A professional accountant should comply with the IFAC Code of Ethics for Professional Accountants. (a) Identify and explain the FIVE fundamental principles of the IFAC Code (10 marks) (b) For EACH of the scenarios listed below, identify the main ethical threat to independence that arises and suggest an appropriate safeguard or course of action: (i) An assurance provider loaning money to a client. (ii) An accountancy firm providing both audit and taxation services to the same client. (iii) A senior member of an assurance team acting as interim Finance Director for a client whilst a permanent Finance Director is recruited. (iv) The spouse of a member of an assurance team working in a position of authority within the finance function of the client company. (v) An assurance provider being quoted in a reputable newspaper in support of their client's social and environmental policy. (10 marks) (c) List FIVE reasons why a principles based ethical framework may be preferable to a rules based ethical framework. (5 marks) (Total 25 marks) A professional accountant should comply with the IFAC Code of Ethics for Professional Accountants. (a) Identify and explain the FIVE fundamental principles of the IFAC Code (10 marks) (b) For EACH of the scenarios listed below, identify the main ethical threat to independence that arises and suggest an appropriate safeguard or course of action: (i) An assurance provider loaning money to a client. (ii) An accountancy firm providing both audit and taxation services to the same client. (iii) A senior member of an assurance team acting as interim Finance Director for a client whilst a permanent Finance Director is recruited. (iv) The spouse of a member of an assurance team working in a position of authority within the finance function of the client company. (v) An assurance provider being quoted in a reputable newspaper in support of their client's social and environmental policy. (10 marks) (c) List FIVE reasons why a principles based ethical framework may be preferable to a rules based ethical framework. (5 marks) (Total 25 marks)