Ethics Flashcards
Def: integrity
A professional accountant should be straightforward and honest in all professional and business relationships
Def: objectivity
A professional accountant should not allow bias, conflict of interest or undue influence of others to override professional or business judgements
Def: professional competence and due care
A professional accountant has a continuing duty to maintain professional knowledge and skill at the level required to ensure that a client or employ receives competent professional services based on current developments in practice legislation and techniques.
Def: confidentially
A professional accountant should respect the confidentiality of information acquired as a result of professional and business relationships and shoul not disclose any such information to third parties without proper and specific authority unless there is a legal or professional right to do so.
Def: professional behaviour
A professional accountant should comply with relevant laws and regulations and should avoid any action that discredits the profession
Def: self interest threat
The threat that a financial or other interest will inappropriately influence the professional accountant’s judgement or behaviour
Def: self review threat
The threat that a professional accountant will not appropriately evaluate the results of a previous judgment made or service preformed, on which the accountant will rely when forming a judgment as part of providing a current service
Def: advocacy threat
The threat that a professional account at will promote a client or employees position to the point that the professional accountants objectivity is compromised
Def: familiarity threat
The threat that due to a long or close relationship with a client or employer, a professional accountant will be too sympathetic to their interests or too accepting of their work
Def: intimidation threat
The threat that a professional accountant will be deterred from acting objectively because of actual or perceived pressures
Def: management threat
This is the threat where the auditor finds themselves in the shoes of management
