Chapter 10 - 2.2 - Safeguards against Threats

Question 1

What are safeguards?

Answer 1

Safeguards are measures that may reduce threats to an acceptable level, or eliminate them entirely

Question 2

What are the first three possible safeguards against threats to compliance with the fundamental principles?

Answer 2

• Education/training/experience required for entry into the profession
• CPD requirements
• Corporate governance regulations

Question 3

What are the second three possible safeguards against threats to compliance with the fundamental principles?

Answer 3

• Professional standards
• Monitoring/disciplining procedures
• External review

Question 4

What are the final two possible safeguards against threats to compliance with the fundamental principles?

Answer 4

• Complaints system
• Explicitly stated duty to report breaches of ethics