Saturday, May 23, 2020

Integrity, Confidentiality and Professional Behavior of...

Integrity According to The Institute of Internal Auditors (IIA), The integrity of internal auditors established trust and thus provides the basis for reliance on their judgement. IIA further added that to be integrity, internal auditors: * Shall perform their work with honestly, diligence, and responsibility. * Shall observe the law and make disclosures expected by the law and the profession. * Shall not knowingly be a party to any illegal activity, or engage in acts that are discreditable to the profession * Shall respect and contribute to the legitimate and ethical objectives of the organization. According to the 2009 Global Integrity Survey conducted by Compliance Week and Integrity Interactive, polled more than†¦show more content†¦Another issue is on whether or not internal auditors should whistleblow when they discover organizational wrongdoings. Internal auditors always face situations that involve conflict of interest while executing their dual-role duties (Armold amp; Ponemon, 1991; E.Z. Taylor amp; Curtis, 2010). The dual-role duties mentioned here are the role of internal auditors as employed by the organization, which subject to the needs and requirements of their employment, and the role as members of a professional body, they are required to adhere to the professions ethical requirements. Ahmad and Taylor support the view and assert that the role of internal auditors in providing auditing tasks for their organizational may cause ongoing conflicts. Zhang, Chiu and Wei (2009) argue that the disclosing insider information to outsiders breaches obligation to the organization, violates the written or unspoken contract, and elicits damaging publicity. However, ethically, internal whistleblowing, as opposed to external whistleblowing, is preferred. This is due to severe damage caused by external whistleblowing as compared to internal whistleblowing (Park amp; Blenkinsopp, 2009). In order to avoid the severe damages caused by whistleblowing, Vinten (1996) has suggested that an organization may minimizeShow MoreRelatedCreve Couer Pizza1889 Words   |  8 PagesCouer’s CPA. However, the professional standards set for accountants by the Institute of Management Accountants (IMA) and the AICPA share close similarities. Both organizations emphasize that accountants follow a code of ethics when performing their duties. The members must use these ethical principles when engaging in accounting services for their company and the general public. The organizations note the following ethical standards: competence, confidentiality, integrity and credibility. The ethicalRead MoreAuditors Independence1295 Words   |  6 PagesWHY IS AUDITO R INDEPENDENCE SO IMPORTANT? 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The WPA is also a key legislative initiative to combat corruption by facilitating protected disclosures through immunity from civil and criminal actions, confidentiality of informationRead MoreThe Changing Role of Managerial Accounting in a Dynamic Business Environment1723 Words   |  7 PagesDescribe the roles of an organizations chief financial officer (CFO) or controller, treasurer, and internal auditor. 7. Briefly describe some of the major contemporary themes in managerial accounting. 8. Understand and explain the concepts of strategic cost management and the value chain. 9. Understand the ethical responsibilities of a managerial accountant. 10. Discuss the professional organizations, certification process, and ethical standards in the field of managerial accounting. ChapterRead MoreThe Rule Of Generally Accepted Auditing Standards911 Words   |  4 PagesThis paper examines one of the rule of Generally Accepted Auditing Standards (GAAS), independence and discuss the shortcomings in the GAAS. Independence can be effect by many different reasons. Auditors might face challenges in applying concepts and interpretations under circumstances where in conflict with the auditor’s relationship with the audit client. To improve audit quality and protect investors’ interest, PCAOB reviews the work of public accounting firms that do audits of more than 100 publicRead MoreAccounting Questions and Answers4013 Words   |  17 Pagesdecision makers inside the enterprise. LO 4 17 Plant managers are internal users of accounting information systems. A) True This is the correct answer. B) False Feedback: Internal users of accounting information systems include boards of directors, chief executive officers, business unit managers, plant managers, store managers, and line supervisors. LO 4 18 The management accounting information created and used primarily by internal users is intended above all for planning and control decisionsRead MoreZZZZ Best Company: How Does a Review Differ from an Audit?1392 Words   |  6 Pagesthat a review does not offer the level of assurance that an audit does, auditors do not look at as much evidence for a review as they would for an audit, and reviews cost less than an audit. SAS No106, â€Å"Audit Evidence†, identifies the principal â€Å"management assertions† that underlie a set of financial statements. The occurrence assertion was particularly critical for ZZZZ Best’s insurance restoration contracts. ZZZZ Best’s auditors obtained third party confirmations to support the contracts, reviewed

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