Chapter 10 - 1.1 - Fundamental Principles

Question 1

What are the five fundamental principles that member should abide by, set by the ICAEW?

Answer 1

• Integrity
• Objectivity
• Professional competence and due care
• Confidentiality
• Professional behaviour

Question 2

Where would you find the five fundamental principles?

Answer 2

In ICAEW’s ‘Code of Ethics and Conduct’

Question 3

Integrity

Answer 3

Members should act in a straightforward and honest manner in all professional and business relationships

Question 4

Objectivity

Answer 4

Members should not allow prejudice or bias, or the influence of others, to override objectivity

Question 5

Professional competence and due care

Answer 5

Members should have the knowledge and skills to provide a competent, professional service based on current developments in practice and legislation and act diligently following applicable technical and professional standards

Question 6

Confidentiality

Answer 6

Members should respect the confidentiality of information acquired as a result of professional and business relationships

Question 7

Professional behaviour

Answer 7

Members should refrain from any conduct that might bring discredit to the profession

Question 8

Professional scepticism

Answer 8

Having a questioning mind and being alert to conditions which may indicate possible misstatements due to error and fraud