Question

In: Accounting

Explain the following concepts and give examples for each one where relevant: Integrity & Objectivity Professional...

Explain the following concepts and give examples for each one where relevant:

  1. Integrity & Objectivity
  2. Professional Skepticism

The Big 4

Solutions

Expert Solution

A-Intergrity & Objectivity-It is a ethical principal which are adopted by professionals in profession.Objective is basically being unbiased or not favoring towards one side while intergrity is regarded as obeying the ethical code and free of conflict of interest and you are true to yourself.For e.g- In an organisation if you are in management and keeping your employee informed and listening your subordinates so everyone will be aware with all the situation and will think what need to be done.

B-Professional Skepticism-It is basically an attitude towards training your mind to a questioning mind and being alert to the condition and involve validation of information through evidence. For e.g-In banking industry auditor use the their trained mind fo find out the errors and frauds with use of Professional Skepticism which involve use of advanced technology and questioning mind to find out the errors.


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