Ethics Flashcards
What is FRET?
Fs should be faithful representation of events and transactions
What is the objective of Financial statements?
To assist users to make economic decisions concerning the financial performance and position of an entity
What is PIPCO?
It is the fundamental principles most relevant to accountants in business involved in corporate reporting.
Professional competence
Integrity
Professional behaviour
Confidentiality
Objectivity
What is integrity?
Being honest and straightforward in all professional and business relationships
What are ethics?
A code of moral principles that people follow with respect to what is right or wrong
Are ethical principles enforced by law?
Ethical principles are not necessarily enforced by law, although the law incorporates moral judgements
What is Objectivity?
Not allowing Bias, conflict of interest or undue influence of others to override professional or business judgments
How many fundamental principles are there as per the ACCA Code of Ethics and Conduct?
There are five principles- PIPCO
What is the Ethics module called?
The ACCAs code of ethics and conduct
What is Confidentiality?
Respect the confidentiality of the information acquired as a result of professional and business relatationship
What is professional competence and due care?
To maintain professional knowledge and skill at the level required
What is professional behaviour?
Complying with relevant laws and regulations and avoiding any action that discredits the professiin
What are the threats to the fundamental principles?
FASSI
Familiarity
Advocacy
Self interest
Self review
Intimidation
