Professional ethics Questions & Answers

Professional ethics Questions & Answers 3 areas of technical knowledge to keep up to date with - ANSWER: Accounting standards Tax legislation Money Laundering 3 areas where registration with a professional body is essential: - ANSWER: Audit Investment business Insolvency 3 types of fraud - ANSWER: Fraud by false representation Fraud by failing to disclose information Fraud by abuse of position Check whether the question is asking for a *fundamental principle* or a *threat* - ANSWER: Ok Codes of practice vs codes of conduct - ethical vs. ? - ANSWER: Conceptual framework - identify evaluate and respond - ANSWER: Customer due diligence involves - ANSWER: Verifying the client's identity e.g. passport or bill Visit client's premises Inspect incorporation documents Gain an understanding of client's business operations and financing Data protection - ANSWER: Five fundamental principles - ANSWER: Integrity Objectivity Professional (and technical) competence and due care Confidentiality Professional behaviour