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CIMA - BA4 > 1. Ethics and Ethical Conflict > Flashcards

1. Ethics and Ethical Conflict Flashcards

1
Q

How should an accountant behave?

A

Be trustworthy and consider public interest

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2
Q

The recent trend from accountants is from _____ accounting to _____ accounting.

A

Variance to lean

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3
Q

The CIMA code of ethics is based on…

A

The International Ethics Standards Board for Accountants code of ethics

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4
Q

The IFAC is:

A

The International Federation of Accountants, which represents all the major accountancy bodies

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5
Q

The characteristics which an accountant should display are, according to the CIMA code of ethics…

A 
(PCPC)
Professionalism
Credibility
Provide high quality services
Confidence
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6
Q

The Fundamental Principles of the CIMA code of ethics are…

A 
(CIPOP)
Confidentiality
Integrity
Professional behaviour
Objectivity
Professional competence and due care
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7
Q

The two circumstances in which you have a responsibility to disclose client information without permission are:

A 
Obligatory responsibility (money-laundering, drug-trafficking and terrorist offences)
Voluntary disclosure (fraud)
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8
Q

Personal qualities of an accountant

A 
(CTRRR)
Courtesy
Timeliness
Respect
Responsibility
Reliability
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9
Q

Professional qualities of an accountant

A 
(SASI)
Scepticism
Accountability
Social responsibility
Independence
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10
Q

The two approaches to incorporating ethical behaviour into organisations are:

A

Rules based / compliance based and principles based / conceptual framework

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11
Q

Which approach to incorporating ethical behaviour into an organisation does CIMA advocate?

A

A conceptual framework

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12
Q

What are the organisational values that promote ethical behaviour?

A 
(HOARTEL)
Honestly
Openness
Accountability
Respect
Trust
Empowerment
Leadership
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13
Q

The Chartered Global Management Accountant designation is a joint venture between:

A

CIMA and the American Institute of CPAs

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14
Q

The six stages of the continuous development cycle are…

A 
(DADARE)
Define
Assess
Design
Act
Reflect
Evaluate
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15
Q

What is the FRC?

A

The Financial Reporting Council - the UK’s professional oversight board for accounting, audit and actuarial professions

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16
Q

What does the FRC’s Conduct Committee regulate?

A

Activities of accounting bodies including registration and monitoring of members, training and education, conduct and discipline

17
Q

What are the 7 principles of public life?

A 
(LISAHOO)
Leadership
Integrity
Selflessness
Accountability
Honesty
Opennness
Objectivity
18
Q

What are the 8 ethical stances?

A 
Consequentialism 
Utilitarianism 
Egoism 
Ethical relativism 
Ethical absolutism
Pluralism 
Virtue Ethics
Deontological Approach
19
Q

What is the ethical stance of consequentialism?

A

Making a choice based on which results in the correct consequences

20
Q

What is the ethical stance of utalitarianism?

A

Measuring the quality of outcome in terms of the greatest happiness of the majority

21
Q

What is the ethical stance of egoism?

A

What is best for me

22
Q

What is the ethical stance of ethical relativism?

A

There are relative rights and wrongs, some things are less important than others

23
Q

What is the ethical stance of ethical absolutism?

A

There are fixed rights and wrongs

24
Q

What is the ethical stance of pluralism?

A

Several values may be equally correct and fundamental yet in conflict with each other

25
Q

What is the ethical stance of virtue ethics?

A

Justice and generosity enable us to act best

26
Q

What is the deontological approach?

A

Humans are rational and have a duty to respect other rational beings.

27
Q

What is an ethical dilemma?

A

A situation where two conflicting obligations are faced

28
Q

What is a conflict of interest?

A

A situation in which two or more interests exist within one person and are incompatible.

29
Q

What are the 5 threats to compliance with the fundamental principles?

A 
(SSAFI)
Self-interest threat
Self-review threat
Advocacy threat
Familiarity threat
Intimidation threat
30
Q

What are the 6 steps in CIMA’s ethics checklist?

A
  1. Check all facts are documented
  2. Consider if it is ethical and legal
  3. Identify principles in danger and who is affected
  4. Consider internal and then external escalation
  5. Seek professional or legal advise
  6. Refuse to remain associated

CIMA - BA4 (7 decks)

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