ACC411
Question: ________ is the threat that a financial or other interest of the professional accountant or of immediate\nor close family member will inappropriately influence the professional accountant’s judgment,\nconduct or behaviour.
Answer: Self -interest threat
Question: Under SOX, the _____ and _____ are required to certify the reports and accounts filed and accept responsibility for their truth and fairness.
Answer: CEO & CFO
Question: _______ of professional accountants requires them to be straightforward and honest in all professional and business relationships.
Answer: integrity
Question: There is a ______threat when a professional accountant reviews his or her own work
Answer: self-review
Question: 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.
Answer: professional behavior
Question: _______ is the separation of illegally obtained money from its source through a series of financial transactions that makes it difficult to trace the origin
Answer: Layering
Question: There are _____ stages in money laundering
Answer: 3
Question: A minimum period of _____years is prescribed for the retention of audit working papers.
Answer: 7
Question: ________ involves physically introducing or placing illegally obtained\nmoney into the financial system or the retail economy.
Answer: Placement
Question: Audit engagement are mandatorily rotated every _______ years
Answer: 5
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