PETH Exam Revision Questions With
100% Correct And Verified Answers
Principles - Correct Answer-Professional competence and due
care
Professional behaviour
Integrity
Objectivity
Confidentiality
Professional competence and due care - Correct Answer-
Accountants have a duty to ensure that they have the necessary
skills to carry out any work that is assigned to them and that they
always take sufficient care to ensure that the quality of their work
meets the high standards expected of them.
Professional Behaviour - Correct Answer-Accountants should
maintain the good reputation of the profession and should not do
anything to discredit the profession.
Integrity - Correct Answer-Accountants should be straightforward
and honest in performing professional duties
Objectivity - Correct Answer-Decisions should be made on true
facts and accountants must not let their own bias or prejudice, or
pressure from others affect decisions that they make
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, Confidentiality - Correct Answer-Information obtained during the
course of professional work should not be disclosed without
proper and specific authority or unless there is a legal duty to do
so.
Self-interest threats - Correct Answer-These may occur when a
financial or other interest will inappropriately influence the
members judgement or behaviour
Self-review threats - Correct Answer-These may occur when a
previous judgement needs to be re-evaluated by the member
responsible for that judgement.
Familiarity threats - Correct Answer-These may occur when,
because of a close or personal relationship a member becomes
too sympathetic to the interest of others
Intimidation threats - Correct Answer-These may occur when a
member may be deterred from acting objectively by threats,
whether actual or perceived
Advocacy threats - Correct Answer-These may occur when a
member promotes a position or opinion to the point that
subsequent objectivity may be compromised in the future.
Safeguards - Correct Answer-Safeguards are controls that
mitigate or eliminate ethical threats
Two types:
- Created by the profession, legislation or regulation
- Safeguards in the work environment
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