EACG an der University Of The Free State | Karteikarten & Zusammenfassungen

Lernmaterialien für EACG an der University of the Free State

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TESTE DEIN WISSEN

Provide two examples of the factors that may create threats to compliance with the fundamental principles. 

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TESTE DEIN WISSEN

1. An audit team member holds a financial interest in an audit client. 

2. An immediate family member of an audit team member is directly involved in the preparation of the financial statements. 

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TESTE DEIN WISSEN

What can a professional accountant identify threats with? 

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TESTE DEIN WISSEN

A professional accountant shall identify threats to compliance with the fundamental principles. 

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TESTE DEIN WISSEN

What must a professional accountant do when he/she identifies a threat to the compliance with fundamental principles? 

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TESTE DEIN WISSEN

The accountant shall evaluate if the threat is at an acceptable level. If not, the threat has to be addressed. 

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TESTE DEIN WISSEN

Provide five types of threats to the fundamental principles. 

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TESTE DEIN WISSEN

1. Self interest threat 

2. Self review threat 

3. Advocacy threat 

4. Familiarity threat 

5. intimidation threat 

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TESTE DEIN WISSEN

What is a self interest threat?

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TESTE DEIN WISSEN

Threat that a financial interest or other interest will influence the professional accountant's judgement or behavior and lead him to act in his own self interest. 

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TESTE DEIN WISSEN

Provide four examples of self interest threat . 

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TESTE DEIN WISSEN

1. A professional accountant owns shares in an audit client. 

2. A firm is dependent for its survival on the fees from one client. 

3. A member of the audit team will join the client as an employee shortly after finishing the audit. 

4. The audit partner obtains confidential information while meeting with the board which he could use for his own financial advantage. 

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TESTE DEIN WISSEN

What is a self review threat ? 

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TESTE DEIN WISSEN

threat that the professional accountant will not appropriately review the work due to having self prepared the work or someone in the same firm. 

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TESTE DEIN WISSEN

Provide two examples of self review threat. 

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TESTE DEIN WISSEN

1. A professional accountant who prepared the financial statements, is now part of the audit team responsible for auditing those financial statements. 

2. A firm is responsible for providing assurance over the financial statements where the same firm was responsible for implementing internal controls over financial statements. 

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TESTE DEIN WISSEN

What is an advocacy threat? 

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TESTE DEIN WISSEN

An advocacy threat is created when  professional accountant promotes a client's (or employer) position to a point that the professional accountant's objectivity is compromised. 

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TESTE DEIN WISSEN

What is an advocacy threat? 

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TESTE DEIN WISSEN

An advocacy threat is created when  professional accountant promotes a client's (or employer) position to a point that the professional accountant's objectivity is compromised. 

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TESTE DEIN WISSEN

Provide an example of an advocacy threat . 

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TESTE DEIN WISSEN

A professional accountant values a client's shares and then leads the negotiations on the sale of the company. 

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TESTE DEIN WISSEN

What can create threats to compliance with the fundamental principles?

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TESTE DEIN WISSEN

A broad range of facts and circumstances. 

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Q:

Provide two examples of the factors that may create threats to compliance with the fundamental principles. 

A:

1. An audit team member holds a financial interest in an audit client. 

2. An immediate family member of an audit team member is directly involved in the preparation of the financial statements. 

Q:

What can a professional accountant identify threats with? 

A:

A professional accountant shall identify threats to compliance with the fundamental principles. 

Q:

What must a professional accountant do when he/she identifies a threat to the compliance with fundamental principles? 

A:

The accountant shall evaluate if the threat is at an acceptable level. If not, the threat has to be addressed. 

Q:

Provide five types of threats to the fundamental principles. 

A:

1. Self interest threat 

2. Self review threat 

3. Advocacy threat 

4. Familiarity threat 

5. intimidation threat 

Q:

What is a self interest threat?

A:

Threat that a financial interest or other interest will influence the professional accountant's judgement or behavior and lead him to act in his own self interest. 

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Q:

Provide four examples of self interest threat . 

A:

1. A professional accountant owns shares in an audit client. 

2. A firm is dependent for its survival on the fees from one client. 

3. A member of the audit team will join the client as an employee shortly after finishing the audit. 

4. The audit partner obtains confidential information while meeting with the board which he could use for his own financial advantage. 

Q:

What is a self review threat ? 

A:

threat that the professional accountant will not appropriately review the work due to having self prepared the work or someone in the same firm. 

Q:

Provide two examples of self review threat. 

A:

1. A professional accountant who prepared the financial statements, is now part of the audit team responsible for auditing those financial statements. 

2. A firm is responsible for providing assurance over the financial statements where the same firm was responsible for implementing internal controls over financial statements. 

Q:

What is an advocacy threat? 

A:

An advocacy threat is created when  professional accountant promotes a client's (or employer) position to a point that the professional accountant's objectivity is compromised. 

Q:

What is an advocacy threat? 

A:

An advocacy threat is created when  professional accountant promotes a client's (or employer) position to a point that the professional accountant's objectivity is compromised. 

Q:

Provide an example of an advocacy threat . 

A:

A professional accountant values a client's shares and then leads the negotiations on the sale of the company. 

Q:

What can create threats to compliance with the fundamental principles?

A:

A broad range of facts and circumstances. 

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