Page 113 - F1 Integrated Workbook STUDENT 2018
P. 113
Code of ethics
2.2 Threats
Mnemonic for Threats – SIFAS
Study In-depth for Accountancy Success
Self Interest – can occur as a result of your own or your close families interests –
financial or otherwise.
Intimidation – can occur when you are deterred from acting objectively by actual or
perceived threats.
Familiarity – can be present when you become so sympathetic to the interests of
others as a result of a close relationship that your professional judgement becomes
compromised.
Advocacy – can be a problem when you are promoting a position or opinion to the
point that your subsequent objectivity is compromised.
Self-Review – is when any product or judgment from a previous engagement needs
to be evaluated to reach conclusions on the current engagement, or a similar
circumstance in which a member – in effect – is reviewing his or her own work.
103
