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Code of Ethics - Fundamental Principles, Overarching Framework, Integrity,…
Code of Ethics - Fundamental Principles
Professional Competence & Due Care
Core Meaning: Maintain knowledge & skill, and act diligently.
Two Key Phases:
Attainment of Competence
Maintenance of Competence
Requires Continuing Professional Development (CPD)
Stay aware of technical & business developments.
Application of Due Care:
Act carefully, thoroughly, and on a timely basis.
Apply sound judgment.
Responsibilities to Others:
Ensure subordinates have appropriate training & supervision.
Client Communication:
Inform users about inherent limitations in the services.
Overarching Framework
Purpose: Guidance on minimum acceptable standards of professional conduct.
Applicability: Mandatory for all CAs.
Conflicts with Law: Follow the law if it conflicts with the Code.
Unusual Circumstances: Consultation with a professional body is encouraged.
Integrity
Prohibition: Do Not Associate With Information that is:
Materially false or misleading.
Furnished recklessly.
Omits/obscures information to mislead.
Required Action if Associated:
Take steps to disassociate from the information.
Core Meaning: To be straightforward, honest, and truthful.
Key Requirement: Fair dealing in all relationships.
Exception: Issuing a modified report is not a breach.
Objectivity
Threats to Guard Against:
Bias
Conflict of Interest
Undue Influence of Others
Core Meaning: Do not compromise professional judgment.
Key Requirement: Avoid being unduly influenced.
Prohibition: Do not undertake a professional activity if judgment is unduly influenced.