Ethical Principles in Professional Life

What might you face during your professional life?

• Opportunities to travel

• Threats to your fundamental ethical principles

• New friends

• Free lunches

What should we use to deal with threats to ethical principles?

• A conceptual framework or principles-based approach

• A magic wand

• A rule book

• A lucky charm

Is there a rule book for dealing with difficult ethical situations?

• Yes, there is a big book

• No, there is no rule book

• Yes, it's online

• Yes, it's in the library

How many categories of threat are there?

• 3

• 4

• 5

• 6

What is a self-interest threat in accounting?

• When an accountant has a financial involvement with a client

• When an accountant works for free

• When an accountant only works with one client

• When an accountant does not have any clients

Which of the following is an example of a self-interest threat?

• Holding shares in a client

• Working part-time

• Taking a vacation

• Attending a meeting

What might happen if an accountant has a loan from a client?

• It could create a self-interest threat

• It will make the accountant rich

• It will have no effect

• It will make the accountant famous

What is a self-review threat for an accountant?

• Reviewing someone else's work

• Reviewing their own work

• Not reviewing any work

• Reviewing work from another company

Which of the following is an example of a self-review threat?

• Finding a mistake in last year’s accounts

• Hiring a new employee

• Attending a meeting

• Taking a vacation

What should an accountant be careful about when providing consultancy and tax advice?

• Being too friendly

• Being too strict

• Being careful

• Being too relaxed