Ethics

Question 1

what is the IFAC code of ethics (conceptual framework)? explain

Answer 1

1. Professional competence and due care - An ongoing commitment to your level of professional knowledge and skill.
2. Integrity - Being straightforward, honest and truthful in all professional and business relationships.
3. Objectivity - Not allowing bias, conflict of interest or the influence of other people to override your professional judgement
4. Confidentiality - ou should not disclose professional information unless you have specific permission or a legal or professional duty to do so.
5. Professional behaviour - To comply with relevant laws and regulations. You must also avoid any action that could negatively affect the reputation of the profession.

Question 2

what are the categoires of threats for ethics?

Answer 2

1. Self-interest - Commonly called a ‘conflict of interest’ which may inappropriately influence judgement or behaviour.
2. Self-review - When you are required to evaluate the results of a previous judgement or service.
3. Advocacy - Arising if promoting a position or opinion to the point that your subsequent objectivity is compromised.
4. Familiarity - When you become so sympathetic to the interests of others as a result of a close relationship that your professional judgement becomes compromised.
5. Intimidation - When you are deterred from acting objectively by actual or perceived pressure or influence.

Question 3

Legal does not mean?

Answer 3

Ethical

Question 4

what is crutial with ethics?

Answer 4

The culture, which is set at the top of an org

Question 5

what matters?

Answer 5

Consistent set of rules and behaviours

Question 6

n.b. two wrongs don’t make a right.

What gets rewarded? Success or doing right?

Question 7

Framework for ethical DM:

1. Identify the ethical issue(s) and your relevant duties and obligations
   i. Identify any conflicts of interest
   ii. Identify applicable ethical principles
2. Get the relevant facts
   i. Identify circumstances that could affect judgement
3. Evaluate alternative actions
   i. Seek additional guidance
4. Make a decision and test it before implementing
5. Act and review the outcome