Safeguards Flashcards
1
Q
What are the two types of safeguards?
A
Those created by the profession, legislation or regulation
Those in work environment
2
Q
What are some safeguards made by the profession, legislation or regulation?
A
Proper training
Requirements for ongoing development
Laws such as the Companies Act
Regulations regarding corporate governance
3
Q
What are some of the safeguards in the work environment?
A
Internal control systems to monitor standards
Discipline procedures
Encouraging record keeping
Complaint system
4
Q
How to resolve a conflict of interest? Step-by-step process?
A
Identify facts Identify role and position Identify ethical principle Identify and evaluate the threat Follow internal procedures Refer to external bodies if needed
5
Q
Where can external help be sought from?
A
Professional bodies such as CCAB, CIMA, ICAEW and ACCA
Legal advice from solicitors
