May 2021 Q2 a.
The IFAC Code of ethics governs the practice of auditing to ensure that practitioners will act in the public interest. Furthermore, in an audit, many relevant auditing standards must be followed to perform work that will serve the needs of user’s of the Auditor’s report.
Required:
Explain each of the FIVE (5) fundamental principles of the Code of Ethics and conduct for professional audit practitioners. (5 marks)
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- Integrity: A professional accountant should be honest and straightforward in performing professional services.
- Objectivity: A professional accountant should be fair and not allow personal bias, conflict of interest or influence of others to override objectivity.
- Professional competence and due care: When performing professional services, a professional accountant should show competence and duty of care by keeping up-to-date with developments in practice, legislation and techniques.
- Confidentiality: A professional accountant should respect the confidentiality of information acquired during the course of providing professional services and should not use or disclose such information without obtaining client permission.
- Professional behaviour: A professional accountant should act in a manner consistent with the profession’s good reputation and refrain from any conduct that might bring discredit to the profession.