ACCA F8 Audit and Assurance (INT) Course Notes ACF8CN07 by BPP

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Qualification Context In developing the new syllabus, ACCA increased the focus on professionalism and ethics in accounting. As well as being examined in F8 and the professional stage Advanced Audit and Assurance paper (P7), ethics appears in the syllabus of the Accountant in Business paper (F1) and the Professional Accountant (P1). In addition, the new online ethics module is being used. 1 As a member of IFAC (the International Federation of Accountants) the ACCA is required to enforce ethical standards no less stringent than those of the global body.

3 The partners and staff involved in the audit of Weedon, a private limited liability company, have been invited to the company's annual summer social event, a dinner dance and weekend at an exclusive spa hotel. Required Using the conceptual framework of ACCA's Code of Ethics and Conduct, for each of the three situations explain: (a) The nature of the threat faced by the audit firm, and (b) The appropriate safeguards that should be put in place. 1 ACCA statement Members should consider when providing any professional service whether there are threats to compliance with the fundamental principle of objectivity resulting from having interests in, or relationships with, a client or directors, officers or employees.

Confidentiality Respect the confidentiality of information acquired as a result of professional and business relationships and should not disclose any such information to third parties without proper and specific authority or unless there is a legal or professional right or duty to disclose. Confidential information acquired as a result of professional and business relationships should not be used for the personal advantage of members or third parties. Professional behaviour Members should ensure they comply with relevant laws and regulations and should avoid any action that discredits the profession.

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