Chapter 12

Question 1

What are the profession codes of conduct?

Answer 1

Integrity
Objectivity 
Professional competence and due care
Confidentiality 
Professional behaviour

Question 2

What is integrity?

Answer 2

Being honest and straightforward in all business and professional relationships

Question 3

What is objectivity?

Answer 3

Not allowing professional to be compromised by bias, conflict of interest or the undue influence of others

Question 4

What is professional competence and due care?

Answer 4

Maintaining professional knowledge and skills at the level required to ensure competent professional service

Question 5

What is confidentiality?

Answer 5

Respecting the confidentiality of the information acquired as a result of business relationships and not disclosing information to third parties without proper authority

Question 6

What is professional behaviour?

Answer 6

Complying with relevant laws and regulations and avoiding any act that discredits the profession

Question 7

Australia’s code of ethics

Answer 7

Client first - place the clients interests first

Integrity - providing professional services with honesty and candour

Objectivity - provide professional services with honesty and impartiality

Fairness - be fair and reasonable in all professional relationships and disclose and manage conflicts of interest

Professionalism - act in a manner that demonstrates good professional conduct

Competence - maintain the ability, skills and knowledge necessary to provide professional services competently

Confidentiality - protect the privacy and personal information of all clients

Diligence - provide professional services in a timely and thorough manner and taking due care in planning, supervising and delivering professional services

Question 8

What are the three accounting associations

Answer 8

ICAA – Institute of Chartered Accountants of Australia
CPA – Certified Practising Accountants of Australia
NIA – Natural institute of Accountants

Question 9

Benefits of being apart of these associations

Answer 9

• Professional recognitions
• International standing
• Further training and promotion
• Participation in professional activities
• Professional and business networking
• Meritorious awards
• Research grants
• Social networking and recreation
• Commitment to a code of ethics

Question 10

Costs of being apart of these associations

Answer 10

• Cost

* Have to do extra study