Professional accountants are required to comply with the fundamental principles of APES 110 code and apply a “conceptual framework approach” to determine their compliance with the fundamental principles whenever they know that circumstance or relationships may compromise their compliance. While the onus is on the professional accountant to do this, the bulk of APES 110 code of ethics describes how the conceptual framework applies in specific situations, for example when receiving gifts or other inducements form a superior may threaten corporate accountants objectivity. Like the FIA code, the APES 110 provides guidance for the more common but certainly not all practice situations. in all the other instance, once a threat is identified, the APES 110 requires a professional accountant to evaluate the significance of the threat and if the treat is insignificant, no further evaluation is required, or if the threat is significant than consider whether safeguards could eliminate or sufficiently reduce the threat to an acceptable level. Despite the principles vs. rule argument, the APES code of ethics does contain de facto rules, in several instance the code states that the threat are so significant that no safeguards can be applied to reduce or eliminate treats to an acceptable level for example, an audit team member could not own
Analysis • This section is regarded as the most critical step in writing an effective accounting memo by bringing together the required facts of the research, any supporting authoritative literature, and an accountants overall evaluation before forming a conclusion. • Analysis includes information from relevant guidance, along with an accountant’s own words about how the guidance is applicable. • The memo should contain enough authoritative guidance that the user will not need to perform additional research in the Codification. • Make sure to utilize the concept known as the “guidance sandwich.”
Data integrity as a state defines a data set that is both accurate and valid. Furthermore, data integrity as a process, describes measures used to ensure validity and accuracy of a data set or all data contained in a database or other construct. For instance, error detection and data validation methods may be referred to as data integrity processes. Maintaining data integrity is important and key to the companies for several reasons as data integrity ensures the accuracy of the information recoverability, searching ability, traceability connectivity and analysis. Protecting the validity and accuracy of data also increases stability, performance and drive decision-making considering the data can be maintained and reused when needed.
The professional judgement required is influenced by some professional traits such as the auditor’s experience and capability of the auditors training. In additional to the professional traits influencing the auditor’s judgement, the auditors is also influenced by behavioural and ethical traits. Auditors have a responsibly to ensure that ethical standards are upheld, ensuring the social exceptions of auditors
Available at: https://bizfluent.com/how-does-4571925-why-ethics-important-accounting.html [Accessed 13 Dec. 2017]. Interpretation: This website is about how variety of reasons exist to have proper ethics and ethical behavior. The explanation is also about how the accounting profession is related to sensitive information of each individuals, their clients such as social security or bank account numbers. And this website has observed how being ethical in accounting can give a power to accountant to maintain trust between their clients which cannot be abused.
5. Demonstrated ability to follow procedures, processes and compliance requirements whilst paying attention to detail. My response: Throughout my work experience, I have demonstrated my ability to follow the procedures, processes, and compliance requirements, while paying attention to details.
Particularly well experiences accountants work with AIS means to check the high-level accuracy of company financial transactions and to keep the records in safety manner. To make financial statement easiest way and easy to understand for all of them. AIS is one of the real-time application processes. The Data will be included in the AIS; it depends on the Nature of the Business. It consists of Customer billing statements, Sales orders, purchase Requisitions, Sales analysis reports, Register checking, Vendor invoices, general ideas, payroll information, timekeeping and inventory data, tax information.
Six Critical Issues in Accounting Research. The primary basic issue is the corporate administration, and related hierarchical condition and structure that must be set up and kept up to work appropriately. Keeping in mind that the end goal to guarantee the bookkeeping framework working great and announcing in an opportune and controls withstanding way, bookkeeping or in other word, accounting must work as one with the encompassing condition, and establishment well in the hierarchical condition to keep up high caliber of bookkeeping working.
Both threat using a different ways to gain the access of the information. Internal threat is a illegitimate access from an individuals from inside of the organization. It can be the employees, students, and contractor. The insider attack can be extremely difficult to detect or to protect against because they have legitimate access to the system. They know what they are searching for and somehow know how to retrieves and circumvent intrusion detection systems.
In order to have a tighter control on financial, IBC must ensure that all records are kept under proper control and cannot be misapplied, whether on purpose or by mistake. Ensure that all expenditures incurred are properly authorised and accounted for. Another way that IBC can use to have tighter control on financial, is to use a mechanised accounting system. It is great time saving for business.
A virus can be in form of an email from an known source, clicking on such emails or attachment can lead a breach of data security. Thus, a computer should be protected by anti-virus and anti spyware software to reduce vulnerability. Company computers should be checked for out of date anti- virus and anti spyware software as they may fail to detect viruses.
Information that the company has on any service users, staff or other professionals (private contact numbers or information in client files relating to third party) is confidential information and should not be shared with anyone as it comes under the data protection act. All information regarding any staff member or service user that the company has is confidential information and cannot be shared outside of the company unless consent to share by the individual is provided. The company has many procedures that have to be followed in order to keep all this information confidential. Managers have locked cabinets with staff files and information such as contact details, supervision notes and emergency contact details, service users have their files and information stored in lockable cabinets and can only be accessed by staff. All information retaining to employees and service users remains