Are You Ethically Sound?

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Questions and Answers

What is the potential consequence of violating the code of ethics in auditing?

  • A public award for exceptional auditing work
  • A promotion to a higher position
  • A financial bonus
  • Legal action or disciplinary measures (correct)

Which of the following is a key principle of the code of ethics in auditing?

  • Independence (correct)
  • Ignoring potential conflicts of interest
  • Maximizing profits for the client
  • Providing legal advice

Which of the following is NOT a fundamental principle of the code of ethics in auditing?

  • Objectivity
  • Profitability (correct)
  • Confidentiality
  • Integrity

What is the purpose of the code of ethics in auditing?

<p>To provide guidance on ethical behavior for auditors (A)</p> Signup and view all the answers

Which of the following is an example of a threat to auditor independence?

<p>The auditor has a financial interest in the client's business (C)</p> Signup and view all the answers

What is the purpose of the code of ethics in auditing?

<p>To provide guidance on how to conduct an audit (C)</p> Signup and view all the answers

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