ACCA SBR ^UK Syllabus A. Fundamental Ethical And Professional Principles - Ethical Implications Of Professional And Managerial Decisions - Notes ^{3 / 4}

ACCA has a Framework for Ethical Decision Making

1. Understand the Real Issue

2. Any Ethical threats?

   These would be:

   Self-Interest
   Self-Review
   Advocacy
   Familiarity
   Intimidation

3. Are the Ethical threats significant?

   Think about materiality, seniority of people involved and the amount of judgement needed

4. Can safeguards reduce these threats to an acceptable level?

5. Can you look yourself in the mirror afterwards?

Accountants need to act professionally and in the current conditions have even more of a duty to present fair, accurate and faithfully represented information.

It can be argued that accountants should have the presentation of truth, in a fair and accurate manner, as a goal.