[Anonymous]

Under the IESBA Code of Ethics for Professional Accountants, threats to the fundamental principles are to be identified so that safeguards can be applied. Potential threats identified include all of the following except:

A.
self-interest threats.

B.
self-review threats.

Incorrect C.
structural threats.

D.
All of the answer choices are threats identified in the Code of Ethics.

Solution: The International Ethics Standards Board for Accountants (IESBA) Code of Ethics for Professional Accountants identifies five potential threats to the fundamental principles: self-interest, self-review, advocacy, familiarity, and intimidation threats. Once identified, safeguards are to be applied so that the principles are not compromised. Examples of safeguards are provided in Part B and C of the Code of Ethics.

Do NOT quit! There's more in you and if you quit you'll never see it. Show you that you can do it.

AUD Passed  78
BEC Passed  79
FAR Passed  77
REG Passed 76

I'm tired of operating in fear and mediocrity. It's time to try. It's time to do. It's time to go.

[Anonymous]

I placed this one in the AUD study group last night, but haven't received a response as of yet.

According to my review materials, there are circumstances where an auditor will perform an audit despite a lack of independence:

If GAAS provides for circumstances that allow the auditor to accept the engagement
The auditor is required by law or regulation to accept the engagement

Can someone please explain the aforementioned to me? I've spent time getting the different scenarios where independence would be impaired in my brain.

Do NOT quit! There's more in you and if you quit you'll never see it. Show you that you can do it.

AUD Passed  78
BEC Passed  79
FAR Passed  77
REG Passed 76

I'm tired of operating in fear and mediocrity. It's time to try. It's time to do. It's time to go.

[Author]

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