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A trainee made a mistake when calculating the VAT payable for a period. SARS selected the return for verification and requested information. The trainee discovered the mistake while preparing the information that SARS requested. The trainee has a few options:
A. A trainee’s unethical behaviour can contribute to the closing down of an accounting firm.
B. A trainee’s unethical behaviour can lead to disciplinary action instituted by SAICA against a partner/director of an accounting firm.
C. A firm benefiting financially will not be concerned by the unethical behaviour from a trainee that led to the financial benefit.
A. The will to make money no matter what the consequences are.
B. The will to make the correct decision.
C. Living with the decisions you make.
D. The correct decision was made with enough information and knowledge.
A trainee made a mistake on a client's tax return.
What action does the trainee take?
Select the correct statements:
A. A trainee may accept an assignment should he/she have enough academic knowledge.
B. A trainee may accept an assignment as long as he/she has the appropriate experience.
C. A trainee may accept an assignment should he/she has enough money in the bank to cover legal cost for a possible legal claim.
D. A trainee may accept an assignment should he/she be independent and objective.
Select the statements which are not unethical:
A. A client completed his VAT return incorrectly. A trainee identified the error and the client has requested for a correction on the e-filing system to submit a correct return.
B. Female trainees can take one afternoon off per month as family responsibility leave to do their hair without taking leave. Male trainees complain about the practice.
C. A trainee made a double payment on a client’s VAT return and decided to keep quiet.
D. The audit team attended a wedding of a client’s financial manager at a casino and then booked into the hotel for the weekend.
E. A trainee made a double payment on a client’s VAT return and has informed the client about the mistake. The client is not happy with the double payment but agreed to leave the credit and offset it against the following period’s payment.
F. A trainee’s laptop was taken in an armed robbery, the robbers forced the trainee to give the password to them.
A trainee compiled the financial statements for an entity. He requested information from the client and the client requested a meeting with the trainee. In the meeting the client informed the trainee that he has a cash flow shortage and that the trainee should assist him in reducing the income tax. The trainee informed the client that he is not allowed to assist a client with the request. Did an ethical dilemma arise, and should the trainee report the matter to the partner? Select the correct statements:
A. Ethical dilemma.
B. Not an ethical dilemma.
C. Report the issue to the partner.
D. Don't report the issue to the partner
Select the correct statement
A. The partner advertised himself very well.
B. The partner damaged the profession’s reputation.
C. The partner acted unethically.
D. The partner did not treat information with the necessary confidentiality.
A. Is unethical.
B. Is unprofessional.
C. Can force the trainee to attend the lunch.
D. Discriminated against the trainee.
E. Has a constitutional right to dismiss the trainee.
F. Should respect the trainee’s religion.
A trainee forgot to complete the TSR and PSR at the end of an assessment cycle. What is the correct actions to perform?
A. Complete the TSR and PSR immediately.
B. Complete and back date the TSR and PSR.
C. Sign the PSR and TSR on the date that he has completed the documents.
D. Inform the reviewer that he as forgotten to complete the TSR & PSR.
Trainees are busy with an audit assignment at a hospital. The trainees have selected patient files to verify the income that was accounted for in the accounting system.
A. How long was the patient treated in the hospital?
B. Did the patient undergo surgery?
C. Race of the patient?
D. Did the patient complain about the hospital meals?
A trainee’s car was stolen at a mall with his laptop that was “safely” locked in the trunk. A client’s financial information was stored on the laptop and the file password protected.
A trainee prepared annual financial statements using the IFRS for SME framework instead of the IFRS framework. The trainee did not follow the company policy in determining which framework should be applied.
A. Due care was not taken with the assessment.
B. Not following procedures is unethical.
C. Trainees make mistakes. A mistake was made so move on.
D. The mistake could have been prevented had the trainee adhered to the office policy.
A trainee has learned how to overwrite the materiality calculation in the auditing software. The trainee has increased the materiality figure to save some time as fewer tests will be necessary to be conducted.
The annual audit on a client was conducted and the partner concludes that there is uncertainty if the entity is still a going concern. The client begs the partner to not mention the going concern risk in the financial statements. The banks will withdraw the overdraft and shareholders their financial support. The partner decides that he will not disclose the going concern risk in the financial statements as a lot of people will lose their jobs.
A client’s financial statements were compiled, and the tax calculation needs to be prepared. A trainee discovers that the client has allocated school fees for his children under advertising and marketing. The trainee has a few options.
A. Do the tax calculation, claim the school fees as an expense and hope for the best.
B. Discuss the school fees with the client and inform him that the school fees can’t be claimed as an expense.
C. Informs the client that additional taxes will be raised by SARS should they become aware of school fees that were claimed.
D. Inform the partner that school fees, a non-deductible expense, was allocated as an expense and the client refuses that the expense be added back on the tax return.
In situations where there are circumstances, laws or regulations which prevent a professional accountant from complying with certain parts of the Code of Professional Conduct(COPC). In such circumstances:
A professional accountant might encounter unusual circumstances in which the professional accountant believes that the result of applying a specific requirement of the Code would be disproportionate or might not be in the public interest. In those circumstances:
A. The professional accountant must always apply the rules of the COPC.
B. The professional accountant must use his/her own judgment in deciding whether to apply the rules of the COPC.
C. The professional accountant is encouraged to consult with a professional or regulatory body.
You are falling behind significantly on the deadline for your work assignment and your senior asks you the status of your work completed. You say:
Select the item the SAICA’s COPC is NOT based on.
A. Others within the firm or employing organisation.
B. Those charged with governance.
C. A professional body.
D. A regulatory body.
E. Legal counsel.
F. Your family members.
Do what is right even if no one is watching.
Continuous professional development.
Don't be influenced by personal feelings.