Syllabus A. Role Of The Senior Financial Adviser A3. Ethical and governance issues

A3ab. Fundamental Principles 1 / 7

Syllabus A3ab)

a) Assess the ethical dimension within business issues and decisions and advise on best practice in the financial management of the organisation.

b) Demonstrate an understanding of the interconnectedness of the ethics of good business practice between all of the functional areas of the organisation.

The 5 fundamental principles of the ACCA Code of Ethics must be followed

The 5 Fundamental principles and what they mean

  1. Integrity

    Be straightforward and honest in all professional relationships

  2. Objectivity

    No bias or conflict of interest influencing your business judgements

  3. Professional Competence & Due Care

    Keep up your professional knowledge and skill so as to give a competent professional service, using current developments and techniques

    Act diligently and within appropriate standards when providing professional services

  4. Confidentiality

    Don't disclose any confidential information to third parties without proper and specific authority

    You can, however, if there is a legal or professional right or duty to disclose

    Obviously never use it for personal advantage of yourself or third parties

  5. Professional behaviour

    A professional accountant should act in a manner consistent with the good reputation of the profession

    Refrain from any conduct which might bring discredit to the profession

In the exam question you may have to apply these to a case study - groovy baby..