Which of the following statements best explains why the auditing profession has found it essential to promulgate ethical standards and to establish means for ensuring their observance?
A)Ethical standards that emphasise excellence in performance over material rewards establish a reputation for competence and character.
B)Vigorous enforcement of an established code of ethics is the best way to prevent unscrupulous acts.
C)A distinguishing mark of a profession is setting appropriate fees.
D)A requirement for a profession is to establish ethical standards that stress a responsibility to the public, clients and colleagues.

Question

Quizplus · Accepted Answer

Ethical standards that stress a responsibility to the public, clients and colleagues are essential for establishing and maintaining the trust and integrity of the profession. This helps to ensure that auditors act in the best interest of all stakeholders and not just for their own gain. It also helps to prevent misconduct and unethical behavior by holding auditors accountable for their actions.

Which of the Following Statements Best Explains Why the Auditing