional Conduct” section of the preamble to theAICPA Professional Code of Conduct. Select one of the principles(e.g., responsibilities, public interest, integrity, objectivityand independence, due care, or scope and nature of services) andresearch a current event that demonstrates that principle beingthreatened or otherwise not adhered to. (This does not need to be acase strictly about accounting—it could be any relevant businessscenario. If you have trouble finding a current event, you cancreate a hypothetical scenario

**Can someone help me in your own word,please?***

When dealing with issues such as professional ethics, the stakescan be high. This is why such care is taken to painstakinglyclarify terms such as integrity and independence in the AICPAProfessional Code of Conduct, as they could otherwise be open tointerpretation. In this week’s discussion, you will findillustrative examples of these key principles to share and discusswith your peers.

First, review the terms and definitions identified in the“Principles of Professional Conduct” section of the preamble to theAICPA Professional Code of Conduct. Select one of the principles(e.g., responsibilities, public interest, integrity, objectivityand independence, due care, or scope and nature of services) andresearch a current event that demonstrates that principle beingthreatened or otherwise not adhered to. (This does not need to be acase strictly about accounting—it could be any relevant businessscenario. If you have trouble finding a current event, you cancreate a hypothetical scenario related to your final projectbusiness.)

1. Fred, employee of ABC Company, notices the company has poorinternal controls and lack of segregation of duties. He realizes hecould take some cash and record it against miscellaneous expensewithout anyone catching it if he wanted. Which part of the fraudtriangle does Fred's thought relate to?

A. Opportunity

B. Rationalization

C. Pressure

D. None of the Above

2. Auditors must provide _______ assurance that the financialstatements are presented ________ in all material respects.

A. Reasonable; Fairly

B. Fairly; Reasonable

C. Complete; Justly

D. Justly; Complete

3. ____are items that management has full control over and isable to delay or eliminate.

A. Nondiscretionary accruals

B. Discretionary accruals

C. Defining Materiality

D. Revenue Recognition

4. ___Requires the auditor to perform professional services withdue care.

A. Legal Liability

B. Stat utory Law Liability

C. Common-Law Liability

D. Liability to Clients

5. Which is one of the UKs six principles on what constitutesadequate procedures?

A. Risk Assessment

B. Due diligence

C. Monitoring and Reporting

D. All of the Above

E. None of the above

6. The Fraud Triangle consists of:

Rationalization
Incentives & Pressures
Opportunities

D. All of the Above

7. A standard auditor’s report must include which of thefollowing:

What was audited
Management & auditor’s responsibilities
Scope of the audit
The auditor’s opinion
All of the Above

8. What does privity relationship mean?

A party’s financial liability is limited
A party can sue if fraud has taken place
A party has a contractual obligation
A party may be a user of the financial statements

9. When an auditor acts careless in the application ofprofessional standards that it implies a reckless disregard for thestandards of due care is referred to as?

A. Negligence
B. Due Care
C. Fraud
D. Constructive Fraud

10. What is the legal term for the intent to deceive, manipulateor defraud?

A. Constructive Fraud
B. Due Care
C. Misfeasance
D. Scienter

11. From an accounting perspective, _____ implies a tendency todefer the recognition of assets and items that increase net incomewhile reserving for possible future declines in earnings:

A. High secrecy
B. High professionalism
C. High conservatism
D. High flexibility

12. According to CIMA code of ethics, “When you become sosympathetic to the interests of others as a result of a closerelationship that your professional judgment becomes compromised”,is considered:

A. Self-interest threat
B. Intimidation threat
C. Advocacy threat
D. Familiarity threat

13. To be appropriate audit evidence must be both:

A. Relevant and reliable
B. Significant and documented
C. Material and quantitative
D. Objective and reasonable

14. Common law liability does not include:

A. Breach of contract
B. Legislation passed a state or federal level
C. Tort actions
D. Legal opinions issued by judges

15. All of the following EXCEPT_______ is part of "The FraudTriangle"

A. Incentives/Pressures
B. Opportunity
C. Rationalization
D. All of the Above

16. A law suit against an accountant for failing to live up tothe terms of a contract is what type of legal liability?

Common-Law liability
Foreseeable Legal liability
Liability to Third Party
Liability to Clients

17. Audit Risk consist of 3 components:

Inherent, detection, material misstatement
Professional judgment, material misstatement, materialityjudgments
Inherent, detection, control

All the above

18. CIMA’s code identifies five common threats:

A. Integrity, Self-review, Objectivity, Intimidation,professional behavior

B. Integrity, self-review, self- interest, Intimidation,professional behavior

C. Self-review, self-interest, Intimidation, Familiarity,Advocacy

D. Integrity, Intimidation, Familiarity, self-interest,Advocacy

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