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Financial Accounting > Ethics in the Workplace > Flashcards

Ethics in the Workplace Flashcards

1
Q

IESBA stand for?

A

International Ethics Standards Board for Accountants

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2
Q

5 components of IESBA code of ethics/fundamental principles

A
  • Integrity
  • Objectivity
  • Competence/Due Care
  • Confidentiality
  • Professional Behaviour
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3
Q

INTEGRITY

A
  • honest
  • open about limitations of knowledge
  • accurate
  • efficient
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4
Q

OBJECTIVITY

A
  • no bias/prejudice
  • no conflict of interest
  • impartial
  • not influence
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5
Q

COMPETENCE/DUE CARE

A
  • act diligently
  • comply with standards
  • ensure have relevant skills/experience to comply
  • CPD Continuing Professional Development
  • avoid carelessness
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6
Q

COFIDENTIALITY

A
  • deal with sensitive info
  • cases where required by law to reveal- tax evasion/money laundering
  • Bodies have ethics departments to help
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7
Q

PROFESSIONAL BEHAVIOUR

A
  • not threaten accounting as a profession
  • act within letter of law
  • when advertising- truthful claims
  • courtesy
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8
Q

Procedure for complying with fundamental principles

A
  • identify threat
  • evaluate how significant
  • apply safeguard to eliminate/reduce
  • if no safeguard then decline/discontinue service
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9
Q

Main Threats to fundamental Principles

A
  • Self-interest - fee dependence on one client
  • Self-review
  • advocacy - promoting point past when realise its wrong
  • familiarity- personal relations
  • intimidation - threats to deter from complying
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10
Q

Safegaurds against threats to Fundamental Principles in legislation/Profession

A
  • education
    -training
  • experience
  • CPD
  • Corporate Governance
  • Professional Standards/Discipline procedure
  • External review
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11
Q

Safegaurds against threats to Fundamental Principles in Workplaces

A
  • quality control/internal audits
  • staff protected if raise concern
  • 3rd party involvement
  • rotation of personnel- avoid familiarity
  • discuss ethical dilemmas
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12
Q

Roles of Executive Directors

A
  • works for company
  • management of affairs
  • elected by shareholders
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13
Q

The Board

A

Collection of Directors

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14
Q

Chief Executive

A
  • runs company on day to day basis
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15
Q

Chairman

A
  • runs board
  • ensures no director goes beyond their control
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16
Q

Non-executive directors

A
  • independent people not employed
  • equal in number to executive
  • broaden experience of board
  • UK approach
    -difficult to find right people
  • audit committee
  • renumeration committee
17
Q

Audit Committee

A
  • internal audit
  • relations with external auditors
  • relevant financial experience
18
Q

Renumeration Committee

A
  • directors pay/benefits
  • bonuses from measurable performance
  • ensure all recorded in accounts
19
Q

Comply or Explain Process

A

Corporate Governance is not law but must show how complied and justify why deviated if have

20
Q

Corporate Social Responsibility

A
  • obligation to consider interests of all stakeholders
  • including environment/communities
21
Q

Proactive Corporate Social Responsibility

A

full responsibility for actions

22
Q

Reactive Corporate Social Responsibility

A

wait for complaints then change

23
Q

Defence Corporate Social Responsibility

A

attempt to avoid obligations caused by problem
- gamble/drink/smoke responsibly

24
Q

Accommodation Corporate Social Responsibility

A

Accommodate concerns of public/government to prevent stricter legislation

25
Q

Arguments for CSR

A
  • show self-restraint of their power
  • As depend on society infrastructure should be positive member
  • externalities- address enviro consequences
  • public relations
26
Q

Arguements against CSR

A
  • Not key objective, wealth is
  • company already fund society through taxes
  • up to shareholders to donate dividends rather than company

Financial Accounting (3 decks)

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