24.7 Reliability,responsibility,........................................,courtesy and respect are the personal qualities expected of an accountant.
Which of the following words correctly complete this statement?
B Social responsibility
D Ambition(2 marks)
24.8 You have been asked to work on a major investment decision that your company will be making,and discover that your brother-in-law is the managing director of a firm that may benefit from the outcome of the decision.
You have no intention of allowing this to influence the advice you give your firm,and you know that your brother-in-law will not try to influence you in any way.
What professional quality would make you consider handing this task to a colleague,or otherwise raising questions with your superiors?
C Independence of mind
D Independence in appearance(2 marks)
24.7 C Rationale:Accountability and social responsibility are classed as professional qualities,not personal qualities.Ambition is a personal quality–but is not considered essential in a professional ethics context:it can even pose ethical dilemmas…
Pitfalls:You need to read the question stems carefully to pick up fine distinctions such as'personal'and'professional'.
24.8 D Rationale:Independence in appearance means avoiding situations that could cause a reasonable observer to question your objectivity.
In the scenario,this is a risk–while independence of mind(free from actual partiality)isn't.
The pure distractors were plausible because of the possibility of raising questions(scepticism)with your superiors(accountability)–but irrelevant.