ethics_flashcards
What is Integrity?
Being honest and straightforward in all professional and business relationships.
What is Objectivity?
Avoiding bias, conflicts of interest, or undue influence in professional judgment.
What is Professional Competence and Due Care?
Maintaining the required knowledge and skill while acting diligently.
What is Confidentiality?
Respecting and safeguarding confidential information acquired in professional relationships.
What is Professional Behavior?
Complying with laws and regulations while avoiding actions that discredit the profession.
What is a Self-Interest Threat?
A threat where personal or financial interests compromise objectivity.
What is a Self-Review Threat?
A threat arising when an accountant reviews their own work, impairing objectivity.
What is an Advocacy Threat?
A threat where promoting a client’s or employer’s position excessively compromises objectivity.
What is a Familiarity Threat?
A threat due to close relationships that may impair professional skepticism and judgment.
What is an Intimidation Threat?
A threat where pressure from clients or superiors forces unethical decisions.
What is the safeguard of Declining Engagements?
Refusing work that compromises independence.
What is the safeguard of Disclosing Conflicts of Interest?
Informing stakeholders of potential biases.
What is the safeguard of Seeking External Review?
Obtaining an independent review to ensure objectivity.
What is the safeguard of Implementing Internal Controls?
Establishing policies and procedures to prevent unethical behavior.
What is the safeguard of Education & Training?
Continuous professional development to stay updated on ethical standards.
What is the ICAP Code & IFAC Compliance?
The ethical framework based on ICAP and IFAC guidelines.
What is Preparation and Presentation of Information?
The responsibility to prepare and present financial and non-financial information accurately.
What is the Use of Discretion in Preparing/Presenting Information?
Exercising professional judgment in making estimates and presenting information.
What is Relying on the Work of Others?
Depending on work prepared by others while assessing its reliability.
What is Addressing Misleading Information?
Taking appropriate steps when information is or might be misleading.
What is Documentation?
Recording facts, decisions, communications, and actions taken regarding ethical issues.
