Ethics - Fundamental Principles

Question 1

What are the five fundamental principles by which members of the ICAEW should abide?

Answer 1

• integrity
• objectivity
• confidentiality
• professional competence and due care
• professional behaviour

Question 2

Where can the five fundamental principles be found?

Answer 2

In ICAEW’s ‘Code of Ethics and Conduct’

Question 3

Integrity

Answer 3

Members should act in a straightforward and honest manner in all professional and business relationships

Question 4

Objectivity

Answer 4

Members should not allow prejudice or bias, or the influence of others, to override objectivity

Question 5

Professional competence and due care

Answer 5

Members should have the knowledge and skills to provide a competent, professional service based on current developments in practice and legislation, and act diligently following applicable technical and professional standards

Question 6

Confidentiality

Answer 6

Members should respect the confidentiality of information acquired as a result of professional and business relationships

Question 7

Professional behaviour

Answer 7

Members should refrain from any conduct that might bring discredit to the profession

Question 8

What should members always apply?

Answer 8

Professional scepticism - having a questioning mind and being alert to conditions which may indicate possible misstatements due to error or fraud