Ethics 4-13

  1. Fundamental Principles in Codes of Conduct
    • Members should:
    • Act in the public interest
    • Maintain the good reputation of the profession
    • Perform with: integrity, objectivity, independence, competence, due care, professional skepticism, confidentiality
    • Not be associated with misleading information or misrepresentation
  2. The maintenance of ___ ____ of the profession is fundamental to the ability of the profession to continue to enjoy its current rights and privileges.
    Good reputation
  3. The exercise of __ ___ involves an understanding of the appropriate levels and limits of care expected of a professional accountant in different circumstances.
    Due care
  4. IFAC 2005 Code of Ethics for Professional Accountants Fundamental Principles:
    • Integrity
    • Objectivity
    • Professional Competence and due care
    • Confidentiality
    • Professional Behavior
  5. Concerning disciple, members should know:
    • How and to whom to report a concern over conduct,
    • What the process is for investigation
    • What the hearing process entails
    • How decisions will be made
    • What fines and other penalties are possible
    • How results will be reported
    • How will appeals be considered
  6. Expectations gap
    Gap between what the public expects or needs and the auditor can reasonably expect to accomplish
  7. Deficiencies in some professional codes:
    • May require hiring outside counsel rather than counseling through the professional association
    • A fair reporting, investigation, and hearing process is not indicated
    • Protection is not offered to whistle-blowers
    • Sanctions are unclear and undefined
  8. Issues not Resolved by codes of conduct
    • Conflicts between codes
    • Conflicts between competing interests or stakeholders
    • When should a professional blow the whistle, and to whom
    • Adequate protection of whistle-blowers
    • Service decisions involving judgement
Card Set
Ethics 4-13
Ethics Quiz