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Glossary: Terms IFAC code of ethics
6
Glossary: Terms IFAC
CODE OF ETHICS FOR ACCOUNTING PROFESSIONALS
25/02/2023
Angela Gisela Ramirez Velazco and Viviana Maria Galvis Buenaventura / UMNG
Front page
Etica Profesional: Glossary
Group H
Angela Gisela Ramirez Velazco
Viviana Maria Galvis Buenaventura
Docente
Luis Alfonso Gonzales Feliciano
Universidad Militar Nueva Granada
Febrero 2023
Introduction
Introduction
This activity allows us to highlight, through a glossary, the most relevant terminology on the IFAC code of professional ethics for public accountants.
Goal
That the student recognizes terms of the Code of Ethics of the Accounting Professional Practice in a second language.
Goals
1. Access to personal information:
A
The ability of a data subject to view their personal information held by an entity. This ability can be supplemented by the ability to update or correct information. Access defines the intersection of identity and data, that is, who can do what to what data.
2. ACFE:
International organization that brings together experts in the prevention, detection and deterrence of organizational fraud in more than 150 countries. The professionals are from different specialties, including accountants, consultants, academics, internal auditors, external auditors, forensic auditors, and investigators, among others.
Anonymity
3. Assurance
Degree of security, Security in which work is done and the assurance of information.
A
4.
Assurance engagement
Engagement or assurance work, Engagement providing
a degree of security .
5. Balance sheet
B
Refers to a financial statement that reports a company's assets, liabilities, and shareholder equity at a specific point in time.
Balance
6. Control environment
C
The actions, policies and procedures that reflect the general attitudes of senior management, directors and owners of the entity about internal control and its importance to the entity. (Taken from the Book Audit A Comprehensive Approach. XI Edition).
7. Criteria
Commitment
The references used to evaluate or measure the matter under analysis, including, where appropriate, the
references for the presentation and disclosure of information. The criteria can be formal or less formal. In the exercise of professional judgment, For the evaluation or measurement of a subject matter to be reasonably consistent, the application of appropriate criteria.
8. Ethics conflict resolution
When starting a dispute resolution process, both formal and informal, the The following factors may be relevant, either individually or in conjunction with other factors
E
9. Ethical code
Document adopted by an institution that seeks to guide its members in making practical decisions and the violation of which entails disciplinary action. The Psychologist's Ethics and Bioethics Manual is the practical expansion of the code of ethics that governs the profession in Colombia.
Strategy
10. Conflict of interests
Situation in which the professional judgment concerning a primary interest [for example, the health of patients] can be influenced by a secondary interest [prestige, financial gain]
Conflict of interests
11.Coercion
Influence the decisions of another by threatening any kind of harm
12. IT General Controls
Policies and procedures linked to many applications that favor a effective operation of application controls by helping to ensure the proper and continuous operation of information systems
IT General Controls
13.Change in commitment
Request before completion of the audit to change the engagement for a review or compilation of financial statements.
14. Professional behavior
Imposes an obligation on all health professionals
accounting to comply with the applicable legal and regulatory provisions and to avoid any performance that the professional accountant knows, or should know, may discredit the profession
Professional behavior
15. Professional competence and diligence
Act diligently, in accordance with applicable technical and professional standards, when professional services are rendered.
16. Denial or abstention
N
Report issued by the auditor when he considers that the financial statements were not presented objectively or that the auditor lacks independence. (Taken from the Book Audit A Comprehensive Approach. XI Edition).
17. Professional judgment
Application of relevant practical training, knowledge and experience, in the context of auditing, accounting and ethics standards, for making informed decisions about the course of appropriate action based on the circumstances of the audit engagement
Next
Steps
18. Applicable Ethical Requirements
Ethical standards to which both the engagement team and the engagement quality control reviewer, and typically comprise Parts A and B of the Code of Ethics
for Professional Accountants of the International Ethics Standards Board for Accountants (Code of
IESBA Ethics)
Organization
19. Confidentiality
Confidentiality is the ownership of the information, by which it is guaranteed that it is accessible only to personnel authorized to access said information.
20. Responsible for the governance of the entity
Responsible
Person or persons or organizations (for example, a company that acts as trustee) with responsibility for overseeing the strategic direction of the entity
and with obligations related to the accountability of the entity.
21. Gifts and invitations
R
Accepting gifts or entertainment from a client of an engagement that provides a degree of Security can create self-interest and familiarity threats. If the firm, or a member of the engagement team that provides a degree of security accept gifts or entertainment, Unless their value is negligible and inconsequential, the threats that are created are as important that no safeguard can reduce them to an acceptable level.
22. Significant risk
Identified and assessed risk of material misstatement that, in the auditor's judgment, requires a special consideration in the audit
Company
Intro
Objectivity
23. Objectivity
When performing any professional service, the professional accountant in practice determine whether there are threats in relation to compliance with the fundamental principle of objectivity as a result of having interests in, or relationships with, a client or its administrators, managers or employees. For example, a family relationship or a relationship close, personal or business, may create a familiarity threat in relation to objectivity.
24. Ongoing litigation or threatened lawsuits
When litigation takes place or seems likely to take place between the firm, or a member of the audit team and the audit client, self-interest threats are created and of intimidation
25. Transparency
It is required by the principle of Integrity. The accountant fully transmits the scope and possible consequences of his actions without omitting information and seeking understanding on the part of his user.
S
26. Conflicts of interest
The professional accountant shall take reasonable steps to identify circumstances that may create a conflict of interest. Such circumstances may create threats in relation to compliance with fundamental principles
27. Gifts and invitations
The professional accountant in practice will assess the significance of any threats that may exist and, when necessary, apply safeguards to eliminate it or reduce it to a acceptable level.
Gift
28. Risk tolerance
The acceptable variance in relation to the performance for the achievement of the objectives.
29. Service organization outsourcing
Organization of services contracted by another organization of services to perform any of the services that the latter provides to its user entities, which are part of of the information systems relevant to the financial information of these user entities
Integry
30. Integrity
The principle of integrity requires all professional accountants to be honest and honest in all their professional and business relationships. Integrity also implies justice in treatment and sincerity.
Bibliography
International Code of Ethics for Professional Accountants (including International
Independence Standards) (the Code), abril 2018.