The Prinicples Flashcards
Name the 5 fundamental principles
- Integrity
- Objectivity
- Professional competence and due care
- Confidentiality
- Professional due care
Explain integrity
Straightforward and honest, fair dealing
Explain objectivity
Not allow bias, conflict of interest
Dependent mind and appearance
Professional competence and due care
Carry out work to the best ability and correct standards
Continuing duty and maintaining professional knowledge and skill
Confidentiality
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.
Professional behaviour
Should apply to relevant laws and regulations
Name the 5 threats
- self interest
- self review
- advocacy
- familirarity
- intimidation
The self interest threat
Financial or other self interest conflict
Self review threat
Previous judgments need to be re evaluated
Advocacy threat
Promoting a opinion to a point when the objectivity will become compromised
Familiarity threat
Close or personal relationship
Intimidation threat
Threats, real and perceived, so objectivity is compromised.
Describe safeguards and name two types of safeguards
Safeguards control, or eliminate threats
1.legislation and regulations
2.work environment
Eg. Policies dealing with receiving gifts
Name the 3 steps and describe them for dealing with ethical conflicts
- clarify the situation - gather info, not acting on lies
- Analysis - has any laws, regulations been broken? Which ones? Can it be resolved?
- Action- who’s affected? Internal escalation? Professional advise? Or external esculation (breaching confidentiality)? Resign for assignment?