Ethics

Question 1

Name the five fundamental ethical principles.

Answer 1

Integrity

Objectivity

Professional Competence and Due Care

Confidentiality

Professional Behaviour

Question 2

What is Integrity?

Answer 2

Being honest, truthful, straightforward and having strong moral principles.

Question 3

What is Objectivity?

Answer 3

Not being influenced by personal feelings or opinions in considering or representing the facts.
Representing the facts as they are without the undue influence of others.

Question 4

What is Professional Competence and Due Care?

Answer 4

Maintaining professional knowledge and skill and keeping up with new developments, legislation and techniques to ensure that client or employer receives the best possible service. Not acting recklessly and without due consideration of the facts.

Question 5

What is Confidentiality?

Answer 5

Keeping information acquired secret.

Question 6

What is Professional Behaviour?

Answer 6

Actin in a professional way (both in the workplace and outside), being a law-abiding citizen and not bringing the accountancy profession into disrepute.