Level of rights
life, autonomy and human dignity
rights granted by the government such as civil rights, legal rights
social rights such as right to higher education, to good health care
nonessesntial interests- play golf, be rich
Identify ethical issues
Determine who are the affected parties and identify their rights
Determine the most important rights
Develop alternative courses of action
Determine the likely consequences of each proposed course of action
Assess the possible consequences, including an estimation of the greatest goodfor the greatest number
Decide the appropriate course of action.
Rules of conduct are specific guidelines that reflect the board principles of the profession.Strict compliance with independence is important on covered member ( attest engagement team, in aposition to influence the attest engagement, partner in the office which the lead attest engagementpartner primarily practices.
Direct financial interest is a financial interest owned directly by or under the control of an individual orentity or beneficially owned through an investment vehicle.Indirect interest occurs when the beneficiary neither controls the intermediary nor has the authority tosupervise. (5% or less)
Privilege communication: mean that confidential information obtained about a client cannot besubpoenaed by a court of law to be used against that client.
Fee established for the performance of any service in which a fee will not be collected unless a specifiedfinding or result is attained or which amount depends on the finding or results.
Managing threats to independence
Establishing and monitoring corporate codes of conduct2.
Developing appropriate compensation schemes