Principles of ethical behaviour Flashcards
What are the accounting bodies?
CCAB, CIMA and AAT
What are the principles of ethical behaviour? 5
Integrity Objectivity Professional Competence and due care Confidentiality Professional behaviour
Integrity
Accountants must be straight forward and honest in all professional relationsjips
Objectivity
Must not allow bias, conflict of interests or undue influence of others to override professional judgements
Professional competence and due care
Accountants must maintain professional knowledge and skills at the level required to ensure that a client or employer receives competent services
Confidentiality
Must not disclose info obtained through their duties to third parties without permission or a legal duty to do so
Professional Behaviour
Accountants must comply with relevant laws and regulations and avoid any action that discredits the profession.
What is the impact of integrity on the role of the accountant
Not deliberately producing financial statements which include anything inaccurate.
What is the impact of Objectivity on the role of the accountant
Avoiding situations where professional judgements can be swayed by personal gain
What is the impact of professional competence and due care on the role of the accountant
Ongoing training and keeping up-to-date with changes in legislation
What is the impact of confidentiality on the role of the accountant
Not sharing sensitive information about performance or financial position of the business
What is the impact of professional behaviour on the role of the accountant?
Goes beyond what happens at work and can include social interactions or social media
