Ethics

Question 1

What are the ethical threats?

Answer 1

Self-interest
Self-review
Advocacy
Intimidation
Familiarity

Question 2

What are the ethical principles?

Answer 2

Professional competence
Integrity
Professional behaviour
Objectivity
Confidentiality

Question 3

What steps should be taken when answering an ethical issue?

Answer 3

Identify the issue (e.g. insider trading)
Identify threat & principle
State why it is an ethical issue
Consider why it might not be an ethical issue
State actions to be taken

Question 4

What actions can be taken after identifying an ethical issue?

Answer 4

Report internally to directors
Keep records of conversation
Call ICAEW helpline