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Lecture Auditing and assurance services (6/e) - Module B: Professional ethics

After studying this chapter you will be able to: Define information risk and explain how the financial statement auditing process helps to reduce this risk, thereby reducing the cost of capital for a company; define and contrast financial statement auditing, attestation, and assurance services; describe and define the assertions that management makes about the recognition, measurement, presentation, and disclosure of the financial statements and explain why auditors use them as the focal point of the audit. | Auditing & Assurance Services, 6e Module B Professional Ethics “Auditors must approach their jobs with independence and skepticism. How do we instill those necessary traits in auditors? This may be the most important auditing question of our time.” James Doty, PCOAB Chairman, remarks made at SEC Reporting Conference, June 2, 2011 “To educate a person in mind and not in morals is to educate a menace to society.” Theodore “Teddy” Roosevelt, 26th President of the United States “Always do right—this will gratify some and astonish the rest.” Mark Twain, famous American novelist Mod B-2 2 General Ethics Ethics that branch of philosophy which is the systematic study of reflective choice, of the standards of right and wrong by which it is to be guided, and of the goods toward which it may ultimately be directed. - Wheelwright, 1959 Key elements Decision problems Moral principles Consequences Mod B-3 3 What is an Ethical Problem? A problem situation exists when an individual must make a choice among alternative actions and the right choice is not absolutely clear. An ethical problem situation may be described as one in which the choice of alternative actions affects the well-being of other persons. More often, there is a conflict between what we should do and what we want to do. Mod B-4 4 An Ethical Decision Process Define all facts and circumstances Identify stakeholders Identify stakeholders’ rights and obligations in general and to each other Identify alternatives and consequences Choose superior alternative with respect to consequences and/or rules Mod B-5 5 The Imperative Principle (Kant) Directs a decision maker to act according to the requirements of an ethical rule Strict versions of imperative ethics maintain that a decision should be made without trying to predict whether an action will create the greatest balance of good over evil Ethics in the imperative sense is a function of moral rules and principles and does not involve a situation-specific calculation of . | Auditing & Assurance Services, 6e Module B Professional Ethics “Auditors must approach their jobs with independence and skepticism. How do we instill those necessary traits in auditors? This may be the most important auditing question of our time.” James Doty, PCOAB Chairman, remarks made at SEC Reporting Conference, June 2, 2011 “To educate a person in mind and not in morals is to educate a menace to society.” Theodore “Teddy” Roosevelt, 26th President of the United States “Always do right—this will gratify some and astonish the rest.” Mark Twain, famous American novelist Mod B-2 2 General Ethics Ethics that branch of philosophy which is the systematic study of reflective choice, of the standards of right and wrong by which it is to be guided, and of the goods toward which it may ultimately be directed. - Wheelwright, 1959 Key elements Decision problems Moral principles Consequences Mod B-3 3 What is an Ethical Problem? A problem situation exists when an individual must make a .