Which of the following are fundamental ethical principles for professional accountants? 1 Competence 2 Compliance 3 Integrity 4 Objectivity
Correct answer: B. 1, 3 and 4 only
- A. 1, 2 and 3 only
- B. 1, 3 and 4 only
- C. 2, 3 and 4 only
- D. 1, 2 and 4 only
Explanation
The fundamental principles include professional competence and due care, integrity and objectivity. Compliance is not one of the named fundamental principles, so statements 1, 3 and 4 are correct.
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About Auditing
Auditing examines accounting records and financial statements to determine whether they present a reliable and fairly stated position. The subject covers audit objectives, internal controls, audit evidence, materiality, vouching, verification, working papers, auditor independence, audit reports, and the distinction between an audit and accounting or investigation.
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