Module 1 Professional Practice of Accountancy

PROFESSIONAL
PRACTICE OF
ACCOUNTANCY
AUDITING ASSURANCE AND PRINCIPLES
CHAPTER 1
OUR LADY OF FATIMA UNIVERSITY
QUEZON CITY
Professor : Bernadette Kho Dimzon 8/20/2020 1
PROFESSIONAL ACCOUNTANT
 ROLE IN THE ECONOMY
o Free market economy exists if there is sharing of
accurate, reliable information among parties that
have vested interests in
o Financial performance and future prospects of an
organization

o Reliable information is essential to the very
existence of the society
o Reliable accounting information and financial
reporting aids society in allocating resources in an
efficient manner

o Business entity’s primary objective is to allocate
limited capital resources to production of goods
and services which have demand and generate
profits
o Inadequate accounting and reporting provides
incorrect information thereby conceal waste and
produce inefficiency
o Reported data must reflect the economics of
transactions – current economic condition of
assets controlled and obligations owed
o The stakeholders also want to know the resources
entrusted to business organizations and if they
have been used appropriately

o Misleading information also are ways of
manipulation of stock options, misuse of
corporate assets for personal pleasure and
outright fraud committed

o Economic decisions are often made under
conditions of uncertainty, there is always a risk
that the decision maker will select wrong
alternative and incur significant loses
o A prospective investor deciding to buy or sell
securities

o A banker making decisions to approve a loan
application
o Government in obtaining revenues from tax
returns
o And all stakeholders relying information provided
by others

o Investors are tired of financial scandals and
failures and want assurance that those kind of
problems are not happening in companies in
which they invest

o Professional accountants both in commerce and
industry and public accounting sectors must
understand how organizations are governed and
the key information that board utilize to ensure
organizations are managed properly

o The professional accountant must exercise
professional competence and integrity in
providing information that shows the present
picture of the business enterprise which is fair
and unbiased from among the users of the
financial statements

o Credibility added to the information is through
the independent auditor rendering an opinion
reduces the decision maker’s risk

ACCOUNTANCY AS A PROFESSION
 ATTRIBUTES
o Professions are classified as elite occupational
classifications
o East Greenwood in his article Attributes of a
Profession (1957) sets four major characteristics

 ATTRIBUTES
o Systematic Theory
o Public accounting professions consists of
accounting theory- financial accounting and
reporting standards, practices and auditing
standards which is considered as a science of
validation

 ATTRIBUTES
o Systematic Theory
o Knowledge in systematic theory can be achieved
best through formal college-level education in an
academic environment

 ATTRIBUTES
o Professional Authority
o Client usually demands professional servicebut
most often do not really understand their own
needs
o Professional determines what is good or bad for
the client and the client accedes professiona
judgment
 ATTRIBUTES
o Professional Authority
o Basis for the professional accountant’s (CPA’s)
authority is his expertise in the systematic theory
of accounting and auditing

 ATTRIBUTES
o Community Sanction
o Admission to the public accounting profession is
controlled
o Become a professional accountant (CPA) a
candidate must satisfy government educational
and experience requirements and pass the CPA
Licensure examination
 ATTRIBUTES
o Regulation Code
o The powers and privileges granted to public
accounting profession by the community
effectively constitute a monopoly

 ATTRIBUTES
o Regulation Code
o The powers and privileges granted to public
accounting profession by the community effectively
constitute a monopoly
o To prevent abuse , the Rules of Professional Conduct
and Code of Ethics have been promulgated and made
legally binding through the Accountancy Law
 ATTRIBUTES
o A Culture
o A CPA is a member of a time-honored profession
and the status of the profession and the
responsibilities that accompany this status is her
his behavior in society

 ATTRIBUTES
o A Culture
o Accounting has developed a professional culture
as evidenced by many factors as the formal
norms, the code of ethics , the informal rules that
guide relationships among practitioners and the
traditions and myths that have arises concerning
the CPA examinations
 ATTRIBUTES
o A Culture
o Code of Ethics revision : April 6, 2016
o The profession is distinguished by certain
characteristics which includes :
o Mastery of a particular intellectual skills,
acquired by training and education
 ATTRIBUTES
o A Culture
o Adherence by its members to a common code of
values and conduct established by its
administering body including maintaining an
outlook which is essentially objective

 ATTRIBUTES
o A Culture
o Acceptance of a duty of society as a whole
(usually in return for restrictions in use of a title
or in the granting of a qualification)

 DEFINE
o An individual who holds a valid certificate issued
by the Board of Accountancy (i.e. CPA) whether
she/he performs public practice, industry,
commerce, the public sector or education

 DEFINE
o Professional Accountant in Public Practice
o i.e. audit, tax or consulting in a firm that provides
professional services

 DEFINE
o Professional Accountant in Business
o Employed and engaged in an executive or non-
executive capacity in such areas as commerce,
industry, service, the public sector, education,
non profit sector, regulatory or professional
bodies, professional accountants contracted by
such entities
 DEFINE
o Professional Accountant in Business
o Commerce and industry, education and
government

 SCOPE OF PRACTICE
o Public Accountancy
o Shall constitute a person be it in his/her
individual capacity, or as a partner or as staff
member in an accounting or auditing firm
o Holding himself as one skilled in knowledge,
science and practice of accounting and as

o A qualified person to render professional services
as certified public accountant or offering both or
rendering , or both to more than one client on a
fee basis or otherwise services such as the audit
or verification of financial transaction and
accounting records
o The preparation, signing or certification for
clients of reports of audit, statement of financial
position and other financial accounting, related
schedules and exhibits, statements or reports
which are to be used for publication , for credit
purposes, filed with government agency
o Or be used for any other purposes, design,
installation and revision of the accounting system;
preparation of income tax returns when related to
accounting procedures or when she/he represents
clients before government agencies on tax and
other matters related
o Accounting or renders professional assistance in
matters relating to accounting procedures and
presentation of financial facts or data

o Practice in Commerce and Industry
o Shall constitute person involved in decision
making requiring professional knowledge in the
science of accounting, or when such employment
or position requires that the holder thereof must
be certified public accountant

o Practice in Education and Academe
o Shall constitute person in an educational
institution which involves teaching of accounting,
auditing, management advisory services , finance,
law taxation and other technical subjects

o Practice in Government
o Shall constitute a person who holds or is
appointed to a position in the accounting
professional group in government or in a
government-owned and controlled corporation
including those performing

o Practice in Government
o proprietary functions where decision making
requires professional knowledge in accounting or
where a civil service eligibility as a certified
public accountant is a prerequisite

 REQUIREMENTS TO ENTER THE ACCOUNTANCY
PROFESSION
o Graduate of Bachelor of Science in Accountancy
conferred by a school, college or university duly
recognized by the Commissioner on Higher
Education (CHED) or other authorized government
office

PROFESSION
o Graduate of Bachelor of Science in Accountancy
conferred by a school, college or university duly
recognized by the Commissioner on Higher
Education (CHED) or other authorized government
office

PROFESSION
 Qualify as professional accountant by passing the
CPA Licensure Examination administered by the
Professional Regulatory Board of Accountancy

PROFESSION
o Satisfy all other legal and regulatory
requirements before the individual takes on the
role of a professional accountant

CPA LICENSURE EXAMINATION
 Philippine Accountancy Act of 2004 (RA 9298)
o Qualifications of Applicant for Licensure
Examination
o Filipino citizen
o Has good moral character
o Holder of a degree of Bachelor of Science in
Accountancy
 Philippine Accountancy Act of 2004 (RA 9298)
o Qualifications of Applicant for Licensure
Examination
o Has not been convicted of any criminal offense
involving moral turpitude

 Scope of Examination
o PRC BOA Resolution NO. 262 Series of 2015
o Financial Accounting and Reporting
o Advanced Financial Accounting and Reporting
o Management Advisory Services
o Auditing, Taxation and Regulatory Framework for
Business Taxation
 Scope of Examination
o PRC BOA Resolution NO. 262 Series of 2015
o Financial Accounting and Reporting
o Advanced Financial Accounting and Reporting
o Management Advisory Services
o Auditing, Taxation and Regulatory Framework for
Business Taxation
 Rating in Licensure Examination
o A candidate must obtain a general average of 75%
with no grades lower than 65% in any given
subject
o In the event that the candidate obtains a rating of
75% and above in at least majority of the subjects
as provided in this act, he or she shall receive a
conditional credit for the subjects passed
o Provided, that a candidate shall take an
examination in the remaining subjects within two
(2) years from the preceding examination

o Provided further, that if the candidate fails to
obtain at least a general average of 75% and a
rating of at least 26% in each of the subjects
reexamined, he/she shall be determined failed in
the entire examination

o Provided further, that if the candidate fails to
obtain at least a general average of 75% and a
rating of at least 26% in each of the subjects
reexamined, he/she shall be determined failed in
the entire examination

 Other Legal and Regulatory Requirements
o Oath
o A successful candidate in the examination shall be
required to take an oath of profession before any
member of the Board or before any government
official authorized by the Commission or any
person authorized by law

o Oath
o To administer oaths upon presentation of proof of
his/her qualification prior to entering upon the
practice of the profession

o Issuance of Certificates of Registration and
Professional Identity Card
o A certificate of registration will be issued to the
examinees who pass the CPA Licensure
examination subject to the payment of prescribed
fees to the Commission

o The certificate of registration shall bar the
chairperson of the Commission and the Chairman
of the Board of Accountancy, stamped with the
official seal of the Commission and of the Board
indicating the person named therein is entitled to
the practice of the profession with all the
privileges appurtenant thereto
o This certificate shall remain in full force and effect
until withdrawn, suspended or revoked in accordance
with this Act
o A professional identification card bearing the
registration number, date of issuance, expiry date,
duly signed by the chairperson of the Commission
shall likewise be issued to every registrant renewable
for three years

 Indication of Certificate of Registration,
Identification Card and Professional Tax
Receipt
o The certified public accountant shall be required
to indicate his/her certificate of registration
number and date of issuance, the duration of
validity, including professional tax receipt number
on the documents he/she signs, uses or issues in
connection with the practice of her/his profession
DEVELOPING CAPABILITIES AND COMPETENCE
AFTER ADMISSION TO THE PROFESSION
 To acquire capabilities and competence required
of professional accountants, individuals may need
further education and development beyond the
needed qualification as professional accountants
 These include :
 Advanced professional education pursued at
academic institutions or through the programs of
professional bodies
 These include :
o On the job training and experience programs
o Off the job training
o Continuing professional development (CPD)
courses and activities

 The sustainability of the accounting profession
depends on the quality of services provided by its
members and the profession’s capacity to respond
effectively and efficiently to the demands of
economy and society

 Recent developments in technology,
globalization, ethics and governance have
dramatically altered the business environment
and the nature of the professional activities of
accountants

 The liberalization of services requires that the
academic and professional qualifications of
accountants be at par with other countries to
enable him/her to perform competently in the
workplace and at the same time be recognized
internationally

 Professional accountants in public practice are
bound by professional and accounting standards
and reporting requirements in so far as the public
interest is concerned
 Likewise bound by the regulatory and professional
ethics framework as to their conduct of work

 Professional accountants in business who use their
accounting background and their work in private
practice are responsible to management and must
exert all efforts to provide exemplary accounting-
based business analysis, projections and
interpretations


 Employees are demanding a broad range of
professional and general business skills which, if
developed improves the versatility of the
professional accountant
 All professional accountants are obliged to engage
in lifelong learning to keep up to date of
developments influencing the profession and the
quality of services they provide
COMPETENCY REQUIREMENTS FOR PROFESSIONAL
ACCOUNTANTS – PUBLIC PRACTICE
 KNOWLEDGE CONTENT
o Within education and development program for
audit professionals should include the following :
o Audit of historical financial information at
advanced level
o Financial accounting and reporting at advanced
level; information technology

 Audit and historical financial information
subject area at advanced level
o Best practices in the audits of historical financial
information, including relevant current issues and
developments

 Audit and historical financial information
subject area at advanced level
o International standards on Auditing (ISAs) and
International Audit Practice Statements (IAPSs)
o Other applicable standards or laws

 Financial accounting and reporting subject area
o Financial accounting and reporting processes and
practices including relevant current issues and
developments
o International financial reporting standards
o Any other applicable standards or laws
 Information Technology subject area
o Information technology systems for financial
accounting and reporting, including relevant current
issues and developments
o Frameworks for evaluating controls and assessing risks
in accounting and reporting systems as appropriate
for the audit of historical financial information
 PRACTICAL EXPERIENCE
o Professional accountants should complete period
of relevant practical experience before taking on
the role of an audit professional
o This period should be long enough and intensive
enough to permit them to demonstrate that they
have acquired the necessary professional
knowledge, skills and professional values ethics
and attituded
o Practical experience that contributes to the
competence of an audit professional need to be
relevant to the type and size of audit assignments
audit professional are or likely to be involved in

o The period of experience should permit
them to :
o Apply , in a properly supervised environment, the
requisite knowledge and skills; and
o Develop and demonstrate the required
competence
 PROFESSIONAL SKILLS
o Intellectual skills
o Technical and functional skills
o Personal skills
o Interpersonal and communication skills
o Organizational and business management skills

o These are part of the set of capabilities required
from professional accountants to demonstrate
competence
o These skills will be acquired in part during initial
qualification and training
o But will need to be developed and honed
throughout the career
o Often by performing different roles in the
organization and by undertaking continuing
professional development and education
o Successful professional accountant with
experience can typically be characterized by
distinctive attitude, outlook or way of thinking or
mindset
PROFESSIONAL ACCOUNTANT’S MINDSET
 PROFESSIONALISM AND ETHICAL BEHAVIOUR

o Involves upholding high ethical standards in
accordance with the Code of Professional Ethics
for professional accountant which places
emphasis on ethical behavior as well as
internalization of principles and integrity

 PROFESSIONAL JUDGMENT
o This requires quick and intuitive decision making
with a need for evidence-based decisions
o Includes performance of business functions
applying for professional judgment and integrity
which often requires reconciling conflicting
commercial, financial and sustainability interests

 PROFESSIONAL JUDGMENT
o Professional accountants should be able to
influence decision makers to ensure that the
organizations is managed in the long-term
interests of stakeholders and delivers sustainable
value creation

 ORGANIZATIONAL AND ENVIRONMENTAL

AWARENESS
o Professional accountants are increasingly
expected to perform as integrators, aligning
economic, environmental and social performance
and various business functions and processes and
as navigators supporting the needs of governing
bodies and management
 An Investor and Wider Stakeholder Focus

o Professional accountants (i.e. performing Chief
Financial Officer –CFO and Finance Director –FD)
can be expected to lead in managing relationships
with investors and other funders and in some
industries with regulators

 An Investor and Wider Stakeholder Focus

o They need to be positioned to address the
challenges and establish how various interests
could be aligned in the longer term

 Change, Uncertainty and Complexity

o Professional accountants in business should be
able to adapt to changing circumstances
o Apply professional skills and judgment to often
ambiguous and imperfect information

 Change, Uncertainty and Complexity

o Needs to be prepared to manage uncertainty,
complexity and strategic decision making within
an overall context of heightened focus on
effective governance, risk management and
control

 Development and Maintenance of Competencies

o A professional accountant also needs further
education and development beyond the initial
qualification

 Development and Maintenance of Competencies

o Additional education, practical experience and
development requirements can be achieved through:
o Exposure to various organizations
o Formal and informal training, including coaching and
mentoring
o Synchronization of development with organization
maturity
 Increased Globalization: Accounting and Auditing

o The international accounting standards-setting
process has been able to claim a number of
successes in achieving greater recognition and use
of IFRS (PFRS in the Philippines)


o The adoption of the standards that require high
quality, transparent and comparable information
is welcomed by investors, creditors, financial
analysts and other users of financial statements


o The use of single set of high quality accounting
standards facilitates investment and other
economic decisions across borders, increases
market efficiency and reduces the cost of raising
capital

 Expanded Accountability
o Demand for accountability has grown beyond
financial statements to include in certain cases
public reports on an organization’s internal
controls over financial reporting

 More Detailed Reporting

o There is a demand for more current information
than that reflected in current annual financial
statements
o SEC, BSP and other regulatory agencies have been
using memoranda on the more detailed
information to be disclosed in the financial
reports
 Increase Risk Reporting

o There is more demand for risk-based information
reporting about companies

 Global Audit Standards

o The trend toward global harmonization of
accounting standards is a trend to also harmonize
auditing standards on a global basis
o The International Standards on Auditing (ISA) for
professional auditors are high and so are the
public’s expectations of auditors


o Auditors must be prepared to audit a broader
environment
o The public expects auditors a.) To find fraud; b.)
enforce accounting principles that best portray
the spirit of the concepts adopted by IASB and c.)
be neutral to users


o Management and the audit committee expects
cost-effective audits
o Need for capable and competent professional
accountants is indeed more pressing and urgent
now

CPA Horizons 2025 : Road Map for the
Future
 Research Project conducted by AICPA in 2011
 What is the horizon for CPAs and the accounting
profession – “CPA Horizons 2025”
 Released and published in the Journal of
Accountancy , December 2011

INSIGHTS AND DIRECTIONS
 CPAs agreed that the profession’s core objectives

, “Making sense of a changing and complex world”
relevant today and the future
 The profession core values remain substantially
unchanged
 The profession’s core competencies evolved to
reflect the 21st century

CPA Horizons 2025 : Road Map for the Future
o The services provided by CPA’s have become so

varied and diverse that the concept of core
services is no longer representative of the
profession

CPA Horizons 2025 : Road Map for the Future
o The services provided by CPA’s have become so

varied and diverse that the concept of core
services is no longer representative of the
profession

o TECHNOLOGY
✓ Understand and leverage relevant technology in
conjunction with core CPA competencies to
deliver superior services
➢ CPA must stay current with embrace and exploit
technology for their benefit and increase
efficiency and expansion of services

o TECHNOLOGY
➢ The profession must find solutions to offer
investors and stakeholders up-to-date , real time
financial information and increase transparency
➢ CPA must embrace mobile technologies and social
media to modernize and enhance interaction and
collaboration with clients and colleagues

o TECHNOLOGY
➢ Fraud maybe easier to commit and more difficult
to prevent and detect
➢ CPAs must continue to be vigilant in ensuring data
is captured and managed properly and protected
from malfeasance

o Pre-certification and Lifelong Learning

➢ Evolve and develop the educational framework to
keep pace with the changing dynamics of business
, government and the profession
✓ CPA must devote more time to staying current
with regulations and standards , social, economic,
technological and political trends local and
abroad

✓ CPAs must further develop interpersonal skills
to enhance relationships with colleagues,
clients, businesses and employers
✓ Real-time learning in the workplace will change
the way CPAs learn and will help them adopt
quickly and knowledgeably to ever changing
circumstances

✓ Requirements for new CPAs must remain
rigorous and demanding and be practical and
relevant
✓ New CPAs must have a broad knowledge of
business and soft skills and not simply focus on
technical accounting

o Worldwide Profession
✓ Position the CPA as a premier designation of the
accounting and finance profession throughout the
world
✓ CPAs must be increasingly aware of international
business issues and trends
✓ CPAs must assess the trend toward outsourcing
overseas and create opportunities to expand
services to serve these markets
o Worldwide Profession
✓ CPAs must continue to market the quality and
value of their services in order to expand and
thrive globally

o Pride in the Profession

✓ Encourage pride among CPAS in the CPA
profession and in the value CPAs create
throughout the society
✓ The profession must continue to advocate on
behalf of itself to ensure continued recognition
as a trusted advisor

o Pride in the Profession

✓ CPAs must hold the integrity of the profession
and maintain high standards in an ever-changing
environment and in cultures where business
practices differ from local practices

o Trusteed Attester
✓ Preserve the role of the CPA as trusted attester of
financial and other information
✓ The profession must stay vigilant in defending its
unique role as providers of audit and attest
services
✓ Audit and attest functions must evolve to meet
changing regulatory demands and client and
business needs
o Trusted Advisor
✓ Promote the CPA as trusted advisor who in
addition to providing core CPA services ,
develops solutions to complex problems by
integrating knowledge, expertise and resources
from multiple disciplines

o Trusted Advisor
✓ CPA must continue to evolve as strategic
partners of clients, business and employers,
applying multidisciplinary and integrated
problem solving to expand traditional services
and enhance nontraditional offerings and the
perception of trusted advisor

o Market Permission
✓ Leverage the strengths of the profession to
expand market permissions
✓ Emerging opportunities for specialization will
allow CPAs to strengthen their expertise and
provide additional value to clients, employers
and business

o Market Permission
✓ The profession must continue to evaluate
which services it offers locally and globally and
how it will deliver these services to adapt to
the needs of the clients, employers and
business

o Market Place
✓ Address continual changes in the marketplace,
economy, businesses and regulations
✓ The exact nature of the work that CPAs perform
must evolve to respond to shifts in business,
society and technology
✓ These changes will offer opportunities to enhance
the value of the CPA services, positioning CPAs to
become leaders in helping clients and employers
o Market Place
✓ adapt to change while also responding to
change while also responding to change
themselves
✓ Lifelong learning will take on greater
importance as a way for CPAs to stay up to date
as the pace of change accelerates

o Value Proposition
✓ Increase the visibility of the profession’s value
proposition by demonstrating the profession’s
core values in multiple areas of business and
society
✓ By listening to and understanding the needs and
challenges of employers and clients,
opportunities for CPAs to develop services that
align with core values will emerge
o Value Proposition
✓ The profession must spend more time
demonstrating their value to clients, businesses
and the public about the role and value of the
CPA in order to thrive and increased
competition and economic pressures

o Demographic Skills
✓ Continue to offer opportunities that enhance
the profession’s appeal and be proactive in
addressing both local and global demographic
shifts
✓ The profession must strive to reflect the
demographic shifts of incoming accounting
students, clients, business and society
✓ Continue to offer opportunities that enhance
the profession’s appeal and be proactive in
addressing both local and global demographic
shifts
✓ The profession must strive to reflect the
demographic shifts of incoming accounting
students, clients, business and society
✓ Programs offered to support minorities, women
and young CPAs in the workplace must be more
widely implemented throughout the profession
✓ Experienced and older CPAs must continue to
mentor young CPAs and identify leadership and
advancement opportunities that will foster
stronger relationships and loyalty
✓ In order to attract and retain younger
generations, employers must increase flexible
work arrangements and work at home options
✓ The profession must continue to support and
enhance programs that build awareness of the
CPA profession to young audiences

CORE VALUES AND COMPETENCIES
❖ CORE VALUES
✓ Of the CPA profession are the essential and
enduring beliefs that it upholds over time
✓ Enable CPAs to retain their unique character
and value as they embrace the changing
dynamics of the global economy

❖ CORE VALUES - INTEGRITY

✓ CPAs conduct themselves with integrity and
honesty, holding themselves to rigorous
standards of professional ethics

❖ CORE VALUES - COMPETENCE

✓ CPAs demonstrate superior technical
proficiency by performing with a high level of
expertise and knowledge
❖ LIFE-LONG LEARNING
✓ CPAs highly value education beyond
certification and continually pursue new and
broad skills and knowledge
❖ OBJECTIVITY
✓ CPAs maintain impartiality and intellectual
honesty by remaining free of personal bias and
conflict of interest
❖ COMMITMENT TO EXCELLENCE
✓ CPAs continually deliver exemplary, high quality
services

❖ RELEVANCE TO GLOBAL MARKET PLACE

✓ CPAs enhance their value by meeting the ever-
changing need of the world around them

❖ CORE COMPETENCIES
✓ Are unique combination of human skills,
knowledge and technology that provides value
and results to the user
✓ Enhancing the profession’s core competencies is
a key to sustaining a competitive and
differential advantage in the marketplace

❖ CORE COMPETENCIES – COMMUNICATION SKILLS

✓ CPAs are able to effectively exchange reliable
and meaningful information using appropriate
context and interpersonal skills
❖ LEADERSHIP SKILLS
✓ CPAs are adept at influencing, inspiring and
motivating others to facilitate change and
achieve excellence
❖ CORE COMPETENCIES – CRITICAL THINKING AND

PROBLEM SOLVING SKILLS
✓ CPAs are skillful in evaluating facts, challenging
assumptions and applying judgment to develop
relevant solutions
❖ ANTICIPATING AND SERVING EVOLVING NEEDS
✓ CPAs area dept in identifying strategic directions
and opportunities to meet the evolving needs of
those they serve
❖ CORE COMPETENCIES – SYNTHESIZING

INTELLIGENCE INSIGHT
✓ CPAs are expert in connecting data, performing
analysis and using business acumen to provide
astute guidance for better business decision making
❖ INTEGRATION AND COLLABORATION
✓ CPAs are effective at building strategic alliances
and working collaboratively to provide
multidisciplinary solutions to complex problems
PROFESSIONAL PRACTICE OF ACCOUNTANCY
MODULE 1
❖ Reference :
❖ Cabrera Elenita B., Auditing Theory, 2017 Edition
❖ Dear students: I am motivating everyone to
read, study, understand and comprehend all the
learning content of this lecture for all of these
will help you and understand Auditing and the
role of an Independent Practitioner or
Professional Accountant in all aspects of life. It
is very important to gain mastery of the course

Module 1 Professional Practice of Accountancy

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Professor : Bernadette Kho Dimzon 8/20/2020 30

Professor : Bernadette Kho Dimzon 8/20/2020 34

Professor : Bernadette Kho Dimzon 8/20/2020 35

Professor : Bernadette Kho Dimzon 8/20/2020 36

Professor : Bernadette Kho Dimzon 8/20/2020 37

Professor : Bernadette Kho Dimzon 8/20/2020 38

Professor : Bernadette Kho Dimzon 8/20/2020 39

Professor : Bernadette Kho Dimzon 8/20/2020 40

Professor : Bernadette Kho Dimzon 8/20/2020 41

Professor : Bernadette Kho Dimzon 8/20/2020 42

Professor : Bernadette Kho Dimzon 8/20/2020 44

Professor : Bernadette Kho Dimzon 8/20/2020 48

Professor : Bernadette Kho Dimzon 8/20/2020 49

Professor : Bernadette Kho Dimzon 8/20/2020 50

Professor : Bernadette Kho Dimzon 8/20/2020 51

Professor : Bernadette Kho Dimzon 8/20/2020 52

Professor : Bernadette Kho Dimzon 8/20/2020 53

Professor : Bernadette Kho Dimzon 8/20/2020 55

Professor : Bernadette Kho Dimzon 8/20/2020 58

Professor : Bernadette Kho Dimzon 8/20/2020 59

Professor : Bernadette Kho Dimzon 8/20/2020 60

Professor : Bernadette Kho Dimzon 8/20/2020 61

Professor : Bernadette Kho Dimzon 8/20/2020 62

Professor : Bernadette Kho Dimzon 8/20/2020 63

Professor : Bernadette Kho Dimzon 8/20/2020 65

Professor : Bernadette Kho Dimzon 8/20/2020 66

Professor : Bernadette Kho Dimzon 8/20/2020 67

Professor : Bernadette Kho Dimzon 8/20/2020 71

Professor : Bernadette Kho Dimzon 8/20/2020 73

 PROFESSIONALISM AND ETHICAL BEHAVIOUR

Professor : Bernadette Kho Dimzon 8/20/2020 76

Professor : Bernadette Kho Dimzon 8/20/2020 77

Professor : Bernadette Kho Dimzon 8/20/2020 78

 ORGANIZATIONAL AND ENVIRONMENTAL

 An Investor and Wider Stakeholder Focus

Professor : Bernadette Kho Dimzon 8/20/2020 80

 An Investor and Wider Stakeholder Focus

Professor : Bernadette Kho Dimzon 8/20/2020 81

 Change, Uncertainty and Complexity

Professor : Bernadette Kho Dimzon 8/20/2020 82