Ethics & Accounting Flashcards
1
Q
Why does accountancy need ethical guidelines?
A
Accountants have access to private and personal information which needs to be protected
2
Q
What are the 5 key ethical codes that accountants must adhere to?
A
1 Independence & objectivity 2 integrity 3 confidentiality 4 professional competence 5 professional behaviour
3
Q
What is independence and objectivity
A
Making unbiased decisions and recommendations
4
Q
What is integrity
A
Being straightforward and honest in all professional relationships
5
Q
What is confidentiality
A
Keeping personal information private
6
Q
What is professional competence
A
Accountants must be competent and capable in their job role, updating their knowledge with the times
7
Q
What is professional behaviour
A
Avoiding actions that could negatively impact the profession’s reputation
