BMIS – L1 – SA – Q13.5 – Professional ethics in accounting and business

Identifies what is not a key element of an ethical code.

Question

Which of the following is NOT a key element of an ethical code?

A Adhering to the highest standards of honesty, integrity and fairness

B Seeking or accepting favours which are beneficial to the business

C Avoiding involvement in any decisions that could bring about conflict of interest

D Avoiding any financial interest in contracts awarded by the company

Answer

Explanation:
The correct answer is B, as seeking or accepting favours that benefit the business is not a key element of an ethical code and may actually compromise ethical standards by introducing bias or conflicts of interest. Options A, C, and D are all key elements of an ethical code: A (honesty, integrity, and fairness) is fundamental to ethical conduct; C (avoiding conflicts of interest) ensures impartiality; and D (avoiding financial interests in contracts) prevents personal gain from influencing decisions. The answer document confirms B as the correct choice, implying that such actions are ethically questionable.

Tags: Conflict of Interest, Ethical code, Ethics, Fairness, Integrity
Level: Level 1

Topic: Professional ethics in accounting and business

Uploader: Samuel Duah