Chapter 5 - Code of ethics Flashcards

1
Q

What are the five fundamental principles?

A

Objectivity
Professional competence and due care
Professional Behaviour
Integrity
Confidentiality

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2
Q

What is objectivity?

A

not allowing bias, conflict of interest or the influence of other people to override your professional judgement

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3
Q

What is professional competence and due care?

A

Ongoing commitment to maintain your level of professional knowledge and skill so that your client or employer received a competent, professional service

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4
Q

What is professional behaviour?

A

Being compliant with relevant laws and regulations. You must also avoid any action that could negatively affect the reputation of the profession.

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5
Q

What is Integrity?

A

Being straightforward, honest and truthful in all professional and business replationships

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6
Q

What is confidentiality?

A

Respecting the confidential nature of information you acquire through professional relationships. You should not disclose such information unless you have specific permission or a legal or professional duty to do so.

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7
Q

What are the five common threats?

A

Self Interest
Intimidation
Familiarity
Advocacy
Self-review

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8
Q

What is self interest?

A

can occur as a result of your own or your close family’s interests - financial or otherwise.

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9
Q

What is intimidation?

A

can occur when you are deterred from acting objectively by actual or perceived threats

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10
Q

What is Familitarity?

A

Can be present when you become sympathetic to the interests of others as a result of a close relationship that your professional judgement becomes comprised

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11
Q

What is advocacy?

A

can be a problem when you are promoting a position or opinion to the point that you subsequent objectivity is comprised

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12
Q

What is self-review?

A

Arises when an accountant is reviewing, judging or concluding upon their own work

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