ETHICAL ACCOUNTING PRINCIPLES

Question 1

PROFESSIONAL COMPETENCE AND DUE CARE

Answer 1

• Maintain professional knowledge and relevant skill at the level required to ensure that a client or employer receives competent professional service.
• Requires CPD (continuing professional development) remaining Up to date with changes in accounting , tax or legal environment…. (attending to training courses…)
• Carry out assignments taking appropriate amount of care to ensure quality of work.
• Shouldn’t take tasks without necessary skills unless you are being supervised/ instructed by someone

Question 2

INTEGRITY

Answer 2

• Accountant should be straightforward and honest in al professional and business relationships.
  -Ensuring business transactions are genuine and valid…
  -HONEST, TRANSPARENCY AND FAIRNESSS

Question 3

PROFESSIONAL BEHAVIOUR

Answer 3

Complying with relevant laws and regulations and not discrediting the profession.

Question 4

CONFIDENTIALITY

Answer 4

Information should not be disclosed to third parties without permission or right, unless there’s a legal duty to do so.

Question 5

OBJECTIVITY

Answer 5

• Be objective ( bases opinions and decisions on real fact)
• Not allowing influence or interest to override professional judgment.

Question 6

PROFESSIONAL SCEPTICISM

Answer 6

Be sceptical when making professional judgements, specially when recording transactions and financial reporting:

• Questioning mind (don’t take what is said at face value, ask question until satisfied)
• Be alert to errors that can indicate misstatement or fraud