Professional Ethics

Question 1

International Federation of Accounting (IFAC) code

Answer 1

Applies to all professional accountants. Fundamental ethical principles:
Professional competence and due care
Integrity
Confidentiality
Objectivity
Professional behaviour

Question 2

IFAC independence approach

Answer 2

Identify threats, evaluate significance of threats, identify and apply safeguards.

Question 3

IFAC threats to independence

Answer 3

Self-interest, self-review, familiarity, advocacy, intimidation.

Question 4

FRC code threats to independence,

Answer 4

Self-interest, self-review, familiarity, advocacy, intimidation, management.