Chapter 24,28,31: Ethical Principles

• Confidentiality


  is the respect and not disclosing professional information unless you have specific permission or a legal duty to do so.
• Objectivity


  is not allowing bias, conflict of interest or the influence of other people to override your professional judgement as decisions should be based on factual information rather than personal beliefs or preferences.
• Integrity


  is about being straightforward, honest and truthful in all professional and business relationships and should not be associated with any false or misleading information.
• Professional Behaviour


  is to comply with relevant regulations and avoid any actions that could negatively affect the reputation of your profession.
• Professional Competence and Due Care


  is the ongoing commitment to maintain professional knowledge and skill at the level required to ensure that clients or employers receive competent professional service.
• Familiarity Threats


  occurs when an accountant has a close relationship with someone which could influence their professional judgment by becoming sympathetic.
• Advocacy Threats


  occurs when an accountant heavily promotes a client's position or opinion to compromise with future objectives.
• Intimidation Threats


  occurs when an accountant may be deterred (put off) from acting objectively because of real or perceived threats.
• Self Interest Threats


  occurs when a personal financial interest will inappropriately influence the accountants judgement or behaviour.
• Self Review Threats


  happens when an accountant reviews or assesses their own work, which could overlook mistakes and compromise objectivity.
• What does CIMA stand for?

  Chartered Institute of Management Accountants
• What does CCAB stand for?

  Consultative Committee of Accountancy Bodies