ACC411 – 2019

_________ threat occurs when a financial or other interest of the professional accountant or of immediate or close family member will inappropriately influence the professional accountants judgment, conduct or behaviour.

·            Self-interest

·            Self-review

·            Advocacy

·            Familiarity

The ________ is saddled with the responsibility of setting, enforcing and monitoring compliance of accounting and auditing standards in Nigeria.

·            IFRS

·          NSE

·            IPSAS

·            FRCN

__________ imposes an obligation on all professional accountants to be straightforward and honest in all professional and business relationships.

·            Integrity

·            Fairness

·            Conservatism

·          Prudency

_______ implies that a professional accountant is not obliged to perform a professional service if the accountants professional judgment can be biased or influenced with respect to that service.

·            Fairness

·            Objectivity

·            Integrity

·            Conservatism

The principle of ______ imposes an obligation on all professional accountants to comply with relevant laws and regulations and avoid any action that may discredit the profession.

·          Regulation

·          Legality

·            compliance

·          professional behavior

_________ is the practice of charging less than the market rate for an audit when tendering for new clients

·            Guarantee

·            Lowballing

·            Contigency

·            Valuation

Audit and assurance services are regulated through the following except _______

·            Constructive regulation

·            Ethical Regulation

·            Professional Regulation

·            Legal Regulation

The principle of _______ provides that an accountant must not use information acquired as a result of professional and business relation for his personal advantage or that of third parties.

·            generalization

·            respect

·            confidentiality

·            authority

_________ is the transformation of “dirty money” to “clean money”

·            Money laundering

·            Currency laundering

·            Money cleansing

·            Currency changing

 

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