Financial Reporting and Ethics - The Institute of Chartered ...

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FINANCIAL REPORTING AND ETHICSDeontology focuses on the features of an action, rather than the consequences.Deontologists insist that morals are based upon fundamental principles andnot mere results. The word” deontology” derives from the Greek language of“duty” that is “promises should be kept”, agent’s deontology.Consequently, ‘deontology” does not strictly apply.Obaluaye was under no duty to save the girl. Indeed, he took a risk of beingcaught and severely dealt with, if not killed, by the rapists. He took an utilitarianstep by getting the hapless and debased girl liberated and, by so doing, becamea follower of the Athenian Philosopher, Confucius, who says that “ in nothingdo we nearly approach the gods than in doing good to our fellow men”8.6 SUMMARY AND CONCLUSIONSThis chapter explains self-regulation and oversight functions in professionalethics, the IFAC and ICAN code of ethics, and current developments inprofessional ethics. It describes quality control and peer review, evaluatesconflict of interests in corporate and professional environments and describesspecific threats and safeguards in accounting.Refer to Comprehensive Questions and Suggested Solutions in Appendix II,page 269.8.7 REVISION QUESTIONS8.7.1 MULTIPLE-TIPLE-CHOICE QUESTIONS1. A professional accountant should, during the course of duties, demonstrate(I) integrity.(II) subjectivity.(III) objectivity.(IV) confidentiality.A. I onlyB. II onlyC. I, III, and IVD. I and II2. Which of the following is true of “Quality Control?”(I) Measurement Yardstick(II) Benchmark(III) Corrective Measure.A. I onlyB. II onlyC. III onlyD. I and IIE. I, II and III3. A Peer Review Programme(I) enhances the quality and auditing.(II) studies inter-audit firm relationship.(III) improves attestation services.180
PROFESSIONAL ETHICSA. III onlyB. II onlyC. I onlyD. I and IIIE. I, II and III4. The term ‘oversight functions’ means(I) supervision.(II) control.(III) failure to carry out functions.A. I and IIB. I onlyC. II onlyD. III onlyE. II and III5. Demonstration of sound professional behavior by a professional accountantincludes(I) adhering to all relevant laws.(II) avoiding actions which impugn the profession’s integrity.(III) avoiding disparaging comments on the work of colleagues.A. III onlyB. II and IIIC. I, II and IIID. I and IIE. II only8.7.2 SHORT ANSWER QUESTIONS1. Regulation can be implemented through self-regulation and_____________2. Under what Section of IFAC’s Code of Ethics may a professional accountantdisclose confidential information about his audit client?3. Under the Civil Service Act No. 43 of 1988, the Audit Alarm Committee washeaded by the _________________________4. The accountancy profession in Nigeria is regulated by an internationalorganisation called _____________________________5. Professional accountants are obliged to demonstrate at all times, in thecourse of their duties, professional competence and ___________________Refer to Suggested Solutions in Appendix I, Page 263.181
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FINANCIAL REPORTING AND ETHICS1.3.3
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ACCOUNTING AND REPORTING POLICIESsu
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ACCOUNTING AND REPORTING POLICIES(j
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ACCOUNTING AND REPORTING POLICIES(i
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ACCOUNTING AND REPORTING POLICIES2.
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3AMALGAMATION, ABSORPTION ANDRECONS
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AMALGAMATION, ABSORPTION AND RECONS
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4ANALYSIS AND INTERPRETATION TION O
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ANALYSIS AND INTERPRETATION OF FINA
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5ACCOUNTING STANDARDS5.0 LEARNING O
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ACCOUNTING STANDARDS(i)(ii)(iii)(iv
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ACCOUNTING STANDARDSThere is no SAS
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ACCOUNTING STANDARDS5.2.4 Borrowing
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ACCOUNTING STANDARDS(iii)Certain pe
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ACCOUNTING STANDARDSby venture capi
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ACCOUNTING STANDARDSIFRS 7 Financia
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ACCOUNTING STANDARDSactivity, non-c
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ACCOUNTING STANDARDSin the year inc
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ACCOUNTING STANDARDS(v)(vi)(vii)whe
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ACCOUNTING STANDARDS(v)Actions requ
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ACCOUNTING STANDARDSAccounting stud
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6ETHICAL FRAMEWORK, CONCEPTSAND VAL
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ETHICAL FRAMEWORK, CONCEPTS AND VAL
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Page 129 and 130: ETHICAL FRAMEWORK, CONCEPTS AND VAL
Page 147 and 148: 7THE ENVIRONMENT: CORPORATE,PROFESS
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Page 177 and 178: PROFESSIONAL ETHICSabout conflicts
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Page 183 and 184: 9DECISION MAKING IN ETHICS9. 0 LEAR
Page 185 and 186: DECISION MAKING IN ETHICS9.2 A FRAM
Page 187 and 188: ETHICAL THREATS AND SAFEGUARDS(d)We
Page 189 and 190: DECISION MAKING IN ETHICS4. A perso
Page 191 and 192: 10ETHICAL THREATS TS AND SAFEGUARDS
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Page 207 and 208: 11CORPORATE GOVERNANCE11.0 LEARNING
Page 209 and 210: CORPORATE GOVERNANCE11.3.1 Nature(a
Page 211 and 212: CORPORATE GOVERNANCEThe company sho
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Page 219 and 220: CORPORATE GOVERNANCE11.6.1 The law
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Page 225 and 226: CORPORATE GOVERNANCE(a)(b)Greenbury
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Page 229 and 230: CORPORATE GOVERNANCErelationship wi
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CORPORATE GOVERNANCE(e)(f)(g)(h)(i)
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CORPORATE GOVERNANCE(vi)Inquisitive
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CORPORATE GOVERNANCE(e)ConsultancyA
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CORPORATE GOVERNANCEThe incoming au
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CORPORATE GOVERNANCEIn summary, acc
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CORPORATE GOVERNANCEAccording to Th
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CORPORATE GOVERNANCE3. A body corpo
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12SOCIAL AND ENVIRONMENTALISSUES IN
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SOCIAL AND ENVIRONMENTAL ISSUES IN
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APPENDIX ISUGGESTED SOLUTIONS TO RE
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SUGGESTED SOLUTIONS TO REVISION QUE
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SUGGESTED SOLUTIONS TO REVISION QUE
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APPENDIX IICOMPREHENSIVE QUESTIONS
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COMPREHENSIVE QUESTIONS AND SUGGEST
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APPENDIX IIICASE STUDY 1Karsashi, a
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CASE STUDIES(iii)(iv)The floor sale
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CASE STUDIESShare price and dividen
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CASE STUDIESSUGGESTED SOLUTION(A) A
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CASE STUDY 3The following informati
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CASE STUDIESCASE STUDY 4Ologobojo i
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APPENDIX IVTable 1:SUMMARY OF INTER
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SUMMARY OF INTERNATIONAL ACCOUNTING
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APPENDIX VGLOSSARY OF TERMSAbsorpti
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GLOSSARY OF TERMSEthical Objectivis
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APPENDIX VIBIBLIOGRAPHYChambers Ham
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APPENDIX VIISTUDY AND EXAMINATION T
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STUDY AND EXAMINATION TECHNIQUES7.3
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INDEXAAbsorption, 17, 19, 39, 40, 4
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INDEXProfessional Behaviour, 136, 1
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