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Supererogation (Late Latin: supererogatio "payment beyond what is needed or asked", from super "beyond" and erogare "to pay out, expend", itself from ex "out" and rogare "to ask") is the performance of more than is asked for; the action of doing more than duty requires. [1]
An example of the negative effects a long-term tenure has on auditor independence is the consideration to issue a going-concern opinion. For example, if an auditor has been auditing a firm for over 10 years, they may brush off a large problem in the company and issue a clean opinion because they believe that they are familiar with the company.
Accounting ethics is primarily a field of applied ethics and is part of business ethics and human ethics, the study of moral values and judgments as they apply to accountancy. It is an example of professional ethics. Accounting was introduced by Luca Pacioli, and later expanded by government groups, professional organizations, and independent ...
Separation of duties (SoD), also known as segregation of duties, is the concept of having more than one person required to complete a task. It is an administrative control used by organisations to prevent fraud , sabotage , theft , misuse of information, and other security compromises.
The Sarbanes–Oxley Act of 2002 is a United States federal law that mandates certain practices in financial record keeping and reporting for corporations.The act, Pub. L. 107–204 (text), 116 Stat. 745, enacted July 30, 2002, also known as the "Public Company Accounting Reform and Investor Protection Act" (in the Senate) and "Corporate and Auditing Accountability, Responsibility, and ...
Under statutory law, an auditor can be held civilly or criminally liable. [3] Due to the risk of liability, CPAs and accounting firms may carry professional liability insurance to provide some protection from legal claims and lawsuits, although some firms choose to self-insure. [4]
The philosophy of accounting is the conceptual framework for the professional preparation and auditing of financial statements and accounts.The issues which arise include the difficulty of establishing a true and fair value of an enterprise and its assets; the moral basis of disclosure and discretion; the standards and laws required to satisfy the political needs of investors, employees and ...
A duty (from "due" meaning "that which is owing"; Old French: deu, did, past participle of devoir; Latin: debere, debitum, whence "debt") is a commitment or expectation to perform some action in general or if certain circumstances arise. A duty may arise from a system of ethics or morality, especially in an honor culture.