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Hi Mike. I was wondering if you think the ethics part of question one is one that can be more easily prepared for.
I have never given it much thought until now but it is always an almost guaranteed 5% in every exam.
In an extremely large course covering a wide range of topics it seems to be rather similar each sitting.
Ethics is a strange area. I tend to tell my students that the way to approach an ethical dilemma is to pretend that you are a saint (for some it’s rather easier than for others!)
If you were the “victim” where the other party faces the dilemma, what would you like that other party to do.
Quite honestly, ethics is more a matter for personality – its difficult to LEARN ethics – it’s a characteristic that all accountants (and everybody else that is in a position where they should be trustworthy) should show / demonstrate and that’s why it’s such an important part of paper P1!
I’ve moved to an area of the World where ethics and honesty seem to have been forgotten. On numerous occasions in the last 6 months I have been invited to take advantage of the black economy.
Now I regularly face a dilemma! Do I evade the tax or do I insist upon getting a receipt? As part of my lecturing work, I teach about ethics and honesty. How can I talk to students about the subject if I personally were to be less than totally honest? I can’t!
And it’s a sobering thought that, were all the people in the World as honest as I strive to be, corruption and the black economy would diminish (it will never disappear, sadly)
Get off your high horse, Mike. That’s enough pontificating!
Ok?
Thanks Mike, I understand and yeah I feel the ethics question is really a coin toss in the exams, especially P1 scenarios for that exam.
I had hoped to learn off a few model answers from previous years and see if there was a pattern emerging but its a gray area sadly. Will still allocate a bit of time and see what i find.
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