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Ethics - Coggle Diagram
Ethics
1. Code of Ethics
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Confidentiality
To respect the confidentiality of information acquired as a result of professional and business relationships
Objectivity
Not to compromise professional or business judgments because of bias, conflict of interest or undue influence of others
Professional behavior
To comply with relevant laws and regulations and avoid any conduct that the professional accountant knows or should know might discredit the profession
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2. Threats
Intimidation
Objectivity and independence is threatened by intimidation, either real or imagined
Self-Review
Occurs when a professional accountant is responsible for reviewing some work or a judgement that he was responsible for originally
Advocacy
Occur when an accountant promotes the point of view of a client, up to the point where the objectivity of the accountant is compromised
Self-Interest
Occur when the personal interests of the professional accountant, or a close family member, are (or could be) affected by the accountant’s decisions or actions
Familiarity
Arises from knowing someone very well, possibly through a long association in business. The risk is that an accountant might become too familiar with a client and therefore becomes more sympathetic to the client and more willing to accept the client’s point of view
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