CODE OF ETHICS PART A - GENERAL APPLICATIONS OF THE CODE
It is the professional’s responsibility to act in the public interest. To do so, a professional accountant must comply with the following fundamental principles:
Integrity - being straightforward and honest - doesn’t tolerate false, misleading, and obscure statements
Objectivity - professional judgment is not compromised by bias or conflict of interest - relationships that influence judgment are avoided
Professional Competence and Due Care - diligent application of the attained and continuing development of professional standards and knowledge - providing services that are thorough, careful and timely - provide services that avoids misinterpretation
Confidentiality - refrain from disclosure or taking advantage of acquired confidential information even after the end of the relationship of the client - What such information slips off the tongue? Be alert that this doesn’t happen and always consider that the disclosure doesn’t harm any parties, and is relevant - Only exceptions are when: (a) permitted by law or authorized by client (b) required by law (as evidence or use in legal proceedings) (c) professional duty or right to disclosure
Professional Behavior - do not soil the good reputation of the profession. How? (a) adherence to the law and regulations (b) do not make exaggerated claims or disparaging references to others’ works
What if there are threats to the compliance of the fundamental principles?
- A professional should identify and evaluate these threats then apply appropriate safeguards and determine the proper course of action.
And what are these safeguards? - They vary depending on circumstances and professional judgment, which is honed through education, training, experience, continuing professional development, standards and regulations, is exercised. - If that doesn’t work, seek help. And if even then, the conflict is unresolved, detach from the matter.