Corporate culture / The sum total of all the beliefs, attitudes, norms and customs that prevail within an organisation or ‘the way we do things around here’.
Integrity / A member must be straightforward and honest in all professional and business relationships. Also implies fair dealing and truthfulness.
Objectivity / A member must not allow bias, conflict of interest or undue influence of others to override professional or business judgements.
Professional competence / A member has a continuing duty to maintain professional knowledge and skill at the level required to ensure that a client or employer receives competent professional service based on current developments in practice, legislation and techniques.
Due care / A member must act diligently and in accordance with applicable technical and professional standards when providing professional services.
Confidentiality / A member must, in accordance with the law, respect the privacy of information acquired as a result of professional and business relationships and not disclose any such information to third parties without proper and specific authority unless there is a legal or professional right or duty to disclose.
Professional behaviour / A professional accountant should comply with relevant laws and regulations and should avoid any action that discredits the profession.
Safeguards / May eliminate or reduce threats to the principles.
Public interest / The collective well-being of the community of people and institutions the professional accountant serves.
Internal auditing / An independent, objective assurance and consulting activity designed to add value and improve an organisation’s operations.
Continuing Professional Development (CPD) / The continuous maintenance, development and enhancement of the professional and personal knowledge, skills and ability, often termed competence, which members of certain professions require throughout their working lives.
Misconduct / Can be defined as a member having conducted him/herself in such a manner as would in the opinion of the association, prejudice his/her status as a member or reflect adversely on the reputation of the Association; or having acted in serious or repeated breach of the Articles or of any rules, regulations or bye-laws.
Risk /
- The unexpected variability or volatility of future cash flows and returns.
- The probability or threat of quantifiable damage, injury, liability, loss, or any other negative occurrence that is caused by external or internal vulnerabilities, and that may be avoided through pre-emptive action.
- The probability of something happening multiplied by the resulting cost or benefit if it does.
- Probability x impact
- The effect of uncertainty on objectives
Operational risks / Losses resulting from inadequate or failed internal processes, people and systems, or external events.
Money laundering / Is the process by which criminally obtained money or other assets (criminal property) are exchanged for ‘clean’ money or other assets with no obvious link to their criminal origins.
Criminal property / Obtained as a result of criminal conduct and the person knows or suspects that it was obtained from such conduct. It may take any form, including money or money’s worth, securities, tangible property and intangible property.
Terrorist financing / Fund raising, possessing or dealing with property or facilitating someone else to do so, when intending, knowing or suspecting or having reasonable cause to suspect that it is intended for the purposes of terrorism.
Tipping off / To tell the potential offender of money laundering that the necessary authorities have been informed, or to disclose anything that might prejudice an investigation.
Whistleblowing / Disclosing information that a worker believes is evidence of illegality, gross waste, gross mismanagement, abuse of power, or substantial and specific danger to the public health and safety.
Fraud / An intentional act involving the use of deception to obtain an unjust or illegal advantage – essentially ‘theft by deception’.
Direct discrimination / Occurs when an employer treats an employee less favourably than another, due to their gender, race, etc.
Indirect discrimination / Occurs when a working condition or rule disadvantages one group of people more than another.
Victimisation / An employer treating an employee less favourably because they have made, or tried to make, a complaint about discrimination.
Clients’ monies / Any funds, or form of documents of title to money, or documents of title which can be converted into money that a Member in Practice holds on behalf of his or her client.
Sustainability / A trading system that does not harm the environment or deteriorate social conditions while promoting economic growth.
Corporate Social Responsibility (CSR) / The continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large.