Regulatory and Ethical Considerations

Worked examples (10)

• 1Why standards are needed (4 marks)
• 2Fundamental characteristics (3 marks)
• 3Enhancing characteristics (4 marks)
• 4Apply a concept (4 marks)
• 5Which standard applies? (4 marks)
• 6Consistency vs change (4 marks)
• 7Substance over form (4 marks)
• 8Materiality (3 marks)
• 9Relevance and faithful representation in tension (5 marks)
• 10Without standards (4 marks)

Model answers (10)

• ✓Model answer — 9706 Paper 3 style
• ✓Model answer — 9706 Paper 3 style
• ✓Model answer — 9706 Paper 3 style
• ✓Model answer — 9706 Paper 3 style
• ✓Model answer — 9706 Paper 3 style
• ✓Model answer — 9706 Paper 3 style
• ✓Model answer — 9706 Paper 3 style
• ✓Model answer — 9706 Paper 3 style
• ✓Model answer — 9706 Paper 3 style
• ✓Model answer — 9706 Paper 3 style

Worked examples (10)

• 1Name the five principles (5 marks)
• 2Which principle is breached? (4 marks)
• 3Name the threat (4 marks)
• 4Suggest a safeguard (4 marks)
• 5What is creative accounting? (4 marks)
• 6Why creative accounting is wrong (4 marks)
• 7Respond to a dilemma (5 marks)
• 8Limits of confidentiality (4 marks)
• 9Objectivity and gifts (4 marks)
• 10Why ethics matter (4 marks)

Model answers (10)

• ✓Model answer — 9706 Paper 3 style
• ✓Model answer — 9706 Paper 3 style
• ✓Model answer — 9706 Paper 3 style
• ✓Model answer — 9706 Paper 3 style
• ✓Model answer — 9706 Paper 3 style
• ✓Model answer — 9706 Paper 3 style
• ✓Model answer — 9706 Paper 3 style
• ✓Model answer — 9706 Paper 3 style
• ✓Model answer — 9706 Paper 3 style
• ✓Model answer — 9706 Paper 3 style

Worked examples (10)

• 1The stewardship relationship (4 marks)
• 2The agency problem (4 marks)
• 3Role of the external auditor (4 marks)
• 4Types of audit opinion (4 marks)
• 5Limitations of an audit (4 marks)
• 6The expectation gap (4 marks)
• 7Internal vs external audit (4 marks)
• 8Purpose of internal controls (4 marks)
• 9Corporate governance (5 marks)
• 10Why the audit matters to shareholders (4 marks)

Model answers (10)

• ✓Model answer — 9706 Paper 3 style
• ✓Model answer — 9706 Paper 3 style
• ✓Model answer — 9706 Paper 3 style
• ✓Model answer — 9706 Paper 3 style
• ✓Model answer — 9706 Paper 3 style
• ✓Model answer — 9706 Paper 3 style
• ✓Model answer — 9706 Paper 3 style
• ✓Model answer — 9706 Paper 3 style
• ✓Model answer — 9706 Paper 3 style
• ✓Model answer — 9706 Paper 3 style