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P7 ethics
P7 ethics
P7 ethics
P7 ethics
P7 ethics
P7 ethics
P7 ethics
P7 ethics
P7 ethics
P7 ethics
P7 ethics
P7 ethics
P7 ethics
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P7 ethics
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P7 ethics
P7 ethics
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P7 ethics
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P7 ethics

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P7 ethics

P7 ethics

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  • Transcript

    • 1. Ethics
    • 2. Framework or Rulebook?
    • 3. Framework or Rulebook?• Certainty
    • 4. Framework or Rulebook?• Certainty• Clarity over whats not allowed
    • 5. Framework or Rulebook?• Certainty• Clarity over whats not allowed• Don’t cover all situations
    • 6. Framework or Rulebook?• Certainty• Clarity over whats not allowed• Don’t cover all situations• Can be interpreted too narrowly
    • 7. Framework or Rulebook?• Certainty• Clarity over whats not allowed• Don’t cover all situations• Can be interpreted too narrowly• Not good across national boundaries
    • 8. Don’t in the exam - coppi it’s not ethical!
    • 9. Don’t coppi in the exam - it’s not ethical!
    • 10. Don’t in the exam - it’s not ethical! coppi
    • 11. Fundamental Principles
    • 12. COPPI
    • 13. C onfidentialityOPPI
    • 14. C onfidentialityO bjectivityPPI
    • 15. C onfidentialityO bjectivityP rofessional skill & carePI
    • 16. C onfidentialityO bjectivityP rofessional skill & careP rofessional behaviourI
    • 17. C onfidentialityO bjectivityP rofessional skill & careP rofessional behaviourI ndependence
    • 18. Self Interest
    • 19. Self InterestMember (orclose family)holds shares in the company
    • 20. fegu ardSa
    • 21. Dispose of the Shares fegu ardSa
    • 22. Dispose of the Shares Remove member from engagement team fegu ardSa
    • 23. Self Interest
    • 24. Member (or close family) Self Interestholds loans ordeposits withthe company
    • 25. fegu ardSa
    • 26. Not even a threat if.. fegu ardSa
    • 27. Not even a threat if.. On commercial terms fegu ardSa
    • 28. Not even a threat if.. On commercial terms In normal course of business fegu ardSa
    • 29. Self Interest
    • 30. Firm holds Self Interest loans ordeposits withthe company
    • 31. fegu ardSa
    • 32. Immaterial to firm & client fegu ardSa
    • 33. Immaterial to firm & client Otherwise an external review of work performed needed fegu ardSa
    • 34. fegu ardSa
    • 35. If below not true fegu ardSa
    • 36. If below not true On commercial terms fegu ardSa
    • 37. If below not true On commercial terms In normal course of business fegu ardSa
    • 38. If below not true On commercial terms In normal course of business XSa fegu ard
    • 39. Self Interest
    • 40. Firm / member has business Self Interest relations (eg JV) with the company
    • 41. fegu ardSa
    • 42. Nothing can reduce it fegu ardSa
    • 43. Nothing can reduce it to acceptable level fegu ardSa
    • 44. Nothing can reduce it to acceptable level XSa fegu ard
    • 45. Familiarity
    • 46. Audit member Familiarity becomes employee of client
    • 47. fegu ardSa
    • 48. Revise engagement team fegu ardSa
    • 49. Revise engagement team Independent partner review fegu ardSa
    • 50. Self Interest
    • 51. Audit memberthinks he MAY Self Interest become employee of client
    • 52. fegu ardSa
    • 53. Notify firm fegu ardSa
    • 54. Notify firm Remove from engagement team fegu ardSa
    • 55. Notify firm Remove from engagement team Independent review of his judgements fegu ardSa
    • 56. Notify firm Remove from engagement team Independent review of his judgements Partner no management job for 2 years after audit fegu ardSa
    • 57. Self Review
    • 58. Client Self Review becomesemployee of the firm
    • 59. fegu ardSa
    • 60. Not on engagement for 2 years fegu ardSa
    • 61. Self Review
    • 62. Same senior Self Reviewengagementmember long term
    • 63. fegu ardSa
    • 64. Rotation Partner 5yrs - 5yrs break fegu ardSa
    • 65. Rotation Partner 5yrs - 5yrs break Rotation Senior 7yrs - 2yrs break fegu ardSa
    • 66. Rotation Partner 5yrs - 5yrs break Rotation Senior 7yrs - 2yrs break Independent reviews fegu ardSa
    • 67. Self Interest 5% firmincome(10%) 10% firmincome(15%)
    • 68. Advocacy
    • 69. AdvocacyContingent fees
    • 70. fegu ardSa
    • 71. Disclose to client audit committee fegu ardSa
    • 72. Disclose to client audit committee Independent review fegu ardSa
    • 73. Disclose to client audit committee Independent review External review of fee fegu ardSa
    • 74. Self Review
    • 75. Self ReviewNon-audit work
    • 76. fegu ardSa
    • 77. Independent teams fegu ardSa
    • 78. Independent teams Independent partner review fegu ardSa
    • 79. Independent teams Independent partner review No Managerial decisions fegu ardSa
    • 80. Independent teams Independent partner review No Managerial decisions No subjective valuations fegu ardSa
    • 81. Independent teams Independent partner review No Managerial decisions No subjective valuations Tax work ok fegu ardSa
    • 82. Independent teams Independent partner review No Managerial decisions No subjective valuations Tax work ok No litigation work fegu ardSa
    • 83. Intimidation
    • 84. IntimidationThreatened litigation
    • 85. fegu ardSa
    • 86. Decline an Audit fegu ardSa
    • 87. Decline an Audit Non-audit fegu ardSa
    • 88. Decline an Audit Non-audit Discuss with audit comittee fegu ardSa
    • 89. Decline an Audit Non-audit Discuss with audit comittee Remove individual fegu ardSa
    • 90. Decline an Audit Non-audit Discuss with audit comittee Remove individual External review fegu ardSa
    • 91. Confidentiality
    • 92. ConfidentialityDon’t disclose to 3rd party unless...
    • 93. ConfidentialityDon’t disclose to 3rd party unless... Client Permission
    • 94. ConfidentialityDon’t disclose to 3rd party unless... Client Permission terrorism, money laundering
    • 95. ConfidentialityDon’t disclose to 3rd party unless... Client Permission terrorism, money laundering protects member
    • 96. ConfidentialityDon’t disclose to 3rd party unless... Client Permission terrorism, money laundering protects member legal duty
    • 97. ConfidentialityDon’t disclose to 3rd party unless... Client Permission terrorism, money laundering protects member legal duty in public interest
    • 98. Conflicts of Interest
    • 99. Conflicts of InterestActing for competing clients
    • 100. Conflicts of InterestActing for competing clients Chinese walls
    • 101. Conflicts of InterestActing for competing clients Chinese walls independent review
    • 102. Conflicts of InterestActing for competing clients Chinese walls independent review inform clients

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