Question

Which of the following is false regarding professional ethics?

		Ethics can be defined broadly as a set of moral principles or values.
		Professionals are expected to conduct themselves at a higher level than most other members of society.
		Independence, because of its importance, is the first rule of conduct.
		Sarbanes-Oxley did not affect independence rules already in place; the act deals strictly with audit procedures and documentation.

Answer 1

The following statement is false regarding professional ethics

"Ethics can be defined broadly as a set of moral principles or values"

Reason:

Professional ethics is not about moral values or principles, it is about adherence of principles in regard to business / professional standards. It regulates the actions, works, attitude of a professional person.

Professional ethics may be in some areas will be unethical to social life but it is strictly ethical to professional standards and guidelines.

It deals with the conduct of a professional person in dealing with his clients work by adhering to statutory guidelines and procedures.