Lecture 5

Question 1

What does equal treatment mean?

What does public principle mean?

Answer 1

Equal treatment : treat similar cases alike

Public principle : be comfortable explaining decisions publicly

Question 2

INTERNATIONAL FEDERATION OF ACCOUNTANTS ( IFAC)

What are 3 parts?

Answer 2

1. Principles
2. Rules for public accoutants
3. Rules for business accountants

Question 3

What are fundamental principles (5)

I ONLY CARE CARE BOLDY

Answer 3

Integrity : honesty
Objectivity : avoid bias
Compentence: maintain knowledge
Confidentiality : protect information
Behaviour : follow laws and avoid discrediting

Question 4

What are 5 threats

Answer 4

1. Self interest
2. Self review
3. Advocacy
4. Familiarity
5. Intimidation

Question 5

What are 3 ways to avoid threats?

Answer 5

1. Education
2. Governance
3. Monitoring