Chapter 3

Question 1

CIMA code is the law of the institute, what are the implications of this?

Answer 1

• any breach of the code can give disciplinary action

* it is not part of national law

Question 2

Ethical conflicts can occur as a result of which four sets of values?

Answer 2

*personal values *societal values *corporate values *professional values

Question 3

Which two values are conflicting?

Answer 3

professional values + corporate values

Question 4

What is the process of resolving ethical dilemmas

Answer 4

1 - check all the facts
2 - Is it ethical
3 - decide if the issue is legal in nature
4 - identify any fundamental principles engaged
5 - Identify any affected parties
6 - consider possible course of action
7 - seek professional/legal advice
8 - refuse to be associated with the conflict