Chapter 5 - Code of ethics Flashcards
1
Q
What are the 5 principles that make up CIMA code of ethics?
A
- Integrity
- Objectivity
- Pro competence
- Confidentiality
- Pro behaviour
2
Q
What are the 5 categories of common threat to principles?
A
- Self interest
- Self review
- Familiarity
- Intimidation
- Advocacy
3
Q
What is the process for addressing possible ethical issues?
A
- Gather info
- Raise concern internally
- Externally report
- Remove yourself
4
Q
What is neutrality a feature of?
A
Faithful representation
5
Q
What are 3 advantages of a rules based system?
A
- Standardisation
- Penalties are a deterrent
- Easier compliance as rules are unambiguous
6
Q
What is the definition of objectivity?
A
No bias/conflict of interest influencing business judgements
