Role of Ethics

Question 1

What are ethics?

Answer 1

the moral principles that determine behaviour. Ethics refer to guide what human ought to do, usually in terms of right, obligations, fairness and specific virtue

Question 2

What are the five fundamental principles of APES110?

Answer 2

Integrity
Objectivity
Professional competence and due care
Confidentiality
Professional behaviour

Question 3

What are the five threats to the principles on APES 110

Answer 3

Self interest threat
Self review threat
Advocacy threat
Familiarity threat
Intimidation threat

Question 4

What is ethical relativism?

Answer 4

the thought that there are no absolute truths in ethics and that what is morally right or wrong varies from person to person or from society to society.

Question 5

What is deontological ethics?

Answer 5

Relates to specified rules or laws. something is either right or wrong

Question 6

What is teleological ethics?

Answer 6

relate to our value judgements about what promotes our well being, what is good or bad. allows for shades of grey, appears subjective

Question 7

What approach to ethics has been adopted by professional accounting bodies?

Answer 7

Teleological approach. It equires skills in exercising and justifying judgement and is parallel to application of principles-based accounting standards

Question 8

What are the three fundamental ethical principles

Answer 8

1. The Principle of Beneficence – the duty to do good and avoid harm (the duty of the strong to protect the weak)
2. The Principle of Justice – the duty of universal fairness or equity (treat like cases alike)
3. The Principle of Respect for Persons – the duty to respect the rights and dignity of other people (the duty of honesty)

Question 9

What are the three core skills in applied ethics?

Answer 9

1. Skills in values clarification - what do we ‘stand for’; values define who we are
2. Skills in making decisions ethically - attempting to resolve a specific problem that is occurring at a specific time, at a specific place, and involving specific individuals.
3. Skills in setting policy (rules) ethically - establishing rules and procedures to deal with a particular class or category of problem.

Question 10

What are the steps in the DECIDE model?

Answer 10

Define problem
Ethical review
Consider options
Investigate ethical outcomes
Decide on action plan & objectives
Evaluate results against objectives