Week 3 - ICAEW Five Fundamental Principles Flashcards
(11 cards)
1
Q
What is the word to remember the five fundamental principles?
A
PIPCO
2
Q
P (first)
A
Professional competence and due care
3
Q
I
A
Integrity
4
Q
P (second)
A
Professional behaviour
5
Q
C
A
Confidentiality
6
Q
O
A
Objectivity
7
Q
Professional competence and due care
A
- maintain professional knowledge and skill
- act diligently and in accordance with technical and professional standards
- ensuring correct skill-set and checking over work
8
Q
Integrity
A
Being straight-forward and honest in all professional and business relationships
9
Q
Professional behaviour
A
- comply with relevant laws and regulations
- do not bring profession into disrepute
10
Q
Confidentiality
A
- respect and do not disclose information to third parties without authority, unless legal or professional obligation to do so
- do not use information gained to personal advantage (insider dealing)
11
Q
Objectivity
A
No bias, conflict of interest, or undue influence to override professional/business judgements
