Review the threats to independence, and then review the safeguard to counteract the threats to independence. Now compare this to Conflicts of Interest and their safeguards.
***Please make the answer in 1 or 2 short paragraphs. Thank you.
Threats to Independence
The Code of Ethics for Professional Accountants, prepared by the International Federation of Accountants (IFAC) identifies five types of threats. These are:-
Example :- (i) direct financial interest or materially significant indirect financial interest in a client,
(ii) loan or guarantee to or from the concerned client
Example :- (i) when an auditor having recently been a director or senior officer of the company
Example :- When an auditor becomes the client’s advocate in litigation and third party disputes.
Example :- (i) Close relative of the audit team working in a senior position in the client company
Example :- Threat of replacement over disagreements with the application of accounting principles.
Safeguard to Counteract the Threats to Independence
The auditor has the responsibility to remain independent.So following are the guidlines to eliminate the threats to independence,
Conflict of Interest :-
When an individual forms a relationship, personal or professional, he may begin to desire and work towards certain goals.If two or more relationships have incompatible goals, the individual may make decisions that benefit one side over the other. This is called a "conflict of interest."
Safeguards to Prevent Conflict of Interest:-
The best way to mitigate conflicts of interest is to avoid them in the first place. Don't accept roles and responsibilities that are incompatible with your existing interests
Public Disclosure :-
Avoid hiding your roles and responsibilities. Disclosing your interests in a public forum enables potential partners to determine the course of action for them.For example, if you have a known policy that prevents you from accepting gifts, you are less likely to be offered compromising presents.
Follow Procedure :-
Organizations and governing bodies create extensive procedures and guidelines for the management of conflicts of interest. This documentation may include rules and lists of prohibited activities.
Seek Mediation:-
Organizations caught within a conflict of interest may seek assistance from an impartial third-party.
Awareness :-
Be aware of your roles and responsibilities. By acknowledging your position and interests, you cement your commitments to uphold certain beliefs.
Non-Disclosure:-
Keep your varying interests separate whenever possible. Do not discuss personal, religious, social or political views at work.
Review the threats to independence, and then review the safeguard to counteract the threats to independence....
Review the threats to independence, and then review the safeguard to counteract the threats to independence. Now compare this to Conflicts of Interest and their safeguards. ***Please make the answer easy and simple. Thank you!
What safeguards can be implemented by accounting firms to reduce threats to independence? (Several choices may be correct.) 1.Partner rotation on client audits 2.Establishing a code of ethics 3.Annual review of independence for each client 4.Educating accounting staff regarding policies 5.Retaining the same partner on the client audit every year
Read and consider the “Willingness to Pay” example in Section 7-1 (Chapter 7 Section 1). Now find and evaluate the willingness to pay, consumer surplus, demand, producer surplus, cost and willingness to sell of your own example. (products to consider: online ticket sales to sporting events, Vegas shows, eBay products, etc). The textbook for this class is IAC MT PRINCIPLES MACROECONOMICS, 8th Edition Please do not copy the answer that is already posted on this site I need a new...
Read and consider the “Willingness to Pay” example in Section 7-1 (Chapter 7 Section 1). Now find and evaluate the willingness to pay, consumer surplus, demand, producer surplus, cost and willingness to sell of your own example. (products to consider: online ticket sales to sporting events, Vegas shows, eBay products, etc). The textbook for this class is IAC MT PRINCIPLES MACROECONOMICS, 8th Edition Please do not copy the answer that is already posted on this site I need a new...
PLEASE ANSWER THE QUESTIONS IN FULL DETAIL(PARAGRAPHS OR IN DEPTH), THANK YOU. 1. Have you every personally experienced or witnessed incivility, bullying, or horizontal or lateral violence? Please describe the incident. 2. How did you handle it or how was it handled by others? 3. Please provide 3 recommendations on what you would do differently now or what would you recommend others to do after reading this article and participating in the class discussion?
Describe primary or secondary consequences of violence and discuss how a public health approach can facilitate the future prevention of such incidents (1-2 short paragraphs). Please provide references. How can nurses in any practice setting utilize a public health approach to violence prevention to reduce the burden of violence on a population of interest? What are barriers or what would you like to know more about to be able to do this? (1-2 short paragraphs). Please provide reference
What does it mean to analogize to a set of standards? please 1 or 2 paragraphs answer not 1 sentence. Thank you,
can you please solve this answer 1) identify and describe the threats, vulnerabilities and attacks on Wireless Local Area Network (LAN), describe the scenario of each attack and its effect on wireless network performance. Also, clarify the attacks by diagrams) (Hint: identify and describe the threats, vulnerabilities and attacks on your selected wireless network, describe the scenario of each attack and its effect on wireless network performance. Also, clarify the attacks by diagrams) 2) Suggest security services and mechanisms to...
Test of Independence - Introductory Statistics - OpenStax Frequencies of Hair Colors for Various Body Types Blonde Brunette Red Head Short and Slender 86 57 Short and Pudgy 1 61 106 74 Tall and Slender 158 9978 Tall and Heavy 108 79 49 What can be concluded at the a-0.05 significance level? a. What is the correct statistical test to use? Paired t-test Goodness-of-Fit Independence Homogeneity b. What are the null and alternative hypotheses? HO: Hair color and body type...
I need some help with these please? Thank you so much in Advance! Review View E2 + 1 AaBbccde Albcendee AaBbCD AaBbCeDde 2) Draw line bond structures for the reagents you would need to make the following compounds by a Grignard Synthesis involving the indicated reagents. Ketone + Grignard Reagent Ester + Grignard Reagent Aldehyde + Grignard Reagent Epoxide + Grignard Reagent