12 Questions
What is a reason that may cause a professional firm to resign from an audit engagement?
Unresolved conflicts of interest with the client
What are the TWO conditions necessary before an auditor can adopt a systems-based approach to an audit assignment?
Well-documented systems and reliable internal controls
What is the ethical position in the ICAN code on another auditor taking up the appointment after resignation of the current auditor?
It is discouraged to take up such appointments
What are Computer-Assisted Audit Techniques (CAATs) known for?
Automating audit procedures using software
What is one of the conditions under which a chartered accountant can disclose information obtained in the course of professional work?
Obtaining consent from the person or entity to which the information relates
What is the meaning of 'integrity' according to the ICAN code of ethics for members?
Fair dealing and truthfulness
Under what circumstance should a chartered accountant maintain confidentiality in a social environment?
Information disclosed by a prospective client or employer
What is the duty of the auditing firm regarding disclosure of information to Sobona Limited?
Should not disclose unless specific conditions are fulfilled
What is the duty of members in relation to professional competence and due care?
To attain and maintain professional knowledge and skill at the required level
What is the primary responsibility of members regarding confidentiality?
To respect the confidentiality of information acquired and not disclose it to third parties without authority
What could affect the independence and integrity of the auditor?
Fees and pricing
What conduct should professional accountants avoid to maintain professional behavior?
Any conduct that might discredit the profession
Test your understanding of professional competence, due care, and confidentiality in the context of professional services. This quiz covers the duty to maintain knowledge, act diligently based on standards, and respect confidentiality of acquired information.
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