Profession and ethical duty of an accountant

Question 1

What are the 5 principles in the ACCA Code of Ethics?

Answer 1

OPPIC (Over Pompous People Ignore Codes)
Objectivity (unbiased)
Professional competence and due care (maintain professional knowledge/skills)
Professional behaviour (compliance with regulations)
Integrity (honest/truthful)
Confidentiality

Question 2

Identify 3 threats to integrity and objectivity of an accountant that may results in deliberate manipulation

Answer 2

-profit related bonuses
-entity seeking finance
-potential listing

Question 3

Name 3 consequences of unethical behaviour

Answer 3

-fines
-damage to reputation of individual or company
-disqualification from ACCA

Question 4

What principle may be compromised if accountants are unfamiliar with new technology of the digital age such as AI?

Answer 4

professional competence

Question 5

What are 3 possible ethical issues of AI?

Answer 5

-risk of bias in AI system
-risk of system failure
-potential misuse of AI system

Question 6

As well as being illegal, what does insider trading lead to?

Answer 6

-breach in confidentially
-lack of integrity

Question 7

What are the 5 threats to the principles?

Answer 7

-self interest
-self review
-advocacy
-familiarity
-intimidation