F Professional ethics

Written by Mahnoor Sheikh (ACCA)

ACCA · Business and Technology · 9 questions

Name: ____________________ Date: ____________

Which of these is a fundamental principle of ethical behaviour for professional accountants?
- A Objectivity
- B Profit
- C Loyalty to the employer above all else
- D Speed
An accountant is asked by a manager to change figures to hide a loss. Which principle is most directly at risk?
- A Integrity
- B Confidentiality
- C Professional competence
- D None of the principles
An accountant reviews a report they prepared themselves. Which threat is this?
- A Familiarity
- B Advocacy
- C Intimidation
- D Self-review
An accountant is threatened with dismissal if they refuse to approve a payment. Which threat is this?
- A Familiarity
- B Advocacy
- C Self-interest
- D Intimidation
What is the purpose of a corporate code of ethics?
- A To reduce the number of employees
- B To raise the company's profit
- C To replace the law
- D To set out the values and standards expected of everyone in the organisation
Which is a safeguard against ethical threats?
- A Hiding the problem
- B Avoiding documentation
- C Following the first instruction received
- D Seeking advice and having work reviewed by a second person
Confidentiality means an accountant should:
- A Not disclose information without proper authority, unless there is a legal or professional duty
- B Share any information with the media
- C Share information with anyone who asks
- D Never share information in any circumstances
What role do professional bodies play in ethics?
- A They run the audit of every company
- B They set codes, require training and discipline members who break the rules
- C They set company tax rates
- D They choose the company's directors
Which is a sensible first step when facing an ethical dilemma?
- A Ask a colleague to decide without explanation
- B Act at once without thinking
- C Gather the facts and identify the principles at stake
- D Ignore it

Answer key

1. A, 2. A, 3. D, 4. D, 5. D, 6. D, 7. A, 8. B, 9. C

The principles are integrity, objectivity, professional competence and due care, confidentiality and professional behaviour.
Misleading figures is dishonest and would breach integrity.
Self-review is the risk of not properly evaluating your own earlier work.
Intimidation is being deterred from acting objectively by actual or threatened pressure.
A code guides behaviour and shows commitment to ethical conduct.
Safeguards reduce threats to an acceptable level.
There are exceptions, for example where the law requires disclosure.
This protects the public interest and the profession's reputation.
A structured approach starts with the facts.