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Fundamental Principles in Codes of Conduct
- Members should:
- Act in the public interest
- Maintain the good reputation of the profession
- Perform with: integrity, objectivity, independence, competence, due care, professional skepticism, confidentiality
- Not be associated with misleading information or misrepresentation
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The maintenance of ___ ____ of the profession is fundamental to the ability of the profession to continue to enjoy its current rights and privileges.
Good reputation
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The exercise of __ ___ involves an understanding of the appropriate levels and limits of care expected of a professional accountant in different circumstances.
Due care
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IFAC 2005 Code of Ethics for Professional Accountants Fundamental Principles:
- Integrity
- Objectivity
- Professional Competence and due care
- Confidentiality
- Professional Behavior
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Concerning disciple, members should know:
- How and to whom to report a concern over conduct,
- What the process is for investigation
- What the hearing process entails
- How decisions will be made
- What fines and other penalties are possible
- How results will be reported
- How will appeals be considered
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Expectations gap
Gap between what the public expects or needs and the auditor can reasonably expect to accomplish
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Deficiencies in some professional codes:
- May require hiring outside counsel rather than counseling through the professional association
- A fair reporting, investigation, and hearing process is not indicated
- Protection is not offered to whistle-blowers
- Sanctions are unclear and undefined
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Issues not Resolved by codes of conduct
- Conflicts between codes
- Conflicts between competing interests or stakeholders
- When should a professional blow the whistle, and to whom
- Adequate protection of whistle-blowers
- Service decisions involving judgement
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