The Prinicples Flashcards

1
Q

Name the 5 fundamental principles

A
  1. Integrity
  2. Objectivity
  3. Professional competence and due care
  4. Confidentiality
  5. Professional due care
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2
Q

Explain integrity

A

Straightforward and honest, fair dealing

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3
Q

Explain objectivity

A

Not allow bias, conflict of interest

Dependent mind and appearance

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4
Q

Professional competence and due care

A

Carry out work to the best ability and correct standards

Continuing duty and maintaining professional knowledge and skill

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5
Q

Confidentiality

A

Respect information acquired as a result of business relationships and should not disclose this info to a third party without proper permission.
Should not use information to a personal advantage or third parties.

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6
Q

Professional behaviour

A

Should apply to relevant laws and regulations

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7
Q

Name the 5 threats

A
  1. self interest
  2. self review
  3. advocacy
  4. familirarity
  5. intimidation
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8
Q

The self interest threat

A

Financial or other self interest conflict

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9
Q

Self review threat

A

Previous judgments need to be re evaluated

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10
Q

Advocacy threat

A

Promoting a opinion to a point when the objectivity will become compromised

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11
Q

Familiarity threat

A

Close or personal relationship

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12
Q

Intimidation threat

A

Threats, real and perceived, so objectivity is compromised.

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13
Q

Describe safeguards and name two types of safeguards

A

Safeguards control, or eliminate threats
1.legislation and regulations
2.work environment
Eg. Policies dealing with receiving gifts

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14
Q

Name the 3 steps and describe them for dealing with ethical conflicts

A
  1. clarify the situation - gather info, not acting on lies
  2. Analysis - has any laws, regulations been broken? Which ones? Can it be resolved?
  3. Action- who’s affected? Internal escalation? Professional advise? Or external esculation (breaching confidentiality)? Resign for assignment?
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