Code of Ethics for Professional Accountants

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What is the minimum number of CPD units required for accreditation?

120 (correct)

100

80

20

What is the minimum percentage required to pass a subject in the CPALE?

60%

75%

65% (correct)

70%

What is the maximum age for XPN (Experience, Professional Development, and Networking) exempt?

75 years old

60 years old

65 years old (correct)

70 years old

What is the name of the council that includes the Insurance Commission?

BOA Signup and view all the answers

What is the term for intentional misrepresentation in financial reporting?

Fraud Signup and view all the answers

What is the minimum number of units required for Technical Competence in CPD?

30 Signup and view all the answers

What should prevail in cases of conflict between the Code of Ethics and Laws and Regulations?

Laws and Regulations Signup and view all the answers

What is a Professional Accountant's responsibility regarding confidentiality in assurance engagements?

To respect the confidentiality of information Signup and view all the answers

What is a key aspect of Professional Competence and Due Care in assurance engagements?

Exercising professional judgement and skill Signup and view all the answers

What is a threat to independence in assurance engagements?

Taking an activity that unduly influences professional judgement Signup and view all the answers

What should a Professional Accountant do upon breaching the Code of Ethics?

Evaluate the significance and impact of the breach and take necessary actions Signup and view all the answers

When should a Professional Accountant report a breach of the Code of Ethics to relevant parties?

After evaluating the significance and impact of the breach Signup and view all the answers

What is the primary responsibility of the auditor regarding fraud?

Identifying and assessing risks of material misstatement due to fraud Signup and view all the answers

What should the auditor do if management is involved in fraud?

Seek legal advice to determine proper action Signup and view all the answers

What is the role of the auditor in prevention and detection of non-compliance with laws and regulations?

The auditor cannot be held responsible for preventing non-compliance Signup and view all the answers

What should the auditor report to the appropriate level of management when suspected?

All instances of fraud or irregularities Signup and view all the answers

Who is responsible for ensuring that operations are conducted in accordance with laws and regulations?

Management Signup and view all the answers

What should the auditor do if they suspect that the integrity and honesty of management and TCwG are doubted?