ICAEW SE · Chapter 7 · Question 13 of 18
Which of the following is a likely consequence for the accountancy profession as a whole when a professional accountant is found to have acted unethically?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: D) Loss of public trust and confidence in the profession
Explanation
Unethical conduct by individuals damages the reputation of the whole profession and undermines public trust, which can lead to tighter external regulation. For the individual, consequences can include disciplinary action, fines and loss of membership. Organisations may suffer financial losses and reputational damage.
More Ethics and public trust MCQs
- Q15A student member of ICAEW is unsure how to respond to an ethical dilemma at work and wants confidential advice. Which ICAEW resource would…
- Q16What is a key advantage of a principles-based code of ethics, such as the ICAEW Code, compared with a rules-based code?
- Q17Which statement best describes the relationship between the IESBA Code of Ethics, the ICAEW Code of Ethics and the FRC Ethical Standard?
- Q18An accountant faces a situation that is not specifically addressed anywhere in the ICAEW Code of Ethics. What should the accountant do?
- Q1According to the ICAEW Code of Ethics, what is a distinguishing mark of the accountancy profession?