Discuss the Ways in Which Both the Accounting Profession and Society

question 73

Essay

Discuss the ways in which both the accounting profession and society itself encourages public accountants to conduct themselves in a professional manner.What factors influence the ethical conduct of audit practitioners?

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Definitions:

Insurable Interest

A principle that requires an individual to have a legitimate financial or emotional stake in the preservation of the subject of insurance to obtain a policy.

Insurance Policy

A contract issued by an insurer to an insured, detailing the terms under which the insurer agrees to financially protect the insured against specific risks in exchange for premiums.

Indemnified

Protected against liability, loss, or damage, typically through a legal agreement where one party agrees to compensate another for any financial harm that arises.

Wagering Purposes

refers to the use of funds or resources for betting or gambling activities.