10f The Law and its Interaction With Ethics

Question 1

What is legislation?

Answer 1

Law created by or on behalf of Parliament.

Question 2

What is case law?

Answer 2

Law made by judges

Question 3

What are ethics?

Answer 3

Doing what seems to be right

Question 4

What is an accountant’s responsibility?

Answer 4

Act in an ethical manor to retain faith in companies and businesses as a whole.

Question 5

What is integrity?

Answer 5

Being honest and straightforward in all business relationships.

Question 6

What is objectivity?

Answer 6

Acting unbiased.

Question 7

What is professional competence and due care?

Answer 7

Ensuring you have the necessary knowledge and skills to carry out work properly and before their work to the best of their ability.

Question 8

What is confidentiality?

Answer 8

Not disclosing client information with a third party

Question 9

What is professional behaviour?

Answer 9

Not acting in a way that would bring disrepute to the profession.

Question 10

How would you deal with an ethical dilemma?

Answer 10

1. Consult/report with an person in accordance with legal requirement.
2. Refer to guidance from ICAEW.
3. Obtain legal advice.
4. Discuss the matter with line manager.
5. Seek advice from ICA Ethics Advistory Service.