IESBA Etc

Question 1

Who does the work of accountants have to be trusted by?
What is the work of accountants expected to be?
Who are these qualities enforced by?
Who do actions viewed by the public and media reflect?

Answer 1

Society at large, clients, employers and stakeholders
Free from personal bias, performed competently, capable of being verified
Professional bodies
Employers, accounting body you belong to and your profession

Question 2

What does accepting to be bound to high standards of ethical behaviour create?
That they won’t what?

Answer 2

Confidence that they won’t use their power or knowledge to mislead or gain a personal advantage

Question 3

Ethical code for accountants 
What did different bodies initially have?
What was different between bodies?
What did this not prevent?
Eg?

Answer 3

Different guidance of ethics
Emphasis of these ethics
Corporate failure
Enron

Question 4

What does IFAC stand for?

What did they set up?

Answer 4

International federation of accountants
IESBA
international ethics standards board of accountants

Question 5

IESBA
What did they produce? What did they develop and promote?
Who does it apply to?

Answer 5

Code, ethical standards and guidance for professional accountants
All accountants

Question 6

IESBA
What is included in part A?
What is included in section B&C?
What is B specific to?

Answer 6

Fundamental principles of professional ethics and guidance on these principles
How the code is applied in specific situations
Public practice

Question 7

What is IESBA built on?

What are these?

Answer 7

2 conceptual foundations

Set of fundamental principles
Awareness of threats to complying with principles