Code of Professional Conduct

PROFESSIONAL COMPETENCE AND DUE CARE

KNOWLEDGE AND SKILL MAINTAINED THAT ENSURES COMPETENCE AND PROFESSIONAL SERVICES AND ACTS DILIGENTLY IN ACCORDANCE WITH THE TECHNICAL AND PROFESSIONAL STANDARDS

2 PHASES

ATTAINMENT

MAINTANTED THROUGH:

CONTINUING AWARENESS

UNDERSTANDING DEVELOPMENT

CONTINUED DEVELOPMENT OF STAFF

AND PEOPLE WORKING FOR YOU.

CONFIDENTIALITY

Respect Confidentiality (refrain from disclosing) of Information

Only with Specific Authorization to third parties disclosed.

Not for Own advantage

DISCLOSE WHEN:

Required by law & authorized by client

Required by law during litigation

Professional duty or right to disclosure

PROFESSIONAL BEHAVIOUR

GENERAL REQUIREMENTS

PUBLICITY,ADVERTISING AND SOLICITATION

MULTIPLE FIRMS

SIGNING CONVENTION FOR REPORTS AND CERTIFICATES

RECRUITING

RESPONSIBILITIES TO COLLEAGUES

IDENTIFY THE THREATS TO COMPLIANCE TO FUNDAMENTAL PRINCIPLES

SELF INTEREST

Financial or other INTERESTS
Of Chartered Accountant/immediate or close family
His judgement or behavior
Improperly influence

SELF REVIEW

When a previous JUDGEMENT needs to be re-evaluated by a CA that was originally responsible for the judgement
SELF judgement re-evaluate
(Not done properly

INTMIDATION THREATS

Chartered Accountant Is DETERRED
From acting OBJECTIVELY
Because of THREATS
Actual or
Perceived
(discourage through doubt or fear)

FAMILIARIITY THREAT

IF Chartered AccountantIS:

Too SYMPATHETIC

Too INTERESTS of client

Due to LONG or CLOSE RELATIONSHIP with client

ADVOCACY THREAT

CA Promote a client's position/opinion to the a point that subsequent objectivity may be compromised

CONSIDER THE SIGNIFICANCE OF THE THREAT(EVALUATE)

APPLY THE SAFEGUARDS ON THE THREATS (REACTION)

Two broad categories

1. Safeguards implemented by

REGULATION

LEGISLATION

PROFESSION

2. Safeguards in WORK ENVIRONMENT

OBJECTIVITY

NOT BIAS

NO CONFLICT OF INTEREST

NO UNDUE INFLUENCE ON OTHERS

INTERGRITY

STRAIGHT fORWARD

Subtopic

HONEST

FAIR DEALINGS

TRUTHFULNESS