Principles Flashcards
What is integrity
Straightforward and honest
Fair and truthful
What is objectivity
Should not allow bias conflict-of-interest or wind you influence of others
Independence of mind and appearance.
What is professional competence
Maintain professional knowledge and skill at the level required
What is Due care
Act diligently and within professional standards
What is confidentiality
Do not disclose any information without clients authority or legally obliged.
What is ethics?
Moral principles that govern a persons behaviour or the conducting of an activity.
What is professional behaviour
Should comply with relevant laws and regulations and should avoid any action that discredits the profession
The self-interest threats
Example fear of losing a client if you don’t do what they ask
The self review threat
Example doing accounts and auditing them
The advocacy threats
Example are you arguing too strongly
The familiarity or trust threats
Becoming less thorough on the familiar clients accounts.
The intimidation threats
The client threatening you to do what they say
What is the ethical test?
TRANSPARENCY - Do I mind others knowing what I have decided.
EFFECT - Does my decision affect or hurt anyone.
FAIRNESS - Would my decision be considered fair by those affected.
What are the four basic needs of the objectives?
Credibility
Professionalism
Quality of services
Confidence
What are safeguards?
Eliminate or reduce threats.
Created by the profession.
Created in the work environment.
