Professional Ethics and Scepticism

According to AAT's Code of Professional Ethics, how many fundamental ethical principles are there?

• Three

• Four

• Five

• Six

What can self-interest threats to ethical principles lead to?

• Improved performance

• Enhanced objectivity

• Compromised integrity and objectivity

• Better teamwork

What is the consequence of intimidation threats according to the Code?

• Increased motivation

• Enhanced decision-making

• Deterrence from acting objectively

• Improved financial reporting

What is a potential issue with self-review threats?

• It can lead to overconfidence

• It may cause a re-evaluation of a previous judgement

• It can result in faster decision-making

• It enhances transparency

What does familiarity as a threat to ethical principles refer to?

• Working with unknown individuals

• Being indifferent to the interests of family or friends

• Being sympathetic to the interests of family or friends

• Avoiding any contact with family or friends

What is the risk associated with advocacy as a threat to ethical principles?

• It can lead to increased objectivity

• It can result in loss of objectivity

• It enhances the advocacy skills

• It has no impact on ethical principles

According to the text, what is NOT a reason that familiarity could be a problem in a professional situation?

• Accepting work without having the right level of skills or experience

• Working with a friend because you enjoy their company

• Jeopardizing your future objectivity by advocating for a client's project

• Having enough time to complete the work to the required standard

What does Section 10.3 of the Code state regarding threats to ethical principles?

• It requires the implementation of safeguards to mitigate threats

• It lists all possible ethical threats that professionals might face

• It provides legal defense for lack of knowledge

• It outlines the penalties for not following the safeguards

What is the consequence of not maintaining CPD according to the text?

• It is considered a legal defense

• It is a requirement of AAT membership and could be subject to disciplinary action

• It leads to automatic termination of employment

• It has no significant consequences

What is the purpose of implementing safeguards at your own level, as mentioned in the text?

• To follow the exhaustive list provided by the profession

• To eliminate or reduce threats to acceptable levels

• To seek legal advice regularly

• To resign from senior positions in businesses