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Which ONE of the following provides an example of circumstances that may create self-review threats for a professional accountant in public practice?
Suggested Answer: C
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37 comments · newest first
LA
Laurena
11 months ago
Not sure if A is a big deal, errors happen all the time.
KI
Kirk
11 months ago
Wait, can you really be involved in both design and reporting?
KR
Kris
11 months ago
All of the above seems right to me!
PO
Portia
12 months ago
I think C is more concerning, honestly.
KR
Kristeen
12 months ago
B is definitely a self-review threat.
DA
Daniel
1 year ago
I’m leaning towards D, thinking all of them could create self-review threats. But I’m not sure if they all fit the definition equally well.
JO
Joseph
1 year ago
I recall a practice question where they mentioned a director being part of the assurance team. That might relate to option C, but I’m not confident if that’s the best example here.
DA
Dawne
1 year ago
I’m not entirely sure, but I feel like option B sounds right because it directly relates to self-review. It’s like you can’t be the judge and the player at the same time.
CA
Cammy
1 year ago
I think self-review threats are really tricky. I remember studying that if you’re involved in designing a system, you shouldn’t be the one auditing it.
EL
Elmira
1 year ago
I think the answer is B. Reporting on systems you were involved in designing or implementing could definitely create a self-review threat, as you'd be evaluating your own prior work. The other options don't seem as directly relevant to that specific threat.
QU
Quentin
1 year ago
I'm a bit confused by this question. The wording is a bit tricky, and I'm not 100% confident in any of the answer choices. I'll have to re-read the question and options carefully before making a decision.
CA
Carmen
1 year ago
Ah, I see what they're getting at. The key is the concept of "self-review threats" for a professional accountant. I believe B is the best answer, as it describes a situation where the accountant could be reviewing their own prior work.
LE
Lenora
1 year ago
This question seems straightforward. I think the answer is B - reporting on the operation of financial systems after being involved in their design or implementation.
PO
Pok
1 year ago
Hmm, I'm not entirely sure about this one. I'll need to think it through carefully. The options all seem plausible, so I'll have to weigh the pros and cons of each.
KR
Kris
1 year ago
This is a real head-scratcher. I'm gonna have to phone a friend on this one. Or maybe just flip a coin. 50/50 chance of getting it right, right?
AN
Annamae
1 year ago
D) All of the above
RO
Rolande
1 year ago
C) A member of the assurance team being, or having recently been, a director or officer of that client
NI
Nikita
1 year ago
B) Reporting on the operation of financial systems after being involved in their design or implementation
JA
Janey
1 year ago
A) The discovery of a significant error during a re-evaluation of the work of the professional accountant in public practice
RO
Rodolfo
1 year ago
I'm gonna have to go with the option that involves the most work - D. Why make it easy on ourselves when we can just check all the boxes, right?
GA
Gail
1 year ago
D all the way, baby! You can't be auditing your own work - that's like asking the fox to guard the henhouse. Where's the independence and objectivity in that?
GL
Glenn
1 year ago
C) A member of the assurance team being, or having recently been, a director or officer of that client
AM
Amira
1 year ago
B) Reporting on the operation of financial systems after being involved in their design or implementation
LE
Leontine
1 year ago
A) The discovery of a significant error during a re-evaluation of the work of the professional accountant in public practice
JA
Jaime
1 year ago
Hmm, I'm not so sure. I mean, what if the error was super minor and didn't really impact the overall results? Maybe that wouldn't be a big deal. But B and C definitely seem more clear-cut.
CH
Chantay
1 year ago
C) A member of the assurance team being, or having recently been, a director or officer of that client
CO
Cory
1 year ago
B) Reporting on the operation of financial systems after being involved in their design or implementation
RO
Rosio
1 year ago
A) The discovery of a significant error during a re-evaluation of the work of the professional accountant in public practice
KA
Kandis
2 years ago
I'm gonna have to go with D on this one. All of those scenarios create the potential for self-review threats. Gotta be objective, you know?
JE
Jerry
2 years ago
But reporting on financial systems after being involved in their design can create self-review threats.
CA
Carin
2 years ago
I disagree, I believe the answer is D.
LE
Leslee
2 years ago
Option B seems like the obvious choice here. If you're involved in designing or implementing a system, how can you objectively assess its operation? Seems like a clear self-review threat to me.
CR
Cruz
1 year ago
It's important for professional accountants to be aware of these threats and take appropriate actions to mitigate them.
LU
Luis
1 year ago
True, option D covers all possible circumstances that may create self-review threats.
RI
Richelle
1 year ago
I think option C could also create a self-review threat, having a member of the assurance team who is a director or officer of the client.
HA
Hayley
2 years ago
I agree, option B definitely creates a self-review threat.
JE
Jerry
2 years ago
I think the answer is B.