9706 · 3.2.2
Ethical Considerations flashcards
Revision flashcards for Cambridge 9706 Ethical Considerations (syllabus 3.2.2). Flip, recall, then mark a real past-paper question.
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What is the principle of Integrity?
To be straightforward and honest in all professional and business relationships.
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What is the principle of Objectivity?
To not allow bias, conflict of interest, or undue influence of others to override professional judgements.
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What is the principle of Professional Competence and Due Care?
To maintain professional knowledge and skill, and to act diligently in accordance with professional standards.
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What is the principle of Confidentiality?
To respect the confidentiality of information acquired and not disclose it without proper authority, nor use it for personal advantage.
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What is the principle of Professional Behaviour?
To comply with relevant laws and regulations and avoid any action that discredits the profession.
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A client offers you expensive tickets to a major sports event. Accepting could create what type of threat to objectivity?
A self-interest threat. It could make you less likely to challenge the client's accounting treatments for fear of losing the perk or the client relationship.
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Under what circumstances can an accountant disclose confidential client information?
1. When disclosure is permitted by law and is authorised by the client. 2. When disclosure is required by law (e.g., legal proceedings). 3. When there is a professional duty or right to disclose (e.g., to comply with a quality review).
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What is the 'due care' aspect of the 'Professional Competence and Due Care' principle?
It means acting diligently, carefully, thoroughly, and on a timely basis, in accordance with the requirements of an assignment and applicable professional standards.