Question

1) Ethics are 1) A) a set of moral principles or values. B) not formed by life experiences. C) always incorporated in laws. D) needed in the professions, but is not needed for society in general. 2) )一 means that a person acts according to conscience, regardless of the situation 2) A) Integrity B) Caring C) Respect D) Fairnes 3) Which of the following is a prescribed set of moral principles or values? 3) A) laws and regulations B) codes of conduct within an organization C) codes of business ethics for professional groups D) all of the above 4 A six-step approach is often used to resolve an ethical dilemma. The first step in this process is to 4) A) identify the ethical issues from the facts. B) obtain the relevant facts C) identify the alternative actions available D) determine who will be affected by the outcome of the dilemma. 5) Which of the following factors does not contribute to the number of lawsuits against auditors? A) an increased consciousness by the SEC for its responsibility for protecting investors 5) interests B) the simplicity of auditing and accounting functions C) growing awareness of the responsibilities of public accountants by users of financial statements D) large civil court judgments against CPA firms awarded in a few cases 6) In the performance of an audit, a CPA 6) A) must exercise due professional care in the performance of their audit responsibilities. B) must strictly follow GAAP for privately held clients. C) is legally liable for detecting an immaterial client fraud D) must exercise constructive professional care in the performance of their audit responsibilities.

Answer 1

1. The answer is option A.

The ethics are the set of rules or moral principles or values which cannot be come from the life experiences and should Incorporated not only in corporate laws but also in society. Ethics help people to improve personal behaviour towards society and it leads to increase living standards of people and society.

2. The answer is option D

Fairness means that a person according to conscience, regardless of situation.

Fairness also means that the person is correct and good in any difficult situation also.

3. The correct option is D

Set of moral principle and values includes all the laws and regulations and codes of conduct with an organization and also codes of bussiness ethics for professional groups.

4. The correct answer is option A

In every issue the first step to solve that issue is identifying the ethical issues of the act. We can do any thing only if we know what is the problem is.

5. The correct option is B

The simplicity of auditing and accounting functions are never contribute to the lawsuits against auditors

6. The answer is option A

The performance of an audit by CPA must exercise due professional care in performance of their audit responsibility.

Auditor should discharge his minimum duties towards the audit.

These are all the answers and explanation for the answers.

I hope, all the above answers and explanations are helpful and useful to you.

Thank you.