Ethics - Lecture 2 Flashcards
What is professional behaviour?
.Comply with laws and regulations
.Avoid conduct that may discredit the profession
.Not engaging in activity that impairs objectivity
What is ethics (Singular)?
The branch of knowledge that deals with moral principles
What is ethics (plural)?
Moral principles that govern an individuals behaviour or activity
What are moral principles?
The principles of right and wrong that are accepted by an individual or social group
What is the conceptual framework of the IFAC code of ethics?
.Professional competence and due care
.Integrity
.Objectivity
.Confidentiality
.Professional behaviour
What are the categories of threats in the IFAC code of ethics?
.Self-interest
.Self-review
.Advocacy
.Familiarity
.Intimidation
What are the CFA institutes fundamental ethical principles?
.Act with integrity, respect, competence
.Client and profession before self-interest
.Use reasonable care and independent judgement
.Practice in a professional manner
What is the framework for ethical decision making?
- Identify the ethical issues and any relevant duties or obligations
- Get the relevant facts
- Evaluate alternative actions
- Make a decision and test it before implementing
- Act and review the outcome
Legal does not necessarily mean……
Ethical
What are some drivers of change?
.Regulation and Governance
.Digital technologies
.Expectations
.Globalisation
What are the ACCA’s professional quotients?
.Technical skills and ethics
.Creative
.Digital
.Emotional intelligence
.Experience
.Intelligence
.Vision
What is an emotional quotient (EQ)?
The ability to identify ones own emotions and those of others, harness and apply them to tasks and regulate or manage them
What are the key emotional quotient competencies?
.Growth mindset
.Self-knowledge
.Perspective-taking
.Empathy
.Influence
What is the meaning of the growth mindset EQ?
Comfortable in one’s ability to overcome obstacles, challenge ones identity and extend into new areas
What is the meaning of the self-knowledge EQ?
Recognize the feelings and motivations that underlie and drive ones actions
What is the meaning of the perspective-taking EQ?
Be adaptable, use personal learning and see things from the viewpoint of others
What is the meaning of the empathy EQ?
Respond warmly in ways that make others feel heard and included
What is the meaning of the Influence EQ?
Compelling affect, inspire and encourage everyone to do well
Is culture and tone from the top essential?
Yes
