Week 4 - Ethical / Independence Scenario Possible Actions Flashcards
1
Q
What is the first action you should take?
A
To maintain integrity and to not compromise standards
2
Q
What is the second action you should take?
A
Explain position to manager (if feasible)
3
Q
What is the third action you should take?
A
Discuss with senior management, directors, and/or audit committee
4
Q
What is the fourth action you should take?
A
Contact ICAEW (Ethics Advisory helpline, Support Members Scheme, Money Laundering helpline)
5
Q
What is the fifth action you should take?
A
Documents discussions and actions taken
6
Q
What is the sixth action you should take?
A
If all else fails, consider resignation
7
Q
In an exam, how should you approach a question on ethics/independence being compromised?
A
- identify the issues
- explain the threats, in terms of the principles and/or types of threat
- suggest possible actions to take to address the threats
