Professional accountants are expected to have regard to the public interest in performing their duties.

Professional accountants are not expected to have regard to the public interest in performing their duties.

Ethical values describe what an entity does, not how it does business.

Ethical values describe how an entity does business, not what it does.

A rules based approach provides a set of principles

A framework approach explicitly sets out what individuals can or cannot do.

The seven principles of public life govern only professional accountants

The cima code of ethics includes a reference to how a professional accountant can raise a concern about unprofessional or unethical behavior.

An ethically based code is based on principles

A compliance based code is a rules based framework

A characteristic of a compliance based code is that it takes a tick box approach

Compliance with legislation is mandatory.

The five qualities and virtues sought by cima are, reliability , accountability, fairness, responsibility, and timeliness

The five qualities and virtues sought by cima are reliability, accountability, timeliness, courtesy, respect.

The professional accountant is not bound by the principles of confidentiality after the end of the relationship with a client or employer

The professional accountant is bound by the principles of confidentiality after the end of the relationship with a client or employer

Professional accountants are expected to exercise professional skepticism

Professional accountants are not expected to exercise professional skepticism

The IFAC code is mandatory for all member firms or bodies of IFAC.

The IFAC code is a guide for all member firms or bodies of IFAC.