CODE OF ETHICS FOR CHARTERED ACCOUNTANTS

Question 1

Integrity

Answer 1

A chartered accountant should be straight forward, honest and fair in his
professional dealings.

Question 2

Objectivity

Answer 2

A chartered accountant should not compromise his professional judgement
due to bias, undue influence or conflict of interests

Question 3

Confidentiality

Answer 3

A chartered accountant acquiring confidential information should not:
i. Disclose such information to a third party
ii. Use the information for his or a third party’s personal
advantage

Question 4

Professional Competence and
Due Care

Answer 4

A chartered accountant should attain and maintain professional knowledge
and skill at a required level to ensure clients receive a quality service.
Furthermore, he must act diligently with applicable standards and
requirements on timely basis.

Question 5

Professional Behavior

Answer 5

A chartered accountant should comply with relevant laws and regulations,
and avoid actions that may discredit the profession. He should always
behave with courtesy in professional dealings

Question 6

Self-Interest Threat

Answer 6

A self-interest threat exists if the auditor holds a direct or indirect financial
interest in the company.

Question 7

Self-Review Threat

Answer 7

A self-review threat exists if the auditor is auditing his own work or work
that is done by others in the same firm

Question 8

Familiarity Threat

Answer 8

It is a threat that an assurance team member will be too accepting of the
work of client because of a long or close relationship

Question 9

Intimidation Threat

Answer 9

It is a threat that a chartered accountant will compromise his objectivity
due to threats and pressure of the client.

Question 10

Advocacy Threat

Answer 10

An advocacy threat exists if the auditor is involved in promoting the client
to the point where his objectivity is potentially compromised.