Fundamental Ethical Principles

Question 1

What are the 5 Fundamental Ethical Principles?

Answer 1

Professional Behaviour

Professional Competence and Due Care

Confidentiality

Integrity

Objectivity

Question 2

What is Integrity?

Answer 2

The quality of being honest and having strong moral principles, which are refused to be compromised.

Question 3

What are the 3 values which contribute to Integrity?

Answer 3

Honesty, Transparency and Fairness.

Question 4

What is Objectivity?

Answer 4

Basing decisions and opinions on real fact, with no influence by personal beliefs.

Question 5

What is Professional Competence and Due Care?

Answer 5

Maintaining professional Knowledge and skill at the level required, to ensure competent service.

Question 6

What is Professional Competence?

Answer 6

Having a duty to keep up to date with developments in the profession. e.g. auditing standards

Question 7

What is Due Care?

Answer 7

Taking an appropriate amount of care when doing work, to ensure it is of the highest standard.

Question 8

What is Confidentiality?

Answer 8

Keeping accounting information secure.

Question 9

What is Professional Behaviour?

Answer 9

Complying with relevant laws and regulations to avoid any action, which brings their profession into disrepute.