- 20 Marks
AA – Mar/Jul 2020 – L2 – Q2 – Professional Ethics and ICAN’s Ethical Standards
Explains the concept of professional ethics, its importance, and the differences between rule-based and principle-based ethics, highlighting their advantages and weaknesses.
Question
At an inaugural lecture, a professor stated that ‘professionals all over the world should be alive to their duties and not breach the ethics of their profession’. As a professional, you attended the inaugural lecture and you are aware that The Institute of Chartered Accountants of Nigeria (ICAN) has “Accuracy and Integrity” on its logo, and you also know that professionals should not act contrary to ethical standards and public interest in discharging their duties.
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Explain the following:
(a) Professional ethics. (2 Marks)
(b) Importance of professional ethics. (5 Marks)
(c) Differences between rule-based and principle-based professional ethics. (3 Marks)
(d) Weaknesses of rule-based professional ethics. (4 Marks)
(e) Advantages of principle-based professional ethics. (6 Marks)
(Total 20 Marks)
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