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    Acca SBL

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    sekfhksjfh
    The document discusses professionalism, ethical codes, governance, and reporting. It outlines attributes of professionalism like competence and integrity. Fundamental ethical principles include integrity, objectivity, competence, confidentiality, and professional behavior. Threats to professional ethics include self-interest, self-review, advocacy, and familiarity. Anti-fraud strategies involve prevention, detection, response, corporate governance, and developing an ethical culture. Whistleblowing is defined as disclosing information in the public interest, and the whistleblower must act in good faith and reasonably believe the information is true. Corporate codes of ethics provide guidelines on areas like equal opportunity and reporting wrongdoing.

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    Acca SBL

    Uploaded by

    sekfhksjfh
    400 views3 pages
    The document discusses professionalism, ethical codes, governance, and reporting. It outlines attributes of professionalism like competence and integrity. Fundamental ethical principles include integrity, objectivity, competence, confidentiality, and professional behavior. Threats to professional ethics include self-interest, self-review, advocacy, and familiarity. Anti-fraud strategies involve prevention, detection, response, corporate governance, and developing an ethical culture. Whistleblowing is defined as disclosing information in the public interest, and the whistleblower must act in good faith and reasonably believe the information is true. Corporate codes of ethics provide guidelines on areas like equal opportunity and reporting wrongdoing.

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    ACCA SBL notes

    Original Title

    ACCA SBL

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    The document discusses professionalism, ethical codes, governance, and reporting. It outlines attributes of professionalism like competence and integrity. Fundamental ethical principles include integrity, objectivity, competence, confidentiality, and professional behavior. Threats to professional ethics include self-interest, self-review, advocacy, and familiarity. Anti-fraud strategies involve prevention, detection, response, corporate governance, and developing an ethical culture. Whistleblowing is defined as disclosing information in the public interest, and the whistleblower must act in good faith and reasonably believe the information is true. Corporate codes of ethics provide guidelines on areas like equal opportunity and reporting wrongdoing.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    400 views3 pages

    Acca SBL

    Uploaded by

    sekfhksjfh
    The document discusses professionalism, ethical codes, governance, and reporting. It outlines attributes of professionalism like competence and integrity. Fundamental ethical principles include integrity, objectivity, competence, confidentiality, and professional behavior. Threats to professional ethics include self-interest, self-review, advocacy, and familiarity. Anti-fraud strategies involve prevention, detection, response, corporate governance, and developing an ethical culture. Whistleblowing is defined as disclosing information in the public interest, and the whistleblower must act in good faith and reasonably believe the information is true. Corporate codes of ethics provide guidelines on areas like equal opportunity and reporting wrongdoing.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
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    At a glance
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    The key takeaways are the attributes of professionalism, fundamental ethical principles, threats to professional ethics and safeguards to eliminate threats.

    The two types of fraud discussed are fraudulent financial reporting and misappropriation of assets.

    The three conditions required for fraud to occur are incentive, opportunity, and attitude/dishonesty.

    I.

    PROFESSIONALISM, ETHICAL CODES, GOVERNANCE AND REPORTING


    1. Professionalism, ethical codes and the public interest

    - Attributes implied for professionalism:

    1. Competence
    2. Honesty and integrity
    3. Reliability
    4. Flexibility
    5. Respect for others
    6. Self-control

    - Fundamental ethical principles:

    1. Integrity
    2. Objectivity
    3. Professional competence and due care
    4. Confidentiality
    5. Professional behavior

    -Threats to professional ethics:

    1. Self-interest (financial, close business relationships, close family and personal relationships, loans and guaranties, overdue
    fees, contingent fees, high percentage fees, low-balling as in charging fees that are to low, recruiting staff on a behalf of a
    client)
    2. Self-review
    3. Advocacy
    4. Familiarity
    5. Intimidation

    -Safeguards to eliminate threats:

    A. Safeguards in the work environment


    B. Safeguard that increase the risk of detection
    C. Specific safeguards that deal with particular cases
    2. Fraud, bribery, whistle-blowing and company ethics

    -Two types of fraud:

    - A Fraudulent financial reporting


    - B Misappropriation of assets

    -Three conditions for fraud:

    I. Incentive
    II. Opportunity
    III. Attitude/dishonesty
    Fraud Fraudulent financial reporting Misappropriation of assets
    Incentive -pressure from shareholders to perform -personal financial pressure
    -fear of losing job -greed
    -incentives related to performance -dislike of the employer
    Opportunity -poor internal control -poor internal control
    -poor corporate governance (chief executive also a -high-value portable inventory (jewelry)
    chairman) -cash-based business
    -results dependent on many estimates and a high -poor supervision
    degree of judgement
    Attitude/dishonesty -poor ethics -poor ethics
    -poor morale -dislike of the employer
    -excessively aggressive targets -other employees behavior

    -Anti-fraud strategy (fraud deterrence):

     Prevention  Legislation
     Detection  Risk management
     Response  Corporate governance
     Ethical culture
    -Whistleblowing is defined as making disclosure that is in the public interest.

    -To be protected by the law the whistleblower must:

     Have made the disclosure in good faith


     Reasonably believe that the information is substantially true
     Reasonably believe that you are making the disclosure to the right prescribed person

    -Uk Bribery Act 2010 set out six principles that can help businesses decide if it has adequate procedures in place to prevent bribery:

    1. Proportionate procedures – to risk faced an the size of the company


    2. Commitment by management
    3. Risk assessment –nature and extent of exposure
    4. Due diligence
    5. Communication-to ensure all employees/connected persons are aware of the company culture and attitude. This includes
    trainings and education procedures.
    6. Monitoring and review

    Importance of ethics:

     Loss of goodwill and reputation


     Lower risk=lower cost (loans, attracting better partners and employees)
     Increased goodwill and increased sales

    Tucker’s 5 questions approach to determine ethical outcome of a given situation:

    1. Is it profitable?
    2. Is it legal?
    3. Is it fair
    4. Is it right
    5. Is it sustainable or environmentally sound?

    Corporate code of ethics –written set of guidelines, areas covered can include:

     Equal opportunity/discrimination
     Bullying
     Use of internet
     Reporting wrong-doing
     Bribery
     Money-laundering
     Responds to conflicts of interest

    This code needs to be supported by top management and staff training is also needed. Addvantages:

     Emphasizes the organization values

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