ICAEW SE · Chapter 7 · Question 18 of 18
An accountant faces a situation that is not specifically addressed anywhere in the ICAEW Code of Ethics. What should the accountant do?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: D) Apply the conceptual framework to identify, evaluate and address any threats to compliance with the fundamental principles
Explanation
The ICAEW Code is principles-based. Where no specific requirement exists, the accountant must still comply with the fundamental principles by applying the conceptual framework: identifying threats, evaluating them, and addressing them by eliminating them or reducing them to an acceptable level. The absence of a rule does not make any action acceptable.
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