Financial Statements Ethics

Question	Answer
What are the AAT's 5 fundamental principles of ethics?	Integrity Objectivity Professional competence and due care Confidentiality Professional behaviour
You are asked to produce a report from figures that are not up to date due to a computer problem. A colleague suggests using averages to get it done. Which principle is in issue?	Integrity You should report the problem to your manager and ask for an extension for the report
You have received a letter asking for financial information regarding a customer to secure a rental property asap? Which principle is in issue?	Confidentiality You must have the customer's permission before disclosing information and protect the information's confidentiality when sending
A friend tells you she is going to inherit and asks you about taxation matters which is not your specialism Which principle is in issue?	Professional competence and due care you are not qualified and should advise your friend to contact someone who is
A grateful client offers you a free weekend break in France Which principle is in issue?	Objectivity The gift is of significant value, and how may they expect you to act in the future?
Name 2 safeguards that could be put in place to prevent principles being compromised in the work environment	Education and training Quality controls and internal controls Ethics cute/officer Whistleblowing policy

Resource summary

	Created by Sharon Yates about 8 years ago